PennantPark Floating Rate Capital (NASDAQ:PFLT) Rating Lowered to Sell at StockNews.com

PennantPark Floating Rate Capital (NASDAQ:PFLT) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Friday.

Separately, JMP Securities lowered their target price on PennantPark Floating Rate Capital from $12.50 to $12.00 and set a “market outperform” rating on the stock in a report on Tuesday, July 30th.

PennantPark Floating Rate Capital Stock Up 0.6 %

PFLT traded up $0.06 during trading on Friday, hitting $10.83. The stock had a trading volume of 456,699 shares, compared to its average volume of 947,067. PennantPark Floating Rate Capital has a twelve month low of $9.69 and a twelve month high of $12.63. The stock has a 50 day simple moving average of $11.39 and a two-hundred day simple moving average of $11.35. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market capitalization of $722.69 million, a PE ratio of 7.32 and a beta of 1.68.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last posted its quarterly earnings data on Wednesday, August 7th. The asset manager reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). PennantPark Floating Rate Capital had a return on equity of 11.44% and a net margin of 55.99%. The company had revenue of $48.51 million for the quarter, compared to analyst estimates of $47.63 million. During the same quarter in the previous year, the firm posted $0.36 earnings per share. On average, research analysts predict that PennantPark Floating Rate Capital will post 1.3 earnings per share for the current year.

Insiders Place Their Bets

In other PennantPark Floating Rate Capital news, CFO Richard T. Allorto, Jr. acquired 10,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was acquired at an average price of $11.30 per share, with a total value of $113,000.00. Following the completion of the purchase, the chief financial officer now owns 10,000 shares in the company, valued at approximately $113,000. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have acquired 14,370 shares of company stock worth $162,895 over the last three months. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Graypoint LLC boosted its position in shares of PennantPark Floating Rate Capital by 2.0% in the 4th quarter. Graypoint LLC now owns 63,938 shares of the asset manager’s stock valued at $774,000 after purchasing an additional 1,238 shares during the period. Global Retirement Partners LLC grew its position in shares of PennantPark Floating Rate Capital by 107.8% during the first quarter. Global Retirement Partners LLC now owns 3,259 shares of the asset manager’s stock worth $37,000 after acquiring an additional 1,691 shares during the last quarter. Capstone Investment Advisors LLC boosted its stake in PennantPark Floating Rate Capital by 9.0% during the 1st quarter. Capstone Investment Advisors LLC now owns 21,800 shares of the asset manager’s stock worth $248,000 after purchasing an additional 1,800 shares during the period. Cape Investment Advisory Inc. purchased a new position in PennantPark Floating Rate Capital during the 4th quarter worth $29,000. Finally, PFG Investments LLC raised its holdings in shares of PennantPark Floating Rate Capital by 3.0% in the second quarter. PFG Investments LLC now owns 104,886 shares of the asset manager’s stock valued at $1,210,000 after buying an additional 3,051 shares during the last quarter. Institutional investors and hedge funds own 19.77% of the company’s stock.

About PennantPark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. is a business development company. It seeks to make secondary direct, debt, equity, and loan investments. The fund seeks to invest through floating rate loans in private or thinly traded or small market-cap, public middle market companies. It primarily invests in the United States and to a limited extent non-U.S.