PennantPark Investment (NASDAQ:PNNT) Downgraded by StockNews.com to Sell

StockNews.com downgraded shares of PennantPark Investment (NASDAQ:PNNTGet Rating) from a hold rating to a sell rating in a research report sent to investors on Friday.

Separately, TheStreet cut shares of PennantPark Investment from a b- rating to a c+ rating in a research note on Tuesday, July 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $8.25.

PennantPark Investment Stock Down 0.5 %

NASDAQ PNNT opened at $6.45 on Friday. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.02 and a current ratio of 1.02. The firm has a 50-day simple moving average of $6.47 and a 200 day simple moving average of $7.11. PennantPark Investment has a twelve month low of $5.99 and a twelve month high of $8.02. The stock has a market cap of $421.89 million, a PE ratio of 9.26 and a beta of 1.60.

PennantPark Investment (NASDAQ:PNNTGet Rating) last released its earnings results on Wednesday, May 4th. The asset manager reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.01. The business had revenue of $24.34 million during the quarter, compared to analysts’ expectations of $26.01 million. PennantPark Investment had a net margin of 35.60% and a return on equity of 6.90%. During the same quarter last year, the company earned $0.13 earnings per share. On average, research analysts forecast that PennantPark Investment will post 0.71 EPS for the current year.

PennantPark Investment Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 19th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, September 16th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 9.30%. This is a boost from PennantPark Investment’s previous quarterly dividend of $0.15. PennantPark Investment’s payout ratio is 109.44%.

Institutional Trading of PennantPark Investment

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mckinley Capital Management LLC Delaware increased its holdings in shares of PennantPark Investment by 4.1% in the second quarter. Mckinley Capital Management LLC Delaware now owns 297,670 shares of the asset manager’s stock valued at $1,840,000 after purchasing an additional 11,723 shares in the last quarter. Cornerstone Wealth Management LLC increased its holdings in shares of PennantPark Investment by 167.5% in the second quarter. Cornerstone Wealth Management LLC now owns 66,008 shares of the asset manager’s stock valued at $408,000 after purchasing an additional 41,333 shares in the last quarter. Envestnet Asset Management Inc. acquired a new stake in shares of PennantPark Investment in the second quarter valued at approximately $169,000. Janney Montgomery Scott LLC increased its holdings in shares of PennantPark Investment by 4.4% in the second quarter. Janney Montgomery Scott LLC now owns 101,965 shares of the asset manager’s stock valued at $636,000 after purchasing an additional 4,327 shares in the last quarter. Finally, Garner Asset Management Corp increased its holdings in shares of PennantPark Investment by 14.5% in the second quarter. Garner Asset Management Corp now owns 144,832 shares of the asset manager’s stock valued at $895,000 after purchasing an additional 18,305 shares in the last quarter. Institutional investors and hedge funds own 32.03% of the company’s stock.

About PennantPark Investment

(Get Rating)

PennantPark Investment Corporation, a business development company is a private equity fund specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.

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