PennantPark Investment (NASDAQ:PNNT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “PennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of mezzanine debt, senior secured loans and equity investments. The companies in which it invests are typically highly leveraged, often as a result of leveraged buy-outs or other recapitalization transactions. PennantPark’s investment objectives are to generate both current income and capital appreciation through debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC. “
Other research analysts also recently issued research reports about the company. BidaskClub raised PennantPark Investment from a “strong sell” rating to a “sell” rating in a report on Saturday, February 10th. Jefferies Group reissued a “hold” rating and issued a $8.00 price target on shares of PennantPark Investment in a report on Sunday, November 5th. ValuEngine downgraded PennantPark Investment from a “strong-buy” rating to a “buy” rating in a report on Friday, February 2nd. Ladenburg Thalmann Financial Services raised PennantPark Investment from a “neutral” rating to a “buy” rating and set a $8.00 price target for the company in a report on Friday, February 9th. Finally, TheStreet downgraded PennantPark Investment from a “b-” rating to a “c” rating in a report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $8.30.
PennantPark Investment (NASDAQ PNNT) opened at $7.01 on Tuesday. The company has a market capitalization of $498.14, a PE ratio of 10.01, a P/E/G ratio of 4.77 and a beta of 1.22. PennantPark Investment has a 1-year low of $6.29 and a 1-year high of $8.67. The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 0.79.
PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings results on Wednesday, February 7th. The asset manager reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.02. The firm had revenue of $28.67 million during the quarter, compared to the consensus estimate of $28.12 million. PennantPark Investment had a return on equity of 8.58% and a net margin of 41.17%. PennantPark Investment’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.21 earnings per share. equities analysts forecast that PennantPark Investment will post 0.73 EPS for the current fiscal year.
In other news, Chairman Arthur H. Penn bought 12,000 shares of PennantPark Investment stock in a transaction on Wednesday, December 6th. The shares were bought at an average price of $7.31 per share, with a total value of $87,720.00. Following the acquisition, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,413,827.10. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Aviv Efrat bought 10,000 shares of PennantPark Investment stock in a transaction on Monday, December 4th. The shares were purchased at an average cost of $7.14 per share, for a total transaction of $71,400.00. Following the acquisition, the chief financial officer now owns 106,102 shares in the company, valued at $757,568.28. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 58,000 shares of company stock worth $413,680. 2.00% of the stock is currently owned by company insiders.
A number of large investors have recently added to or reduced their stakes in PNNT. Ameriprise Financial Inc. lifted its holdings in PennantPark Investment by 25.2% during the 2nd quarter. Ameriprise Financial Inc. now owns 37,330 shares of the asset manager’s stock worth $276,000 after buying an additional 7,514 shares during the last quarter. Northern Trust Corp bought a new position in PennantPark Investment during the 2nd quarter worth approximately $302,000. Parametric Portfolio Associates LLC lifted its holdings in PennantPark Investment by 46.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 154,128 shares of the asset manager’s stock worth $1,139,000 after buying an additional 48,729 shares during the last quarter. Stifel Financial Corp lifted its holdings in PennantPark Investment by 50.5% during the 2nd quarter. Stifel Financial Corp now owns 27,700 shares of the asset manager’s stock worth $205,000 after buying an additional 9,300 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of PennantPark Investment by 49.3% during the 2nd quarter. Goldman Sachs Group Inc. now owns 168,903 shares of the asset manager’s stock worth $1,248,000 after purchasing an additional 55,761 shares during the period. 42.80% of the stock is currently owned by institutional investors.
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About PennantPark Investment
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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