PennantPark Investment Corp. (PNNT) Upgraded by Zacks Investment Research to Hold
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. “
Other equities research analysts have also recently issued reports about the company. Jefferies Group reaffirmed a “hold” rating on shares of PennantPark Investment Corp. in a research note on Friday, August 12th. DA Davidson cut PennantPark Investment Corp. from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $10.00 to $7.00 in a research note on Wednesday, July 27th. FBR & Co boosted 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. JPMorgan Chase & Co. cut PennantPark Investment Corp. from an “overweight” rating to a “neutral” rating and set a $7.00 target price for the company. in a research note on Monday, July 18th. Finally, JMP Securities boosted 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. Eight research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $7.36.
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Shares of PennantPark Investment Corp. (NASDAQ:PNNT) opened at 7.62 on Wednesday. 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. has a 12-month low of $4.65 and a 12-month high of $8.30.
PennantPark Investment Corp. (NASDAQ:PNNT) last issued its quarterly earnings data on Monday, August 8th. The company reported $0.25 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.25. PennantPark Investment Corp. had a positive return on equity of 11.20% and a negative net margin of 5.09%. The business earned $35.54 million during the quarter, compared to analysts’ expectations of $35.47 million. During the same period in the previous year, the firm posted $0.28 earnings per share. The company’s revenue was down 12.5% on a year-over-year basis. On average, analysts expect that PennantPark Investment Corp. will post $1.03 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Wednesday, September 21st were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 14.70%. The ex-dividend date of this dividend was Monday, September 19th. PennantPark Investment Corp.’s dividend payout ratio (DPR) is -1,244.31%.
A number of hedge funds have recently made changes to their positions in PNNT. KCG Holdings Inc. purchased a new stake in PennantPark Investment Corp. during the second quarter valued at $102,000. Societe Generale purchased a new stake in PennantPark Investment Corp. during the second quarter valued at $104,000. Essex Financial Services Inc. purchased a new stake in PennantPark Investment Corp. during the second quarter valued at $104,000. Sheaff Brock Investment Advisors LLC increased its stake in 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 during the last quarter. Finally, Stephens Inc. AR increased its stake in 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 during the last quarter. 33.42% of the stock is owned by institutional investors.
About PennantPark Investment Corp.
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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