ValuEngine cut shares of PennantPark Investment (NASDAQ:PNNT) from a strong-buy rating to a buy rating in a research report released on Saturday, March 17th.
PNNT has been the subject of several other research reports. Zacks Investment Research upgraded PennantPark Investment from a sell rating to a hold rating in a research report on Tuesday, February 13th. BidaskClub upgraded PennantPark Investment from a strong sell rating to a sell rating in a research report on Saturday, February 10th. Ladenburg Thalmann upgraded PennantPark Investment from a neutral rating to a buy rating and set a $8.00 price objective for the company in a research report on Friday, February 9th. Finally, TheStreet downgraded PennantPark Investment from a b- rating to a c rating in a research report on Wednesday, December 13th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $8.30.
Shares of PennantPark Investment stock traded down $0.08 during midday trading on Friday, hitting $6.81. 286,004 shares of the company were exchanged, compared to its average volume of 335,622. The company has a debt-to-equity ratio of 0.79, a current ratio of 3.03 and a quick ratio of 3.03. The company has a market capitalization of $483.93, a PE ratio of 8.62, a price-to-earnings-growth ratio of 4.57 and a beta of 1.13. PennantPark Investment has a 52 week low of $6.29 and a 52 week high of $8.17.
PennantPark Investment (NASDAQ:PNNT) last posted its earnings results on Wednesday, February 7th. The asset manager reported $0.20 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.18 by $0.02. The business 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 was down 10.0% on a year-over-year basis. During the same quarter last year, the company earned $0.21 EPS. equities analysts anticipate that PennantPark Investment will post 0.75 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Monday, March 19th were given a $0.18 dividend. The ex-dividend date of this dividend was Friday, March 16th. This represents a $0.72 annualized dividend and a yield of 10.57%. PennantPark Investment’s payout ratio is 91.14%.
In other news, Chairman Arthur H. Penn bought 10,000 shares of the stock in a transaction dated Friday, February 9th. The stock was bought at an average cost of $6.94 per share, with a total value of $69,400.00. Following the purchase, the chairman now owns 193,410 shares of the company’s stock, valued at $1,342,265.40. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. 2.00% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PNNT. ArrowMark Colorado Holdings LLC increased its stake in shares of PennantPark Investment by 42.5% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 1,617,097 shares of the asset manager’s stock valued at $11,174,000 after buying an additional 482,214 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in shares of PennantPark Investment by 179.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 465,980 shares of the asset manager’s stock worth $3,220,000 after purchasing an additional 299,280 shares during the period. Burgundy Asset Management Ltd. grew its stake in PennantPark Investment by 13.3% in the fourth quarter. Burgundy Asset Management Ltd. now owns 2,338,409 shares of the asset manager’s stock valued at $16,158,000 after acquiring an additional 274,029 shares during the period. Clearbridge LLC grew its stake in PennantPark Investment by 26.6% in the fourth quarter. Clearbridge LLC now owns 1,201,339 shares of the asset manager’s stock valued at $8,301,000 after acquiring an additional 252,657 shares during the period. Finally, Hillsdale Investment Management Inc. acquired a new position in PennantPark Investment in the third quarter valued at about $1,897,000. 42.90% of the stock is 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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