Equities analysts forecast that PennantPark Investment Corp. (NASDAQ:PNNT) will post $28.50 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided estimates for PennantPark Investment’s earnings, with estimates ranging from $27.87 million to $28.86 million. PennantPark Investment posted sales of $27.62 million during the same quarter last year, which would indicate a positive year over year growth rate of 3.2%. The company is expected to report its next quarterly earnings report on Thursday, November 21st.
According to Zacks, analysts expect that PennantPark Investment will report full year sales of $112.68 million for the current year, with estimates ranging from $112.06 million to $113.04 million. For the next fiscal year, analysts anticipate that the business will post sales of $116.03 million, with estimates ranging from $107.59 million to $123.16 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for PennantPark Investment.
PennantPark Investment (NASDAQ:PNNT) last posted its earnings results on Wednesday, August 7th. The asset manager reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.02). The firm had revenue of $28.11 million for the quarter, compared to analysts’ expectations of $29.38 million. PennantPark Investment had a net margin of 18.01% and a return on equity of 8.08%.
A number of research firms recently issued reports on PNNT. Compass Point cut shares of PennantPark Investment from a “buy” rating to a “neutral” rating and dropped their price target for the company from $8.50 to $7.00 in a research note on Friday, May 3rd. TheStreet cut shares of PennantPark Investment from a “b-” rating to a “c” rating in a research note on Tuesday, July 16th. ValuEngine cut shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Tuesday, June 18th. Raymond James began coverage on shares of PennantPark Investment in a research note on Monday, April 29th. They issued an “outperform” rating and a $8.00 price target on the stock. Finally, BidaskClub raised shares of PennantPark Investment from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 18th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $7.50.
In related news, Chairman Arthur H. Penn purchased 15,000 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of $6.30 per share, with a total value of $94,500.00. Following the purchase, the chairman now owns 193,410 shares of the company’s stock, valued at $1,218,483. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders purchased a total of 45,000 shares of company stock worth $285,600 in the last three months. 2.00% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in PennantPark Investment by 9.3% during the 1st quarter. JPMorgan Chase & Co. now owns 3,567,869 shares of the asset manager’s stock worth $24,655,000 after purchasing an additional 304,206 shares during the last quarter. Clearbridge Investments LLC raised its holdings in shares of PennantPark Investment by 6.0% during the 1st quarter. Clearbridge Investments LLC now owns 1,829,119 shares of the asset manager’s stock worth $12,639,000 after acquiring an additional 103,699 shares during the period. Confluence Investment Management LLC raised its holdings in shares of PennantPark Investment by 14.6% during the 1st quarter. Confluence Investment Management LLC now owns 926,026 shares of the asset manager’s stock worth $6,399,000 after acquiring an additional 117,764 shares during the period. Kennedy Capital Management Inc. raised its holdings in shares of PennantPark Investment by 43.5% during the 1st quarter. Kennedy Capital Management Inc. now owns 718,493 shares of the asset manager’s stock worth $4,965,000 after acquiring an additional 217,952 shares during the period. Finally, Virtus ETF Advisers LLC purchased a new position in shares of PennantPark Investment during the 2nd quarter worth $4,274,000. 43.04% of the stock is currently owned by institutional investors.
Shares of NASDAQ:PNNT traded up $0.09 during trading on Friday, hitting $6.39. 242,884 shares of the stock traded hands, compared to its average volume of 299,333. The company has a fifty day moving average price of $6.45 and a two-hundred day moving average price of $6.76. PennantPark Investment has a 52-week low of $6.21 and a 52-week high of $7.84. The company has a market cap of $429.76 million, a price-to-earnings ratio of 8.52 and a beta of 1.14. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.19.
About PennantPark Investment
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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