Millennium Management LLC Acquires 314,064 Shares of PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

Millennium Management LLC raised its holdings in PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT) by 94.4% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 646,741 shares of the asset manager’s stock after acquiring an additional 314,064 shares during the period. Millennium Management LLC owned approximately 0.78% of PennantPark Floating Rate Capital worth $7,069,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of PFLT. Quarry LP increased its position in shares of PennantPark Floating Rate Capital by 190.2% in the fourth quarter. Quarry LP now owns 3,674 shares of the asset manager’s stock worth $40,000 after purchasing an additional 2,408 shares during the last quarter. Investment Partners LTD. purchased a new position in PennantPark Floating Rate Capital in the 4th quarter worth approximately $109,000. Sigma Planning Corp bought a new position in shares of PennantPark Floating Rate Capital in the 4th quarter worth $119,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter valued at $131,000. Finally, Blue Trust Inc. bought a new stake in shares of PennantPark Floating Rate Capital during the 4th quarter worth $136,000. Hedge funds and other institutional investors own 19.77% of the company’s stock.

Insider Activity

In other news, Director Jose A. Briones bought 9,840 shares of the company’s stock in a transaction dated Wednesday, May 14th. The stock was bought at an average cost of $10.15 per share, for a total transaction of $99,876.00. Following the completion of the acquisition, the director now owns 329,438 shares in the company, valued at approximately $3,343,795.70. This trade represents a 3.08% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently commented on the company. LADENBURG THALM/SH SH raised PennantPark Floating Rate Capital from a “neutral” rating to a “buy” rating and set a $10.50 target price on the stock in a research note on Tuesday, May 13th. Truist Financial decreased their price objective on PennantPark Floating Rate Capital from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, May 14th. Keefe, Bruyette & Woods dropped their target price on PennantPark Floating Rate Capital from $11.50 to $11.00 and set a “market perform” rating for the company in a research report on Tuesday, April 8th. Wall Street Zen cut shares of PennantPark Floating Rate Capital from a “hold” rating to a “sell” rating in a research report on Tuesday, May 13th. Finally, Maxim Group set a $11.50 price target on shares of PennantPark Floating Rate Capital and gave the stock a “buy” rating in a research note on Wednesday, May 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $11.08.

PennantPark Floating Rate Capital Trading Up 0.4%

NASDAQ PFLT opened at $10.09 on Tuesday. The firm has a market cap of $1.00 billion, a PE ratio of 7.20 and a beta of 1.01. PennantPark Floating Rate Capital Ltd. has a 1-year low of $8.82 and a 1-year high of $12.02. The stock has a 50-day moving average of $10.20 and a 200-day moving average of $10.77. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57.

PennantPark Floating Rate Capital Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be given a $0.1025 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.23 annualized dividend and a yield of 12.20%. PennantPark Floating Rate Capital’s payout ratio is currently 136.67%.

PennantPark Floating Rate Capital Profile

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.