BidaskClub Downgrades PennantPark Investment (NASDAQ:PNNT) to Strong Sell

BidaskClub lowered shares of PennantPark Investment (NASDAQ:PNNT) from a sell rating to a strong sell rating in a report issued on Saturday, BidAskClub reports.

PNNT has been the topic of several other reports. TheStreet lowered PennantPark Investment from a b- rating to a c rating in a research report on Tuesday, July 16th. Zacks Investment Research raised PennantPark Investment from a sell rating to a hold rating in a research note on Tuesday, September 3rd. LADENBURG THALM/SH SH lowered PennantPark Investment from a buy rating to a neutral rating in a research note on Monday, May 13th. Finally, ValuEngine cut PennantPark Investment from a hold rating to a sell rating in a report on Tuesday, June 18th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold and a consensus price target of $7.50.

Shares of NASDAQ PNNT opened at $6.36 on Friday. PennantPark Investment has a 1 year low of $6.16 and a 1 year high of $7.78. The firm’s 50-day moving average is $6.40 and its 200-day moving average is $6.67. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 1.19. The firm has a market capitalization of $426.41 million, a PE ratio of 8.48 and a beta of 1.14.

PennantPark Investment (NASDAQ:PNNT) last released its earnings results on Wednesday, August 7th. The asset manager reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). The business had revenue of $28.11 million for the quarter, compared to analyst estimates of $29.38 million. PennantPark Investment had a return on equity of 8.08% and a net margin of 18.01%. As a group, equities research analysts anticipate that PennantPark Investment will post 0.71 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be issued a $0.18 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.72 annualized dividend and a yield of 11.32%. PennantPark Investment’s dividend payout ratio (DPR) is presently 96.00%.

In other news, Chairman Arthur H. Penn purchased 15,000 shares of PennantPark Investment stock in a transaction dated Thursday, August 15th. The shares were bought at an average cost of $6.35 per share, with a total value of $95,250.00. Following the completion of the transaction, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,228,153.50. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders acquired 45,000 shares of company stock worth $285,600. Company insiders own 2.00% of the company’s stock.

Several institutional investors have recently made changes to their positions in PNNT. Quantamental Technologies LLC raised its holdings in shares of PennantPark Investment by 2,255.0% during the second quarter. Quantamental Technologies LLC now owns 3,980 shares of the asset manager’s stock worth $25,000 after acquiring an additional 3,811 shares during the period. Cambridge Investment Research Advisors Inc. bought a new position in PennantPark Investment during the 2nd quarter worth about $77,000. Moors & Cabot Inc. acquired a new stake in shares of PennantPark Investment in the 1st quarter valued at about $96,000. Quad Cities Investment Group LLC raised its stake in shares of PennantPark Investment by 7,500.0% in the 2nd quarter. Quad Cities Investment Group LLC now owns 15,200 shares of the asset manager’s stock valued at $97,000 after purchasing an additional 15,000 shares during the period. Finally, Bank of America Corp DE raised its stake in shares of PennantPark Investment by 30.5% in the 4th quarter. Bank of America Corp DE now owns 16,860 shares of the asset manager’s stock valued at $108,000 after purchasing an additional 3,936 shares during the period. Institutional investors own 43.28% 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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