PennantPark Investment Corporation (NASDAQ:PNNT) Upgraded to “Overweight” at J P Morgan Chase & Co

PennantPark Investment Corporation (NASDAQ:PNNT) was upgraded by stock analysts at J P Morgan Chase & Co from a “neutral” rating to an “overweight” rating in a note issued to investors on Wednesday, August 9th, MarketBeat.com reports. The firm currently has a $8.50 target price on the asset manager’s stock, up from their previous target price of $8.00. J P Morgan Chase & Co’s price target indicates a potential upside of 12.29% from the stock’s current price.

Several other equities research analysts also recently issued reports on the company. Keefe, Bruyette & Woods restated a “hold” rating and set a $8.50 target price on shares of PennantPark Investment Corporation in a research report on Tuesday, July 25th. Zacks Investment Research downgraded PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Jefferies Group LLC restated a “hold” rating and set a $8.00 target price on shares of PennantPark Investment Corporation in a research report on Friday, July 14th. Compass Point assumed coverage on PennantPark Investment Corporation in a research report on Thursday, July 13th. They set a “buy” rating and a $8.50 target price on the stock. Finally, JMP Securities downgraded PennantPark Investment Corporation from an “outperform” rating to a “market perform” rating in a research 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 given a hold rating and two have assigned a buy rating to the company. PennantPark Investment Corporation currently has a consensus rating of “Hold” and an average price target of $8.19.

PennantPark Investment Corporation (NASDAQ:PNNT) opened at 7.57 on Wednesday. PennantPark Investment Corporation has a one year low of $6.86 and a one year high of $8.68. The firm has a 50-day moving average price of $7.49 and a 200 day moving average price of $7.80.

PennantPark Investment Corporation (NASDAQ:PNNT) last posted its earnings results on Monday, August 7th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.20 by $0.02. The company 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 company’s revenue was down 12.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.25 EPS. On average, equities research analysts predict that PennantPark Investment Corporation will post $0.83 EPS for the current year.

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In other PennantPark Investment Corporation news, Chairman Arthur H. Penn acquired 28,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were bought at an average price of $7.62 per share, for a total transaction of $213,360.00. Following the completion of the transaction, the chairman now owns 193,410 shares of the company’s stock, valued at approximately $1,473,784.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Arthur H. Penn acquired 32,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was acquired at an average price of $7.72 per share, for a total transaction of $247,040.00. Following the transaction, the chairman now directly owns 183,400 shares of the company’s stock, valued at approximately $1,415,848. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in PNNT. LSV Asset Management increased its stake in PennantPark Investment Corporation by 36.9% in the second quarter. LSV Asset Management now owns 2,741,127 shares of the asset manager’s stock worth $20,256,000 after buying an additional 738,141 shares during the last quarter. Muzinich & Co. Inc. increased its stake in 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 worth $17,799,000 after buying an additional 878,491 shares during the last quarter. JPMorgan Chase & Co. increased 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 worth $15,469,000 after buying an additional 101,690 shares during the last quarter. UBS Group AG increased its stake in 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 worth $12,381,000 after buying an additional 336,001 shares during the last quarter. Finally, Confluence Investment Management LLC increased its stake in PennantPark Investment Corporation by 0.5% in the second quarter. Confluence Investment Management LLC now owns 929,249 shares of the asset manager’s stock worth $6,867,000 after buying an additional 4,599 shares during the last quarter. Institutional investors and hedge funds own 43.81% of the company’s stock.

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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