PennantPark Investment (PNNT) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of PennantPark Investment (NASDAQ:PNNT) from a buy rating to a hold rating in a research note published on Wednesday morning.

According to Zacks, “PennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of mezzanine debt, senior secured loans and equity investments. The companies in which it invests are typically highly leveraged, often as a result of leveraged buy-outs or other recapitalization transactions. PennantPark’s investment objectives are to generate both current income and capital appreciation through debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC. “

Other equities analysts have also recently issued reports about the company. TheStreet upgraded PennantPark Investment from a c rating to a b- rating in a research note on Thursday, March 29th. Ladenburg Thalmann upgraded PennantPark Investment from a neutral rating to a buy rating and set a $8.00 price objective on the stock in a research note on Friday, February 9th. ValuEngine cut PennantPark Investment from a strong-buy rating to a buy rating in a research note on Friday, February 2nd. Finally, BidaskClub upgraded PennantPark Investment from a strong sell rating to a sell rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. PennantPark Investment currently has a consensus rating of Hold and a consensus target price of $8.21.

Shares of PennantPark Investment opened at $7.23 on Wednesday, Marketbeat.com reports. The company has a current ratio of 6.66, a quick ratio of 6.66 and a debt-to-equity ratio of 0.76. PennantPark Investment has a 1-year low of $6.29 and a 1-year high of $7.84. The firm has a market cap of $513.77 million, a price-to-earnings ratio of 9.77, a P/E/G ratio of 4.86 and a beta of 1.12.

PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings data on Wednesday, May 9th. The asset manager reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. PennantPark Investment had a return on equity of 8.17% and a net margin of 38.78%. The business had revenue of $27.23 million for the quarter, compared to analysts’ expectations of $27.23 million. sell-side analysts forecast that PennantPark Investment will post 0.74 earnings per share for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Legal & General Group Plc raised its stake in shares of PennantPark Investment by 16.2% during the 1st quarter. Legal & General Group Plc now owns 255,682 shares of the asset manager’s stock worth $1,709,000 after purchasing an additional 35,722 shares during the period. Millennium Management LLC raised its stake in shares of PennantPark Investment by 16.5% during the 1st quarter. Millennium Management LLC now owns 513,077 shares of the asset manager’s stock worth $3,427,000 after purchasing an additional 72,748 shares during the period. Jane Street Group LLC bought a new stake in shares of PennantPark Investment during the 1st quarter worth $261,000. The Manufacturers Life Insurance Company raised its stake in shares of PennantPark Investment by 88.5% during the 1st quarter. The Manufacturers Life Insurance Company now owns 57,137 shares of the asset manager’s stock worth $381,000 after purchasing an additional 26,820 shares during the period. Finally, Muzinich & Co. Inc. raised its stake in shares of PennantPark Investment by 31.2% during the 1st quarter. Muzinich & Co. Inc. now owns 2,355,718 shares of the asset manager’s stock worth $15,736,000 after purchasing an additional 560,038 shares during the period. Institutional investors own 43.53% of the company’s stock.

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.

Get a free copy of the Zacks research report on PennantPark Investment (PNNT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for PennantPark Investment (NASDAQ:PNNT)

Receive News & Ratings for PennantPark Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Investment and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply