PennantPark Investment Corporation (NASDAQ:PNNT) – Equities research analysts at SunTrust Banks lowered their FY2017 earnings per share estimates for shares of PennantPark Investment Corporation in a report released on Tuesday. SunTrust Banks analyst D. Mewhirter now forecasts that the asset manager will earn $0.81 per share for the year, down from their previous estimate of $0.85.
PNNT has been the subject of a number of other reports. BidaskClub raised PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a research note on Friday. Zacks Investment Research raised PennantPark Investment Corporation from a “hold” rating to a “buy” rating and set a $9.00 price target for the company in a research note on Wednesday, May 3rd. J P Morgan Chase & Co raised PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and increased their price target for the company from $8.00 to $8.50 in a research note on Wednesday. Keefe, Bruyette & Woods set a $9.00 price target on PennantPark Investment Corporation and gave the company a “hold” rating in a research note on Monday, May 22nd. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $8.00 price target on shares of PennantPark Investment Corporation in a research note on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $8.19.
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Shares of PennantPark Investment Corporation (NASDAQ:PNNT) opened at 7.71 on Friday. The firm’s 50-day moving average price is $7.46 and its 200-day moving average price 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 posted its earnings results 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 for the quarter, compared to analysts’ expectations of $31.09 million. PennantPark Investment Corporation had a return on equity of 9.11% and a net margin of 53.92%. The firm’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.25 earnings per share.
In other PennantPark Investment Corporation news, Chairman Arthur H. Penn bought 32,000 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The stock was acquired at an average price of $7.72 per share, with a total value of $247,040.00. Following the completion of the transaction, the chairman now directly owns 183,400 shares in the company, valued at approximately $1,415,848. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Arthur H. Penn bought 17,000 shares of the firm’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 transaction, the chief executive officer now owns 183,400 shares of the company’s stock, valued at $1,425,018. 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.
Several hedge funds have recently modified their holdings of PNNT. LSV Asset Management boosted its stake in shares of PennantPark Investment Corporation by 262.0% in the first quarter. LSV Asset Management now owns 2,002,986 shares of the asset manager’s stock valued at $16,304,000 after buying an additional 1,449,656 shares during the period. Muzinich & Co. Inc. boosted its stake in shares of PennantPark Investment Corporation by 67.2% in the first quarter. Muzinich & Co. Inc. now owns 2,186,589 shares of the asset manager’s stock valued at $17,799,000 after buying an additional 878,491 shares during the period. UBS Group AG raised its stake in shares of PennantPark Investment Corporation by 28.4% in the first quarter. UBS Group AG now owns 1,520,945 shares of the asset manager’s stock valued at $12,381,000 after buying an additional 336,001 shares in the last quarter. Mckinley Capital Management LLC Delaware purchased a new stake in shares of PennantPark Investment Corporation during the first quarter valued at about $2,166,000. Finally, Oxford Asset Management purchased a new stake in shares of PennantPark Investment Corporation during the first quarter valued at about $2,077,000. 43.84% of the stock is owned by institutional investors and hedge funds.
About PennantPark Investment Corporation
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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