Wall Street analysts expect that PennantPark Investment Corp. (NASDAQ:PNNT) will post earnings of $0.18 per share for the current fiscal quarter, Zacks reports. Four analysts have provided estimates for PennantPark Investment’s earnings, with estimates ranging from $0.17 to $0.19. PennantPark Investment reported earnings per share of $0.20 during the same quarter last year, which suggests a negative year over year growth rate of 10%. The firm is expected to report its next quarterly earnings results on Thursday, November 21st.
According to Zacks, analysts expect that PennantPark Investment will report full-year earnings of $0.72 per share for the current year, with EPS estimates ranging from $0.70 to $0.72. For the next financial year, analysts forecast that the firm will post earnings of $0.74 per share, with EPS estimates ranging from $0.72 to $0.77. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that follow PennantPark Investment.
PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.02). PennantPark Investment had a net margin of 18.01% and a return on equity of 8.08%. The business had revenue of $28.11 million during the quarter, compared to the consensus estimate of $29.38 million.
A number of research analysts recently issued reports on the company. LADENBURG THALM/SH SH cut PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Monday, May 13th. ValuEngine cut PennantPark Investment from a “hold” rating to a “sell” rating in a report on Tuesday, June 18th. Raymond James started coverage on PennantPark Investment in a report on Monday, April 29th. They set an “outperform” rating and a $8.00 price objective for the company. TheStreet cut PennantPark Investment from a “b-” rating to a “c” rating in a report on Tuesday, July 16th. Finally, Compass Point cut PennantPark Investment from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $8.50 to $7.00 in a report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $7.50.
In related news, Chairman Arthur H. Penn purchased 15,000 shares of the stock in a transaction dated Monday, August 12th. The stock was bought at an average cost of $6.30 per share, with a total value of $94,500.00. Following the purchase, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,218,483. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.00% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Clearbridge Investments LLC increased its stake in shares of PennantPark Investment by 6.0% in the 1st quarter. Clearbridge Investments LLC now owns 1,829,119 shares of the asset manager’s stock valued at $12,639,000 after acquiring an additional 103,699 shares during the last quarter. Eagle Global Advisors LLC acquired a new position in shares of PennantPark Investment in the 1st quarter valued at approximately $205,000. FNY Investment Advisers LLC grew its position in shares of PennantPark Investment by 181.2% in the 1st quarter. FNY Investment Advisers LLC now owns 38,210 shares of the asset manager’s stock valued at $264,000 after purchasing an additional 24,622 shares during the period. Destination Wealth Management acquired a new position in shares of PennantPark Investment in the 1st quarter valued at approximately $61,000. Finally, Millennium Management LLC grew its position in shares of PennantPark Investment by 36.3% in the 4th quarter. Millennium Management LLC now owns 471,012 shares of the asset manager’s stock valued at $3,000,000 after purchasing an additional 125,492 shares during the period. 43.04% of the stock is owned by institutional investors.
Shares of PennantPark Investment stock traded down $0.15 during trading on Friday, reaching $6.26. The company’s stock had a trading volume of 16,555 shares, compared to its average volume of 300,304. The stock has a 50-day moving average of $6.44. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.26 and a quick ratio of 1.26. PennantPark Investment has a one year low of $6.21 and a one year high of $7.84. The firm has a market capitalization of $429.76 million, a PE ratio of 8.39 and a beta of 1.14.
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.
Further Reading: Outstanding Shares and The Effect on Share Price
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