Zacks Investment Research upgraded shares of PennantPark Investment Corporation (NASDAQ:PNNT) from a sell rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “PennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of mezzanine debt, senior secured loans and equity investments. The companies in which it invests are typically highly leveraged, often as a result of leveraged buy-outs or other recapitalization transactions. PennantPark’s investment objectives are to generate both current income and capital appreciation through debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC. “
A number of other equities analysts also recently issued reports on PNNT. Keefe, Bruyette & Woods set a $9.00 price objective on shares of PennantPark Investment Corporation and gave the stock a hold rating in a report on Saturday, June 24th. Compass Point started coverage on shares of PennantPark Investment Corporation in a report on Thursday, July 13th. They issued a buy rating and a $8.50 price target on the stock. Jefferies Group LLC reissued a hold rating and issued a $8.00 price target on shares of PennantPark Investment Corporation in a report on Friday, July 14th. J P Morgan Chase & Co raised shares of PennantPark Investment Corporation from a neutral rating to an overweight rating and boosted their price target for the stock from $8.00 to $8.50 in a report on Wednesday, August 9th. Finally, BidaskClub raised shares of PennantPark Investment Corporation from a sell rating to a hold rating in a report on Friday, August 11th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. PennantPark Investment Corporation has a consensus rating of Hold and a consensus price target of $8.14.
PennantPark Investment Corporation (PNNT) traded down 0.26% during mid-day trading on Wednesday, reaching $7.65. 168,803 shares of the company’s stock traded hands. PennantPark Investment Corporation has a 12 month low of $6.86 and a 12 month high of $8.68. The company has a 50 day moving average price of $7.56 and a 200-day moving average price of $7.63.
PennantPark Investment Corporation (NASDAQ:PNNT) last posted its quarterly earnings data on Monday, August 7th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.02). The firm had revenue of $31.10 million for the quarter, compared to analysts’ expectations of $31.09 million. PennantPark Investment Corporation had a return on equity of 9.11% and a net margin of 53.92%. PennantPark Investment Corporation’s revenue was down 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 earnings per share. On average, equities analysts forecast that PennantPark Investment Corporation will post $0.83 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Wednesday, September 20th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 9.41%. The ex-dividend date was Tuesday, September 19th. PennantPark Investment Corporation’s dividend payout ratio (DPR) is currently 74.23%.
In related news, Chairman Arthur H. Penn purchased 32,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were bought at an average cost of $7.72 per share, with a total value of $247,040.00. Following the acquisition, the chairman now owns 183,400 shares of the company’s stock, valued at $1,415,848. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Arthur H. Penn acquired 28,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The stock was purchased at an average price of $7.62 per share, for a total transaction of $213,360.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,473,784.20. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by insiders.
A number of institutional investors have recently made changes to their positions in PNNT. LSV Asset Management raised its stake in PennantPark Investment Corporation by 36.9% in the 2nd quarter. LSV Asset Management now owns 2,741,127 shares of the asset manager’s stock valued at $20,256,000 after acquiring an additional 738,141 shares during the period. UBS Group AG raised its stake in PennantPark Investment Corporation by 28.4% in the 1st quarter. UBS Group AG now owns 1,520,945 shares of the asset manager’s stock valued at $12,381,000 after acquiring an additional 336,001 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in PennantPark Investment Corporation in the 2nd quarter valued at about $1,412,000. GSA Capital Partners LLP raised its stake in PennantPark Investment Corporation by 90.3% in the 2nd quarter. GSA Capital Partners LLP now owns 332,665 shares of the asset manager’s stock valued at $2,458,000 after acquiring an additional 157,852 shares during the period. Finally, Catalyst Capital Advisors LLC bought a new stake in PennantPark Investment Corporation in the 2nd quarter valued at about $862,000. Institutional investors and hedge funds own 42.72% of the company’s stock.
About PennantPark Investment Corporation
PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.
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