PennantPark Investment (PNNT) Raised to “Strong-Buy” at ValuEngine

ValuEngine upgraded shares of PennantPark Investment (NASDAQ:PNNT) from a buy rating to a strong-buy rating in a report released on Friday.

A number of other analysts have also issued reports on PNNT. Jefferies Group reaffirmed a hold rating and issued a $8.00 price target on shares of PennantPark Investment in a research note on Sunday, November 5th. Zacks Investment Research lowered PennantPark Investment from a hold rating to a sell rating in a research note on Saturday, November 4th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $8.50 price target on shares of PennantPark Investment in a research note on Thursday, October 26th. BidaskClub lowered PennantPark Investment from a hold rating to a sell rating in a research note on Saturday, August 19th. Finally, J P Morgan Chase & Co raised PennantPark Investment from a neutral rating to an overweight rating and lifted their price target for the stock from $8.00 to $8.50 in a research note on Wednesday, August 9th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of Hold and a consensus price target of $8.50.

Shares of PennantPark Investment (NASDAQ:PNNT) traded down $0.04 on Friday, reaching $7.18. The company’s stock had a trading volume of 1,322,100 shares, compared to its average volume of 329,854. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.66 and a current ratio of 1.66. PennantPark Investment has a one year low of $6.67 and a one year high of $8.68. The firm has a market capitalization of $510.22, a price-to-earnings ratio of 9.09, a P/E/G ratio of 4.80 and a beta of 1.27.

PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings data on Wednesday, November 29th. The asset manager reported $0.18 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.01). PennantPark Investment had a net margin of 49.55% and a return on equity of 8.72%. The business had revenue of $27.87 million during the quarter, compared to analyst estimates of $29.19 million. During the same period in the previous year, the business posted $0.21 earnings per share. The firm’s revenue for the quarter was down 13.3% on a year-over-year basis. analysts anticipate that PennantPark Investment will post 0.75 earnings per share for the current fiscal year.

In other news, Chairman Arthur H. Penn purchased 12,000 shares of the stock in a transaction dated Friday, December 1st. The shares were purchased at an average cost of $7.10 per share, with a total value of $85,200.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares of the company’s stock, valued at approximately $1,373,211. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 1.90% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Pinebridge Investments L.P. boosted its stake in PennantPark Investment by 0.8% during the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock worth $167,000 after buying an additional 169 shares during the last quarter. Stephens Inc. AR boosted its stake in PennantPark Investment by 44.8% during the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock worth $177,000 after buying an additional 7,414 shares during the last quarter. Global X MANAGEMENT CO LLC boosted its stake in PennantPark Investment by 49.0% during the third quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock worth $186,000 after buying an additional 8,165 shares during the last quarter. Stevens Capital Management LP acquired a new position in PennantPark Investment during the third quarter worth $199,000. Finally, Stifel Financial Corp boosted its stake in PennantPark Investment by 50.5% during the second quarter. Stifel Financial Corp now owns 27,700 shares of the asset manager’s stock worth $205,000 after buying an additional 9,300 shares during the last quarter. 42.62% of the stock is currently owned by institutional investors.

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PennantPark Investment 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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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