Brokerages Expect PennantPark Investment Corporation (NASDAQ:PNNT) Will Announce Quarterly Sales of $31.42 Million
Equities analysts predict that PennantPark Investment Corporation (NASDAQ:PNNT) will post sales of $31.42 million for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for PennantPark Investment Corporation’s earnings, with the highest sales estimate coming in at $34.80 million and the lowest estimate coming in at $29.67 million. PennantPark Investment Corporation reported sales of $35.54 million during the same quarter last year, which indicates a negative year-over-year growth rate of 11.6%. The company is expected to report its next earnings results on Monday, August 14th.
According to Zacks, analysts expect that PennantPark Investment Corporation will report full-year sales of $31.42 million for the current year, with estimates ranging from $124.20 million to $134.60 million. For the next fiscal year, analysts forecast that the company will post sales of $131.63 million per share, with estimates ranging from $120.00 million to $143.40 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow PennantPark Investment Corporation.
PennantPark Investment Corporation (NASDAQ:PNNT) last announced its earnings results on Monday, May 8th. The asset manager reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. The business had revenue of $33.70 million for the quarter, compared to the consensus estimate of $33.29 million. PennantPark Investment Corporation had a net margin of 58.91% and a return on equity of 9.98%. PennantPark Investment Corporation’s quarterly revenue was down 13.8% on a year-over-year basis. During the same period last year, the firm posted $0.29 earnings per share.
Several research firms have weighed in on PNNT. Zacks Investment Research upgraded PennantPark Investment Corporation from a “hold” rating to a “buy” rating and set a $9.00 price target for the company in a research note on Wednesday, May 3rd. Keefe, Bruyette & Woods set a $9.00 price target on PennantPark Investment Corporation and gave the stock a “hold” rating in a research note on Monday, May 22nd. JMP Securities downgraded PennantPark Investment Corporation from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 11th. They noted that the move was a valuation call. Jefferies Group LLC restated a “hold” rating and issued a $8.00 price target on shares of PennantPark Investment Corporation in a research note on Thursday, March 16th. Finally, TheStreet downgraded PennantPark Investment Corporation from a “b-” rating to a “c+” rating in a research note on Tuesday, March 21st. Ten analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus price target of $7.94.
In other news, CEO Arthur H. Penn bought 17,000 shares of the stock in a transaction dated Tuesday, May 16th. The stock was purchased at an average cost of $7.77 per share, for a total transaction of $132,090.00. Following the transaction, the chief executive officer now owns 183,400 shares of the company’s stock, valued at $1,425,018. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Arthur H. Penn bought 28,000 shares of the stock in a transaction dated Monday, May 15th. The shares were purchased at an average price of $7.78 per share, with a total value of $217,840.00. Following the completion of the transaction, the chairman now directly owns 183,400 shares in the company, valued at approximately $1,426,852. The disclosure for this purchase can be found here. Insiders have bought a total of 77,000 shares of company stock valued at $596,970 over the last quarter. Corporate insiders own 1.90% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Global X Management Co. LLC increased its position in PennantPark Investment Corporation by 50.1% in the first quarter. Global X Management Co. LLC now owns 16,664 shares of the asset manager’s stock worth $136,000 after buying an additional 5,563 shares in the last quarter. Stifel Financial Corp increased its position in PennantPark Investment Corporation by 43.8% in the first quarter. Stifel Financial Corp now owns 18,400 shares of the asset manager’s stock worth $147,000 after buying an additional 5,600 shares in the last quarter. BlueCrest Capital Management Ltd purchased a new position in PennantPark Investment Corporation during the first quarter worth approximately $217,000. Ameriprise Financial Inc. increased its position in PennantPark Investment Corporation by 164.3% in the first quarter. Ameriprise Financial Inc. now owns 29,816 shares of the asset manager’s stock worth $243,000 after buying an additional 18,533 shares in the last quarter. Finally, Nine Chapters Capital Management LLC purchased a new position in PennantPark Investment Corporation during the first quarter worth approximately $308,000. Hedge funds and other institutional investors own 44.18% of the company’s stock.
Shares of PennantPark Investment Corporation (NASDAQ:PNNT) opened at 7.41 on Friday. PennantPark Investment Corporation has a 52 week low of $6.80 and a 52 week high of $8.68. The company has a 50-day moving average of $7.54 and a 200-day moving average of $7.88.
The company also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Stockholders of record on Wednesday, June 21st were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, June 19th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 9.72%. PennantPark Investment Corporation’s dividend payout ratio is currently 65.46%.
PennantPark Investment Corporation 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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