ValuEngine cut shares of PennantPark Investment (NASDAQ:PNNT) from a strong-buy rating to a buy rating in a report published on Friday morning.
A number of other brokerages have also recently commented on PNNT. Zacks Investment Research raised PennantPark Investment from a sell rating to a hold rating in a research note on Wednesday, October 11th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $8.50 price target on shares of PennantPark Investment in a research note on Thursday, October 26th. Jefferies Group reissued a hold rating and set a $8.00 target price on shares of PennantPark Investment in a research note on Sunday, November 5th. Finally, TheStreet cut PennantPark Investment from a b- rating to a c rating in a research note on Wednesday, December 13th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. PennantPark Investment has a consensus rating of Hold and an average price target of $8.38.
PennantPark Investment (NASDAQ PNNT) opened at $6.70 on Friday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.66 and a quick ratio of 1.66. The company has a market capitalization of $476.11, a P/E ratio of 8.48, a price-to-earnings-growth ratio of 4.61 and a beta of 1.22. PennantPark Investment has a 12 month low of $6.67 and a 12 month high of $8.68.
PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings results on Wednesday, November 29th. The asset manager reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.01). The company had revenue of $27.87 million during the quarter, compared to analysts’ expectations of $29.19 million. PennantPark Investment had a return on equity of 8.72% and a net margin of 49.55%. PennantPark Investment’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same period last year, the firm earned $0.21 earnings per share. equities analysts predict that PennantPark Investment will post 0.73 earnings per share for the current fiscal year.
In other PennantPark Investment news, Chairman Arthur H. Penn bought 12,000 shares of PennantPark Investment stock in a transaction dated Wednesday, December 6th. The shares were purchased at an average cost of $7.31 per share, with a total value of $87,720.00. Following the completion of the purchase, the chairman now owns 193,410 shares of the company’s stock, valued at $1,413,827.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Chairman Arthur H. Penn bought 14,000 shares of PennantPark Investment stock in a transaction dated Monday, December 4th. The shares were acquired at an average cost of $7.14 per share, for a total transaction of $99,960.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares of the company’s stock, valued at approximately $1,380,947.40. The disclosure for this purchase can be found here. Insiders have bought 48,000 shares of company stock worth $344,280 over the last three months. Insiders own 2.00% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of PNNT. Eqis Capital Management Inc. purchased a new position in shares of PennantPark Investment during the fourth quarter valued at approximately $143,000. Pinebridge Investments L.P. boosted its position in shares of PennantPark Investment by 0.8% during the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock valued at $167,000 after purchasing an additional 169 shares in the last quarter. Global X MANAGEMENT CO LLC boosted its position in shares of PennantPark Investment by 49.0% during the third quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock valued at $186,000 after purchasing an additional 8,165 shares in the last quarter. Dean Capital Investments Management LLC bought a new stake in shares of PennantPark Investment during the fourth quarter valued at approximately $193,000. Finally, Stevens Capital Management LP bought a new stake in shares of PennantPark Investment during the third quarter valued at approximately $199,000. 42.77% of the stock is currently owned by hedge funds and other institutional investors.
PennantPark Investment Company Profile
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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