PennantPark Investment Corp. (PNNT) Upgraded at Zacks Investment Research
PennantPark Investment Corp. (NASDAQ:PNNT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
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. “
A number of other equities analysts have also weighed in on the company. Jefferies Group restated a “hold” rating on shares of PennantPark Investment Corp. in a research note on Friday, August 12th. JMP Securities upped their target price on PennantPark Investment Corp. from $7.50 to $8.50 and gave the stock a “market outperform” rating in a research note on Wednesday, August 10th. FBR & Co upped their target price on PennantPark Investment Corp. from $7.50 to $8.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 9th. DA Davidson lowered PennantPark Investment Corp. from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $7.00 in a research note on Wednesday, July 27th. Finally, JPMorgan Chase & Co. lowered PennantPark Investment Corp. from an “overweight” rating to a “neutral” rating and set a $7.00 target price on the stock. in a research note on Monday, July 18th. Eight analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $7.36.
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Shares of PennantPark Investment Corp. (NASDAQ:PNNT) opened at 7.62 on Wednesday. PennantPark Investment Corp. has a 1-year low of $4.65 and a 1-year high of $8.30. The company has a 50-day moving average price of $7.74 and a 200 day moving average price of $7.00.
PennantPark Investment Corp. (NASDAQ:PNNT) last released its quarterly earnings data on Monday, August 8th. The company reported $0.25 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.25. PennantPark Investment Corp. had a positive return on equity of 11.20% and a negative net margin of 5.09%. The company had revenue of $35.54 million for the quarter, compared to analyst estimates of $35.47 million. During the same period in the previous year, the company posted $0.28 EPS. The firm’s revenue for the quarter was down 12.5% compared to the same quarter last year. Equities research analysts predict that PennantPark Investment Corp. will post $1.03 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Wednesday, September 21st were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 14.70%. The ex-dividend date of this dividend was Monday, September 19th. PennantPark Investment Corp.’s dividend payout ratio is presently -1,244.31%.
A number of large investors have recently modified their holdings of PNNT. KCG Holdings Inc. bought a new stake in shares of PennantPark Investment Corp. during the second quarter valued at $102,000. Societe Generale bought a new stake in shares of PennantPark Investment Corp. during the second quarter valued at $104,000. Essex Financial Services Inc. bought a new stake in shares of PennantPark Investment Corp. during the second quarter valued at $104,000. Sheaff Brock Investment Advisors LLC boosted its stake in shares of PennantPark Investment Corp. by 4.5% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 15,750 shares of the company’s stock valued at $108,000 after buying an additional 680 shares in the last quarter. Finally, Stephens Inc. AR boosted its stake in shares of PennantPark Investment Corp. by 5.7% in the second quarter. Stephens Inc. AR now owns 16,675 shares of the company’s stock valued at $114,000 after buying an additional 905 shares in the last quarter. Institutional investors own 33.42% of the company’s stock.
PennantPark Investment Corp. Company Profile
PennantPark Investment Corporation (PennantPark Investment) is a business development company focused on generating income and capital appreciation through debt and equity investments in the United States middle-market companies in the form of senior secured loans, mezzanine debt and equity investments.
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