Several other analysts have also issued reports on the company. Zacks Investment Research lowered PennantPark Investment from a hold rating to a sell rating in a report on Wednesday, October 4th. Jefferies Group reiterated a hold rating and set a $8.00 price objective on shares of PennantPark Investment in a report on Sunday, November 5th. Keefe, Bruyette & Woods reiterated a hold rating and set a $8.50 price objective on shares of PennantPark Investment in a report on Thursday, October 26th. ValuEngine upgraded PennantPark Investment from a buy rating to a strong-buy rating in a report on Friday, December 1st. Finally, BidaskClub lowered PennantPark Investment from a hold rating to a sell rating in a report on Saturday, August 19th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $8.50.
Shares of PennantPark Investment (PNNT) opened at $7.04 on Wednesday. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.81. PennantPark Investment has a 1-year low of $6.67 and a 1-year high of $8.68. The stock has a market capitalization of $493.26, a price-to-earnings ratio of 9.04, a P/E/G ratio of 4.91 and a beta of 1.27.
PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings data on Wednesday, November 29th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.01). PennantPark Investment had a return on equity of 8.72% and a net margin of 49.55%. The firm had revenue of $27.87 million for the quarter, compared to analysts’ expectations of $29.19 million. During the same quarter in the prior year, the business posted $0.21 earnings per share. PennantPark Investment’s revenue was down 13.3% on a year-over-year basis. analysts predict that PennantPark Investment will post 0.73 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Tuesday, December 26th will be issued a dividend of $0.18 per share. The ex-dividend date is Friday, December 22nd. This represents a $0.72 annualized dividend and a yield of 10.23%. PennantPark Investment’s dividend payout ratio (DPR) is currently 82.76%.
In related news, Chairman Arthur H. Penn bought 12,000 shares of the business’s stock in a transaction on Wednesday, December 6th. The shares were bought at an average cost of $7.31 per share, for a total transaction of $87,720.00. Following the completion of the acquisition, the chairman now directly owns 193,410 shares in the company, valued at $1,413,827.10. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Aviv Efrat bought 10,000 shares of the business’s stock in a transaction on Monday, December 4th. The shares were bought at an average price of $7.14 per share, for a total transaction of $71,400.00. Following the completion of the acquisition, the chief financial officer now owns 106,102 shares of the company’s stock, valued at $757,568.28. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 48,000 shares of company stock worth $344,280. Corporate insiders own 1.90% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of PNNT. Pinebridge Investments L.P. increased its stake in shares of PennantPark Investment by 0.8% in the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock worth $167,000 after purchasing an additional 169 shares during the period. Stephens Inc. AR increased its stake in shares of PennantPark Investment by 44.8% in the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock worth $177,000 after purchasing an additional 7,414 shares during the period. Global X MANAGEMENT CO LLC increased its stake in shares of PennantPark Investment by 49.0% in the third quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock worth $186,000 after purchasing an additional 8,165 shares during the period. Stevens Capital Management LP bought a new position in shares of PennantPark Investment in the third quarter worth about $199,000. Finally, Stifel Financial Corp increased its stake in shares of PennantPark Investment by 50.5% in the second quarter. Stifel Financial Corp now owns 27,700 shares of the asset manager’s stock worth $205,000 after purchasing an additional 9,300 shares during the period. Institutional investors own 42.62% of the company’s stock.
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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.
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