PennantPark Investment Corporation (NASDAQ:PNNT) has been assigned an average recommendation of “Hold” from the twelve brokerages that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $8.07.
Several analysts have commented on PNNT shares. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $8.50 price objective on shares of PennantPark Investment Corporation in a report on Friday, April 21st. Zacks Investment Research lowered PennantPark Investment Corporation from a “buy” rating to a “hold” rating in a report on Thursday, May 11th. Compass Point started coverage on PennantPark Investment Corporation in a report on Thursday, July 13th. They issued a “buy” rating and a $8.50 price objective on the stock. JMP Securities lowered PennantPark Investment Corporation from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 11th. They noted that the move was a valuation call. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $8.00 price target on shares of PennantPark Investment Corporation in a research note on Friday, July 14th.
PennantPark Investment Corporation (NASDAQ:PNNT) opened at 7.71 on Friday. PennantPark Investment Corporation has a 52-week low of $6.86 and a 52-week high of $8.68. The company’s 50-day moving average is $7.46 and its 200 day moving average is $7.81.
PennantPark Investment Corporation (NASDAQ:PNNT) last issued its quarterly earnings data on Monday, August 7th. The asset manager reported $0.18 EPS for the quarter, missing the consensus estimate of $0.20 by $0.02. PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. The business had revenue of $31.10 million during the quarter, compared to analyst estimates of $31.09 million. During the same period in the previous year, the business posted $0.25 earnings per share. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, analysts forecast that PennantPark Investment Corporation will post $0.83 earnings per share for the current fiscal year.
In other news, Chairman Arthur H. Penn acquired 28,000 shares of the business’s stock in a transaction that occurred on Monday, May 15th. The shares were purchased at an average price of $7.78 per share, for a total transaction of $217,840.00. Following the acquisition, the chairman now owns 183,400 shares of the company’s stock, valued at $1,426,852. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Arthur H. Penn bought 32,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The shares were bought 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 directly owns 183,400 shares in the company, valued at $1,415,848. The disclosure for this purchase can be found here. Insiders acquired 109,000 shares of company stock worth $844,010 in the last 90 days. Company insiders own 1.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Global X Management Co. LLC boosted its position in PennantPark Investment Corporation by 50.1% in the first quarter. Global X Management Co. LLC now owns 16,664 shares of the asset manager’s stock valued at $136,000 after buying an additional 5,563 shares during the last quarter. Stifel Financial Corp boosted its position 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 in the last quarter. Pinebridge Investments L.P. boosted its position in PennantPark Investment Corporation by 0.8% in the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock valued at $167,000 after buying an additional 169 shares in the last quarter. Stephens Inc. AR boosted its position in PennantPark Investment Corporation by 44.8% in the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock valued at $177,000 after buying an additional 7,414 shares in the last quarter. Finally, BlueCrest Capital Management Ltd acquired a new position in PennantPark Investment Corporation during the first quarter valued at about $217,000. 43.84% of the stock is owned by hedge funds and other institutional investors.
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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