PennantPark Investment Corp. (PNNT) Expected to Post Quarterly Sales of $28.47 Million

Wall Street analysts forecast that PennantPark Investment Corp. (NASDAQ:PNNT) will report sales of $28.47 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for PennantPark Investment’s earnings. The lowest sales estimate is $27.66 million and the highest is $29.41 million. PennantPark Investment posted sales of $31.87 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 10.7%. The firm is expected to report its next quarterly earnings results on Wednesday, February 14th.

On average, analysts expect that PennantPark Investment will report full year sales of $28.47 million for the current year, with estimates ranging from $112.82 million to $120.22 million. For the next fiscal year, analysts forecast that the business will post sales of $119.60 million per share, with estimates ranging from $113.30 million to $129.49 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow PennantPark Investment.

PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings results on Wednesday, November 29th. The asset manager reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.19 by ($0.01). The company had revenue of $27.87 million during the quarter, compared to the consensus estimate of $29.19 million. PennantPark Investment had a return on equity of 8.72% and a net margin of 49.55%. The company’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 earnings per share.

A number of research firms have recently commented on PNNT. TheStreet cut shares of PennantPark Investment from a “b-” rating to a “c” rating in a report on Wednesday, December 13th. ValuEngine upgraded shares of PennantPark Investment from a “buy” rating to a “strong-buy” rating in a report on Friday, December 1st. Jefferies Group restated a “hold” rating and issued a $8.00 price target on shares of PennantPark Investment in a report on Sunday, November 5th. Zacks Investment Research cut shares of PennantPark Investment from a “hold” rating to a “sell” rating in a report on Saturday, November 4th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $8.50 price target on shares of PennantPark Investment in a report on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $8.38.

PennantPark Investment (NASDAQ PNNT) traded up $0.06 during midday trading on Friday, hitting $7.02. 360,880 shares of the stock were exchanged, compared to its average volume of 636,524. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.81. The company has a market capitalization of $498.85, a PE ratio of 8.16, a PEG ratio of 4.83 and a beta of 1.28. PennantPark Investment has a 12-month low of $6.67 and a 12-month high of $8.68.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Tuesday, December 26th were paid a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 10.26%. The ex-dividend date of this dividend was Friday, December 22nd. PennantPark Investment’s dividend payout ratio (DPR) is presently 83.72%.

In other PennantPark Investment news, Chairman Arthur H. Penn acquired 14,000 shares of the stock in a transaction that occurred on Monday, December 4th. The stock was bought at an average cost of $7.14 per share, with a total value of $99,960.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares in the company, valued at $1,380,947.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Arthur H. Penn acquired 12,000 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was acquired 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 owns 193,410 shares of the company’s stock, valued at $1,373,211. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 48,000 shares of company stock valued at $344,280. 2.00% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in PNNT. Hillsdale Investment Management Inc. purchased a new stake in shares of PennantPark Investment during the third quarter valued at about $1,897,000. Relative Value Partners Group LLC lifted its position in shares of PennantPark Investment by 72.0% during the third quarter. Relative Value Partners Group LLC now owns 539,102 shares of the asset manager’s stock valued at $4,049,000 after buying an additional 225,618 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of PennantPark Investment during the second quarter valued at about $1,412,000. GSA Capital Partners LLP lifted its position in shares of PennantPark Investment by 90.3% during the second quarter. GSA Capital Partners LLP now owns 332,665 shares of the asset manager’s stock valued at $2,458,000 after buying an additional 157,852 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of PennantPark Investment by 6.6% during the third quarter. JPMorgan Chase & Co. now owns 1,866,419 shares of the asset manager’s stock valued at $14,016,000 after buying an additional 115,209 shares during the last quarter. 42.60% of the stock is owned by institutional investors and hedge funds.

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About PennantPark Investment

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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