PennantPark Investment Corp. (NASDAQ:PNNT) saw a large growth in short interest in the month of June. As of June 30th, there was short interest totalling 475,100 shares, a growth of 11.1% from the May 30th total of 427,700 shares. Based on an average trading volume of 251,600 shares, the days-to-cover ratio is presently 1.9 days. Currently, 0.7% of the company’s shares are short sold.
Shares of NASDAQ:PNNT opened at $6.31 on Tuesday. PennantPark Investment has a 52-week low of $6.21 and a 52-week high of $7.84. The company has a market cap of $421.71 million, a price-to-earnings ratio of 8.86 and a beta of 1.14. The stock has a 50 day moving average price of $6.39. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.58 and a quick ratio of 1.58.
PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings data on Thursday, May 9th. The asset manager reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). PennantPark Investment had a net margin of 28.97% and a return on equity of 7.94%. The company had revenue of $28.69 million for the quarter, compared to the consensus estimate of $28.89 million. On average, analysts forecast that PennantPark Investment will post 0.75 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 11.41%. The ex-dividend date of this dividend was Friday, June 14th. PennantPark Investment’s dividend payout ratio (DPR) is presently 96.00%.
Several research firms have weighed in on PNNT. LADENBURG THALM/SH SH cut PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Monday, May 13th. BidaskClub cut Walgreens Boots Alliance from a “sell” rating to a “strong sell” rating in a report on Monday, June 24th. ValuEngine lowered Virtu Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, June 18th. Compass Point lowered Realogy from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $12.50 to $8.00 in a research report on Friday, May 3rd. Finally, Zacks Investment Research lowered HEXO from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $7.60.
In other PennantPark Investment news, Chairman Arthur H. Penn acquired 15,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was acquired at an average price of $6.58 per share, for a total transaction of $98,700.00. Following the acquisition, the chairman now owns 193,410 shares in the company, valued at approximately $1,272,637.80. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Arthur H. Penn acquired 16,000 shares of the company’s stock in a transaction on Monday, May 13th. The stock was acquired at an average price of $6.52 per share, with a total value of $104,320.00. Following the acquisition, the chairman now owns 193,410 shares in the company, valued at approximately $1,261,033.20. The disclosure for this purchase can be found here. Corporate insiders own 2.00% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. Destination Wealth Management purchased a new stake in PennantPark Investment during the 1st quarter valued at $61,000. Two Sigma Securities LLC purchased a new stake in PennantPark Investment during the 4th quarter valued at $71,000. Squarepoint Ops LLC purchased a new stake in PennantPark Investment during the 4th quarter valued at $91,000. Moors & Cabot Inc. purchased a new stake in PennantPark Investment during the 1st quarter valued at $96,000. Finally, Bank of America Corp DE boosted its stake in PennantPark Investment by 30.5% during 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 last quarter. 43.97% of the stock is owned by institutional investors.
About PennantPark Investment
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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