Analysts expect PennantPark Investment Co. (NASDAQ:PNNT) to report $27.23 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for PennantPark Investment’s earnings, with the lowest sales estimate coming in at $26.40 million and the highest estimate coming in at $27.76 million. PennantPark Investment reported sales of $33.72 million during the same quarter last year, which suggests a negative year-over-year growth rate of 19.2%. The company is scheduled to announce its next quarterly earnings report on Monday, May 14th.
On average, analysts expect that PennantPark Investment will report full year sales of $111.51 million for the current fiscal year, with estimates ranging from $109.00 million to $114.09 million. For the next fiscal year, analysts anticipate that the company will report sales of $113.39 million per share, with estimates ranging from $106.00 million to $123.44 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow PennantPark Investment.
PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings results on Wednesday, February 7th. The asset manager reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.02. The firm had revenue of $28.67 million during the quarter, compared to analysts’ expectations of $28.12 million. PennantPark Investment had a net margin of 41.17% and a return on equity of 8.58%. The firm’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.21 earnings per share.
Several research analysts recently issued reports on PNNT shares. BidaskClub raised shares of PennantPark Investment from a “strong sell” rating to a “sell” rating in a report on Saturday, March 24th. ValuEngine upgraded shares of PennantPark Investment from a “buy” rating to a “strong-buy” rating in a research report on Friday, March 23rd. Zacks Investment Research upgraded shares of PennantPark Investment from a “sell” rating to a “hold” rating in a research report on Tuesday, February 13th. Ladenburg Thalmann upgraded shares of PennantPark Investment from a “neutral” rating to a “buy” rating and set a $8.00 target price on the stock in a research report on Friday, February 9th. Finally, TheStreet upgraded shares of PennantPark Investment from a “c” rating to a “b-” rating in a research report on Thursday, March 29th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $8.21.
NASDAQ PNNT remained flat at $$6.90 during trading hours on Monday. 208,851 shares of the company traded hands, compared to its average volume of 335,974. The stock has a market capitalization of $490.67, a PE ratio of 8.73, a P/E/G ratio of 4.62 and a beta of 1.13. PennantPark Investment has a 52-week low of $6.29 and a 52-week high of $8.17. The company has a quick ratio of 3.03, a current ratio of 3.03 and a debt-to-equity ratio of 0.79.
The business also recently announced a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Monday, March 19th were given a dividend of $0.18 per share. The ex-dividend date was Friday, March 16th. This represents a $0.72 annualized dividend and a yield of 10.43%. PennantPark Investment’s payout ratio is currently 91.14%.
In related news, Chairman Arthur H. Penn bought 10,000 shares of the stock in a transaction on Friday, February 9th. The shares were bought at an average cost of $6.94 per share, for a total transaction of $69,400.00. Following the completion of the transaction, the chairman now owns 193,410 shares of the company’s stock, valued at approximately $1,342,265.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.00% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of PNNT. Burgundy Asset Management Ltd. grew its position in shares of 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 purchasing an additional 274,029 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of PennantPark Investment by 6.6% in the third quarter. JPMorgan Chase & Co. now owns 1,866,419 shares of the asset manager’s stock valued at $14,016,000 after purchasing an additional 115,209 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its position in shares of PennantPark Investment by 42.5% in the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,617,097 shares of the asset manager’s stock valued at $11,174,000 after purchasing an additional 482,214 shares during the last quarter. Clearbridge LLC grew its position in shares of 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 purchasing an additional 252,657 shares during the last quarter. Finally, West Family Investments Inc. grew its position in shares of PennantPark Investment by 11.6% in the fourth quarter. West Family Investments Inc. now owns 959,457 shares of the asset manager’s stock valued at $6,627,000 after purchasing an additional 100,000 shares during the last quarter. Institutional investors own 42.87% of the company’s stock.
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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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