PennantPark Floating Rate Capital (NASDAQ:PFLT - Get Free Report) was downgraded by research analysts at StockNews.com from a "hold" rating to a "sell" rating in a research report issued on Tuesday.
Separately, Raymond James began coverage on shares of PennantPark Floating Rate Capital in a research note on Friday, December 20th. They issued a "market perform" rating for the company.
Get Our Latest Analysis on PFLT
PennantPark Floating Rate Capital Price Performance
PennantPark Floating Rate Capital stock traded up $0.03 during midday trading on Tuesday, reaching $11.20. 1,001,698 shares of the company were exchanged, compared to its average volume of 750,623. The company has a market capitalization of $932.18 million, a price-to-earnings ratio of 7.83 and a beta of 1.65. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.18 and a current ratio of 0.18. The firm's 50-day simple moving average is $11.02 and its 200-day simple moving average is $11.21. PennantPark Floating Rate Capital has a 1 year low of $10.28 and a 1 year high of $12.02.
Hedge Funds Weigh In On PennantPark Floating Rate Capital
A number of large investors have recently bought and sold shares of the stock. Sound Income Strategies LLC increased its holdings in shares of PennantPark Floating Rate Capital by 12.0% during the 4th quarter. Sound Income Strategies LLC now owns 3,320,039 shares of the asset manager's stock worth $36,288,000 after buying an additional 356,781 shares during the last quarter. Van ECK Associates Corp grew its position in PennantPark Floating Rate Capital by 10.4% during the fourth quarter. Van ECK Associates Corp now owns 1,985,730 shares of the asset manager's stock valued at $21,704,000 after acquiring an additional 187,465 shares during the period. Millennium Management LLC increased its stake in PennantPark Floating Rate Capital by 391.3% during the second quarter. Millennium Management LLC now owns 783,912 shares of the asset manager's stock worth $9,046,000 after acquiring an additional 624,342 shares during the last quarter. Strategic Financial Concepts LLC raised its holdings in shares of PennantPark Floating Rate Capital by 1,080.4% in the 4th quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager's stock worth $7,909,000 after purchasing an additional 662,266 shares during the period. Finally, Advisors Asset Management Inc. lifted its stake in shares of PennantPark Floating Rate Capital by 9.2% in the 3rd quarter. Advisors Asset Management Inc. now owns 281,626 shares of the asset manager's stock valued at $3,258,000 after purchasing an additional 23,836 shares in the last quarter. Hedge funds and other institutional investors own 19.77% of the company's stock.
PennantPark Floating Rate Capital Company Profile
(
Get Free Report)
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.
Further Reading
Before you consider PennantPark Floating Rate Capital, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and PennantPark Floating Rate Capital wasn't on the list.
While PennantPark Floating Rate Capital currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
