BidaskClub Downgrades Pennantpark Floating Rate Capital (NASDAQ:PFLT) to Hold

Pennantpark Floating Rate Capital (NASDAQ:PFLT) was downgraded by research analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Friday, June 21st, BidAskClub reports.

Other equities analysts have also issued reports about the company. Keefe, Bruyette & Woods lowered Pennantpark Floating Rate Capital from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $14.00 to $13.00 in a research note on Wednesday, May 8th. ValuEngine upgraded VESTAS WIND SYS/ADR from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. LADENBURG THALM/SH SH lowered PennantPark Investment from a “buy” rating to a “neutral” rating in a research note on Monday, May 13th. Zacks Investment Research lowered HEXO from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Finally, TheStreet lowered Wayside Technology Group from a “b-” rating to a “c” rating in a research note on Wednesday, May 22nd. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the company’s stock. Pennantpark Floating Rate Capital presently has an average rating of “Hold” and an average price target of $13.63.

NASDAQ PFLT traded up $0.05 during trading on Friday, hitting $11.71. 102,889 shares of the company traded hands, compared to its average volume of 112,752. Pennantpark Floating Rate Capital has a 12 month low of $11.05 and a 12 month high of $13.95. The business’s fifty day simple moving average is $11.67. The company has a market cap of $454.00 million, a P/E ratio of 11.05 and a beta of 0.73.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last posted its earnings results on Wednesday, May 8th. The asset manager reported $0.30 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.30. The company had revenue of $23.01 million for the quarter, compared to analyst estimates of $22.99 million. Pennantpark Floating Rate Capital had a return on equity of 8.80% and a net margin of 17.80%. Research analysts predict that Pennantpark Floating Rate Capital will post 1.2 EPS for the current fiscal year.

In other news, CFO Aviv Efrat bought 8,200 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The shares were acquired at an average cost of $12.05 per share, with a total value of $98,810.00. Following the completion of the transaction, the chief financial officer now directly owns 45,150 shares in the company, valued at $544,057.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Arthur H. Penn bought 7,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The shares were purchased at an average cost of $12.10 per share, for a total transaction of $84,700.00. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 62,000 shares of company stock worth $749,945. 1.00% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the stock. Alphasimplex Group LLC acquired a new stake in Pennantpark Floating Rate Capital during the first quarter worth about $601,000. Standard Life Aberdeen plc grew its position in Pennantpark Floating Rate Capital by 47.3% during the fourth quarter. Standard Life Aberdeen plc now owns 31,138 shares of the asset manager’s stock worth $366,000 after buying an additional 10,000 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in Pennantpark Floating Rate Capital by 8.4% during the first quarter. Sound Income Strategies LLC now owns 1,172,567 shares of the asset manager’s stock valued at $15,021,000 after purchasing an additional 90,537 shares in the last quarter. Confluence Investment Management LLC boosted its holdings in Pennantpark Floating Rate Capital by 1.9% during the first quarter. Confluence Investment Management LLC now owns 140,761 shares of the asset manager’s stock valued at $1,803,000 after purchasing an additional 2,606 shares in the last quarter. Finally, Wambolt & Associates LLC boosted its holdings in Pennantpark Floating Rate Capital by 11.5% during the first quarter. Wambolt & Associates LLC now owns 49,502 shares of the asset manager’s stock valued at $641,000 after purchasing an additional 5,102 shares in the last quarter. 35.22% of the stock is currently owned by institutional investors and hedge funds.

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.

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