PennantPark Investment (NASDAQ:PNNT) was upgraded by Ladenburg Thalmann Financial Services from a “neutral” rating to a “buy” rating in a note issued to investors on Friday. The firm currently has a $8.00 price target on the asset manager’s stock. Ladenburg Thalmann Financial Services’ price target indicates a potential upside of 15.94% from the company’s current price.
Other equities analysts have also recently issued reports about the company. Zacks Investment Research upgraded PennantPark Investment from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 3rd. ValuEngine cut PennantPark Investment from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 2nd. Jefferies Group restated a “hold” rating and set a $8.00 price objective on shares of PennantPark Investment in a research note on Sunday, November 5th. TheStreet cut PennantPark Investment from a “b-” rating to a “c” rating in a research note on Wednesday, December 13th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $8.50 price objective on shares of PennantPark Investment in a research note on Thursday, October 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $8.30.
PennantPark Investment (NASDAQ PNNT) opened at $6.90 on Friday. PennantPark Investment has a one year low of $6.29 and a one year high of $8.68. The stock has a market capitalization of $490.32, a price-to-earnings ratio of 8.85, a P/E/G ratio of 4.78 and a beta of 1.22. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.66 and a current ratio of 3.03.
PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.20 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.02. PennantPark Investment had a return on equity of 8.58% and a net margin of 41.17%. The firm had revenue of $28.67 million for the quarter, compared to analysts’ expectations of $28.12 million. During the same period last year, the business posted $0.21 earnings per share. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. analysts predict that PennantPark Investment will post 0.73 EPS for the current fiscal year.
In related news, CFO Aviv Efrat bought 10,000 shares of the business’s stock in a transaction on Monday, December 4th. The shares were bought at an average cost of $7.14 per share, for a total transaction of $71,400.00. Following the completion of the purchase, the chief financial officer now owns 106,102 shares of the company’s stock, valued at approximately $757,568.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Arthur H. Penn bought 12,000 shares of the business’s stock in a transaction on Wednesday, December 6th. The stock was bought at an average price of $7.31 per share, for a total transaction of $87,720.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares of the company’s stock, valued at approximately $1,413,827.10. The disclosure for this purchase can be found here. Insiders acquired 48,000 shares of company stock worth $344,280 over the last quarter. 2.00% of the stock is currently owned by company insiders.
Hedge funds have recently bought and sold shares of the business. Eqis Capital Management Inc. bought a new stake in PennantPark Investment in the fourth quarter valued at $143,000. Global X MANAGEMENT CO LLC lifted its stake in PennantPark Investment by 49.0% in the third quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock valued at $186,000 after buying an additional 8,165 shares during the last quarter. Dean Capital Investments Management LLC bought a new stake in PennantPark Investment in the fourth quarter valued at $193,000. Stevens Capital Management LP bought a new stake in PennantPark Investment in the third quarter valued at $199,000. Finally, Stifel Financial Corp lifted its stake in PennantPark Investment by 50.5% in the second quarter. Stifel Financial Corp now owns 27,700 shares of the asset manager’s stock valued at $205,000 after buying an additional 9,300 shares during the last quarter. Institutional investors own 42.77% of the company’s stock.
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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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