Pennantpark Floating Rate Capital (NASDAQ:PFLT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “PennantPark Floating Rate Capital Ltd. is a business development company. It is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies. The firm provides first lien secured debt and other opportunistic financings (mezzanine, private high yield debt, preferred and common stock) to middle market sponsors and companies. Its investments may include equity features, such as direct investments in the equity securities of borrowers or warrants or options to buy a minority interest in a portfolio company. It has investments in various sectors, including aerospace and defense; consumer services; healthcare and pharmaceuticals, and others. The firm has a value-oriented, bottoms-up investment philosophy. Its investment activities are managed by the investment advisor, PennantPark Investment Advisers LLC. “

A number of other analysts have also recently commented on the stock. Maxim Group restated a “buy” rating and set a $14.75 price target on shares of Pennantpark Floating Rate Capital in a research note on Friday, December 1st. BidaskClub cut shares of Pennantpark Floating Rate Capital from a “hold” rating to a “sell” rating in a research note on Saturday, December 30th. Finally, ValuEngine upgraded shares of Pennantpark Floating Rate Capital from a “hold” rating to a “buy” rating in a research note on Friday, December 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Pennantpark Floating Rate Capital has a consensus rating of “Buy” and a consensus price target of $15.30.

Pennantpark Floating Rate Capital (PFLT) opened at $13.36 on Tuesday. The firm has a market cap of $514.09, a PE ratio of 12.60 and a beta of 0.54. Pennantpark Floating Rate Capital has a 52 week low of $12.95 and a 52 week high of $14.65.

Pennantpark Floating Rate Capital (NASDAQ:PFLT) last announced its quarterly earnings results on Thursday, November 30th. The asset manager reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.34 by ($0.02). The business had revenue of $18.45 million for the quarter, compared to analysts’ expectations of $19.40 million. Pennantpark Floating Rate Capital had a net margin of 61.05% and a return on equity of 7.66%. The business’s quarterly revenue was up 19.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.31 earnings per share. analysts expect that Pennantpark Floating Rate Capital will post 1.08 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. Macquarie Group Ltd. bought a new stake in Pennantpark Floating Rate Capital during the 3rd quarter worth approximately $786,000. Ameriprise Financial Inc. bought a new stake in Pennantpark Floating Rate Capital during the 2nd quarter worth approximately $893,000. Ladenburg Thalmann Financial Services Inc. increased its holdings in Pennantpark Floating Rate Capital by 19.6% during the 3rd quarter. Ladenburg Thalmann Financial Services Inc. now owns 327,471 shares of the asset manager’s stock worth $4,742,000 after acquiring an additional 53,597 shares during the period. Janney Montgomery Scott LLC increased its holdings in Pennantpark Floating Rate Capital by 16.4% during the 3rd quarter. Janney Montgomery Scott LLC now owns 492,018 shares of the asset manager’s stock worth $7,124,000 after acquiring an additional 69,422 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in Pennantpark Floating Rate Capital by 12.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 348,288 shares of the asset manager’s stock worth $5,043,000 after acquiring an additional 37,231 shares during the period. Institutional investors own 26.51% of the company’s stock.

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About Pennantpark Floating Rate Capital

PennantPark Floating Rate Capital Ltd. is a business development company. The Company is a closed-end, externally managed and non-diversified investment company. Its investment objectives are to generate current income and capital appreciation by investing primarily in floating rate loans and other investments made to the United States middle-market companies.

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