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

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 started coverage on shares of PennantPark Floating Rate Capital in a research report on Friday, December 20th. They set a “market perform” rating for the company.

PennantPark Floating Rate Capital Stock Down 1.1 %

Shares of PFLT traded down $0.13 during mid-day trading on Tuesday, hitting $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 company’s 50-day moving average is $11.07 and its 200-day moving average is $11.22. PennantPark Floating Rate Capital has a 52-week low of $10.28 and a 52-week high of $12.02. The firm has a market capitalization of $985.55 million, a price-to-earnings ratio of 8.00 and a beta of 1.65. The company has a current ratio of 0.15, a quick ratio of 0.15 and a debt-to-equity ratio of 0.57.

Hedge Funds Weigh In On PennantPark Floating Rate Capital

Several hedge funds and other institutional investors have recently modified their holdings of the business. Sound Income Strategies LLC lifted its stake in shares of PennantPark Floating Rate Capital by 12.0% in the fourth 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 in the last quarter. Van ECK Associates Corp increased its position in shares of 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 last quarter. Balyasny Asset Management L.P. increased its position in shares of PennantPark Floating Rate Capital by 57.4% during the fourth quarter. Balyasny Asset Management L.P. now owns 1,507,513 shares of the asset manager’s stock valued at $16,477,000 after acquiring an additional 549,905 shares during the last quarter. Invesco Ltd. acquired a new position in shares of PennantPark Floating Rate Capital in the fourth quarter valued at approximately $10,533,000. Finally, Strategic Financial Concepts LLC grew its holdings in shares of PennantPark Floating Rate Capital by 1,080.4% in the fourth quarter. Strategic Financial Concepts LLC now owns 723,566 shares of the asset manager’s stock valued at $7,909,000 after purchasing an additional 662,266 shares in the last quarter. 19.77% of the stock is owned by hedge funds and other institutional investors.

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.