Research analysts at Compass Point started coverage on shares of PennantPark Investment Corporation (NASDAQ:PNNT) in a research report issued on Thursday, July 13th, MarketBeat reports. The brokerage set a “buy” rating and a $8.50 price target on the asset manager’s stock. Compass Point’s price objective would indicate a potential upside of 10.25% from the company’s current price.
A number of other equities research analysts also recently commented on PNNT. Jefferies Group LLC restated a “hold” rating and issued a $8.00 price objective on shares of PennantPark Investment Corporation in a research report on Thursday, March 16th. TheStreet cut shares of PennantPark Investment Corporation from a “b-” rating to a “c+” rating in a report on Tuesday, March 21st. Zacks Investment Research raised shares of PennantPark Investment Corporation from a “hold” rating to a “buy” rating and set a $9.00 target price for the company in a report on Wednesday, April 12th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $8.50 target price on shares of PennantPark Investment Corporation in a report on Friday, April 21st. Finally, JMP Securities cut shares of PennantPark Investment Corporation from an “outperform” rating to a “market perform” rating in a report on Thursday, May 11th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $8.19.
Shares of PennantPark Investment Corporation (NASDAQ:PNNT) traded down 0.64% during trading on Thursday, hitting $7.71. The company had a trading volume of 307,738 shares. The stock’s 50-day moving average is $7.45 and its 200 day moving average is $7.81. PennantPark Investment Corporation has a 52-week low of $6.86 and a 52-week high of $8.68.
PennantPark Investment Corporation (NASDAQ:PNNT) last announced its quarterly earnings data on Monday, August 7th. The asset manager reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.02. The firm had revenue of $31.10 million during the quarter, compared to analyst estimates of $31.09 million. PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. PennantPark Investment Corporation’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.25 EPS. On average, equities research analysts anticipate that PennantPark Investment Corporation will post $0.83 EPS for the current year.
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In other PennantPark Investment Corporation news, CEO Arthur H. Penn acquired 17,000 shares of the company’s stock in a transaction dated Tuesday, May 16th. The stock was acquired at an average cost of $7.77 per share, with a total value of $132,090.00. Following the purchase, the chief executive officer now directly owns 183,400 shares in the company, valued at approximately $1,425,018. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Chairman Arthur H. Penn acquired 32,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were acquired at an average cost of $7.72 per share, with a total value of $247,040.00. Following the completion of the purchase, the chairman now owns 183,400 shares in the company, valued at $1,415,848. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 109,000 shares of company stock valued at $844,010. Corporate insiders own 1.90% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. Mckinley Capital Management LLC Delaware purchased a new stake in PennantPark Investment Corporation during the first quarter valued at approximately $2,166,000. Stifel Financial Corp boosted its stake in PennantPark Investment Corporation by 43.8% in the first quarter. Stifel Financial Corp now owns 18,400 shares of the asset manager’s stock valued at $147,000 after buying an additional 5,600 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in PennantPark Investment Corporation by 5.7% in the first quarter. JPMorgan Chase & Co. now owns 1,900,325 shares of the asset manager’s stock valued at $15,469,000 after buying an additional 101,690 shares during the last quarter. Oxford Asset Management purchased a new stake in PennantPark Investment Corporation during the first quarter valued at approximately $2,077,000. Finally, Eagle Global Advisors LLC boosted its stake in PennantPark Investment Corporation by 70.4% in the first quarter. Eagle Global Advisors LLC now owns 39,969 shares of the asset manager’s stock valued at $325,000 after buying an additional 16,510 shares during the last quarter. 43.84% of the stock is owned by hedge funds and other institutional investors.
PennantPark Investment Corporation Company Profile
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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