StockNews.com Upgrades PennantPark Floating Rate Capital (NASDAQ:PFLT) to Hold

PennantPark Floating Rate Capital (NASDAQ:PFLT) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

Separately, UBS Group initiated coverage on shares of PennantPark Floating Rate Capital in a research report on Thursday, June 8th. They issued a “neutral” rating and a $11.00 target price for the company.

PennantPark Floating Rate Capital Stock Down 0.4 %

PennantPark Floating Rate Capital stock opened at $10.83 on Thursday. The company has a market cap of $636.15 million, a P/E ratio of -90.24 and a beta of 1.65. PennantPark Floating Rate Capital has a 1-year low of $9.43 and a 1-year high of $12.33. The company has a fifty day simple moving average of $10.82 and a 200 day simple moving average of $10.72. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 0.37.

PennantPark Floating Rate Capital (NASDAQ:PFLT) last released its earnings results on Wednesday, August 9th. The asset manager reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.03. The business had revenue of $37.71 million during the quarter, compared to the consensus estimate of $34.23 million. PennantPark Floating Rate Capital had a negative net margin of 1.45% and a positive return on equity of 11.19%. Research analysts anticipate that PennantPark Floating Rate Capital will post 1.32 earnings per share for the current fiscal year.

Institutional Trading of PennantPark Floating Rate Capital

A number of large investors have recently added to or reduced their stakes in the company. Sound Income Strategies LLC lifted its stake in PennantPark Floating Rate Capital by 4.9% in the second quarter. Sound Income Strategies LLC now owns 3,006,237 shares of the asset manager’s stock valued at $32,016,000 after acquiring an additional 140,881 shares during the last quarter. Van ECK Associates Corp lifted its stake in shares of PennantPark Floating Rate Capital by 7.0% during the 2nd quarter. Van ECK Associates Corp now owns 726,596 shares of the asset manager’s stock worth $7,738,000 after buying an additional 47,769 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of PennantPark Floating Rate Capital during the 2nd quarter worth about $4,998,000. First Republic Investment Management Inc. lifted its stake in shares of PennantPark Floating Rate Capital by 27.5% during the 4th quarter. First Republic Investment Management Inc. now owns 363,811 shares of the asset manager’s stock worth $3,995,000 after buying an additional 78,546 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in shares of PennantPark Floating Rate Capital by 31.1% during the 3rd quarter. BlackRock Inc. now owns 359,692 shares of the asset manager’s stock worth $3,453,000 after buying an additional 85,430 shares during the last quarter. Institutional investors and hedge funds own 27.36% 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.