PennantPark Investment Corporation (NASDAQ:PNNT) has been given an average recommendation of “Hold” by the ten analysts that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $8.00.

PNNT has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods reissued a “hold” rating and set a $8.50 price target on shares of PennantPark Investment Corporation in a research note on Friday, April 21st. Zacks Investment Research lowered PennantPark Investment Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th. Compass Point initiated coverage on PennantPark Investment Corporation in a research note on Thursday, July 13th. They set a “buy” rating and a $8.50 price target for the company. JMP Securities lowered 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. Finally, Jefferies Group LLC reissued a “hold” rating and set a $8.00 price target on shares of PennantPark Investment Corporation in a research note on Friday, July 14th.

In other news, Chairman Arthur H. Penn bought 28,000 shares of the firm’s stock in a transaction on Monday, May 15th. The stock was acquired at an average cost of $7.78 per share, with a total value of $217,840.00. Following the transaction, the chairman now directly owns 183,400 shares in the company, valued at approximately $1,426,852. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Arthur H. Penn bought 32,000 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were purchased at an average cost of $7.72 per share, with a total value of $247,040.00. Following the completion of the transaction, the chairman now owns 183,400 shares in the company, valued at $1,415,848. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 77,000 shares of company stock valued at $596,970. 1.90% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the stock. Global X Management Co. LLC raised its stake in shares of 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 during the period. Stifel Financial Corp raised its stake in shares of 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 during the period. BlueCrest Capital Management Ltd purchased a new stake in shares of PennantPark Investment Corporation during the first quarter worth $217,000. Trexquant Investment LP purchased a new stake in shares of PennantPark Investment Corporation during the second quarter worth $219,000. Finally, Ameriprise Financial Inc. raised its stake in shares of 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 during the period. 43.84% of the stock is owned by institutional investors and hedge funds.

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PennantPark Investment Corporation (PNNT) opened at 7.35 on Tuesday. The company’s 50 day moving average price is $7.44 and its 200-day moving average price is $7.82. PennantPark Investment Corporation has a one year low of $6.86 and a one year high of $8.68.

PennantPark Investment Corporation (NASDAQ:PNNT) last issued its quarterly earnings results on Monday, August 7th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.02. PennantPark Investment Corporation had a return on equity of 9.98% and a net margin of 58.91%. The business had revenue of $31.10 million for the quarter, compared to the consensus estimate of $31.09 million. During the same period in the prior year, the business posted $0.25 earnings per share. PennantPark Investment Corporation’s revenue was down 12.4% on a year-over-year basis. On average, analysts forecast that PennantPark Investment Corporation will post $0.85 earnings per share for the current fiscal year.

About PennantPark Investment Corporation

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.

Analyst Recommendations for PennantPark Investment Corporation (NASDAQ:PNNT)

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