PennantPark Investment (PNNT) Downgraded by BidaskClub to Hold

PennantPark Investment (NASDAQ:PNNT) was downgraded by equities researchers at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Friday, BidAskClub reports.

PNNT has been the topic of several other reports. Zacks Investment Research lowered PennantPark Investment from a “buy” rating to a “hold” rating in a research note on Wednesday, February 13th. JPMorgan Chase & Co. downgraded PennantPark Investment from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $7.50 to $7.00 in a research report on Wednesday, January 16th. Five research analysts have rated the stock with a hold rating, PennantPark Investment has a consensus rating of “Hold” and an average target price of $7.67.

Shares of PennantPark Investment stock opened at $7.04 on Friday. The stock has a market cap of $476.87 million, a PE ratio of 9.39 and a beta of 1.22. PennantPark Investment has a twelve month low of $6.21 and a twelve month high of $7.84. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.91.

PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings results on Thursday, February 7th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.02). The business had revenue of $27.38 million during the quarter, compared to analyst estimates of $28.38 million. PennantPark Investment had a return on equity of 8.21% and a net margin of 39.44%. Research analysts forecast that PennantPark Investment will post 0.76 earnings per share for the current year.

Several institutional investors have recently made changes to their positions in PNNT. BlackRock Inc. boosted its stake in PennantPark Investment by 4.9% during the 3rd quarter. BlackRock Inc. now owns 335,728 shares of the asset manager’s stock worth $2,505,000 after purchasing an additional 15,574 shares during the period. Standard Life Aberdeen plc increased its stake in PennantPark Investment by 40.0% in the third quarter. Standard Life Aberdeen plc now owns 70,000 shares of the asset manager’s stock valued at $523,000 after purchasing an additional 20,000 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in PennantPark Investment in the third quarter valued at $276,000. JPMorgan Chase & Co. raised its holdings in shares of PennantPark Investment by 12.7% in the third quarter. JPMorgan Chase & Co. now owns 3,153,357 shares of the asset manager’s stock valued at $23,524,000 after buying an additional 355,736 shares during the last quarter. Finally, LPL Financial LLC raised its holdings in shares of PennantPark Investment by 110.2% in the third quarter. LPL Financial LLC now owns 87,506 shares of the asset manager’s stock valued at $653,000 after buying an additional 45,871 shares during the last quarter. Institutional investors and hedge funds own 44.19% of the company’s stock.

PennantPark Investment Company Profile

PennantPark Investment Corporation specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.

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