PennantPark Floating Rate Capital (NASDAQ:PFLT) Downgraded by StockNews.com to Sell

PennantPark Floating Rate Capital (NASDAQ:PFLT) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.

Separately, Raymond James assumed coverage on shares of PennantPark Floating Rate Capital in a report on Friday, December 20th. They set a “market perform” rating on the stock.

PennantPark Floating Rate Capital Stock Down 1.1 %

PFLT traded down $0.13 during midday trading on Tuesday, reaching $11.21. The company’s stock had a trading volume of 1,039,319 shares, compared to its average volume of 1,340,186. The stock’s 50-day moving average is $11.07 and its 200-day moving average is $11.22. PennantPark Floating Rate Capital has a 1 year low of $10.28 and a 1 year high of $12.02. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $985.55 million, a price-to-earnings ratio of 8.00 and a beta of 1.65.

Institutional Investors Weigh In On PennantPark Floating Rate Capital

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NewEdge Wealth LLC boosted its holdings in PennantPark Floating Rate Capital by 0.6% in the fourth quarter. NewEdge Wealth LLC now owns 288,372 shares of the asset manager’s stock worth $3,152,000 after purchasing an additional 1,700 shares during the last quarter. Graypoint LLC raised its position in shares of PennantPark Floating Rate Capital by 2.7% during the 3rd quarter. Graypoint LLC now owns 69,259 shares of the asset manager’s stock valued at $801,000 after purchasing an additional 1,844 shares during the period. Bank of America Corp DE raised its position in shares of PennantPark Floating Rate Capital by 14.6% during the 4th quarter. Bank of America Corp DE now owns 14,880 shares of the asset manager’s stock valued at $163,000 after purchasing an additional 1,891 shares during the period. Legal & General Group Plc raised its position in shares of PennantPark Floating Rate Capital by 0.4% during the 4th quarter. Legal & General Group Plc now owns 486,044 shares of the asset manager’s stock valued at $5,315,000 after purchasing an additional 2,081 shares during the period. Finally, PFG Investments LLC increased its holdings in PennantPark Floating Rate Capital by 2.0% in the 4th quarter. PFG Investments LLC now owns 107,180 shares of the asset manager’s stock valued at $1,171,000 after acquiring an additional 2,118 shares during the last quarter. Hedge funds and other institutional investors own 19.77% 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.