PennantPark Investment Corporation (NASDAQ:PNNT)‘s stock had its “hold” rating reissued by equities research analysts at Keefe, Bruyette & Woods in a report released on Thursday. They presently have a $8.50 price objective on the asset manager’s stock. Keefe, Bruyette & Woods’ price target indicates a potential upside of 13.03% from the company’s current price.

Several other research analysts also recently weighed in on PNNT. BidaskClub upgraded shares of PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. J P Morgan Chase & Co upgraded shares of PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $8.00 to $8.50 in a report on Wednesday, August 9th. Jefferies Group LLC reiterated a “hold” rating and issued a $8.00 price objective on shares of PennantPark Investment Corporation in a report on Friday, July 14th. Zacks Investment Research upgraded shares of PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, October 11th. Finally, Compass Point began coverage on shares of PennantPark Investment Corporation in a report on Thursday, July 13th. They issued a “buy” rating and a $8.50 price objective for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $8.07.

Shares of PennantPark Investment Corporation (PNNT) traded up 0.40% on Thursday, hitting $7.52. The stock had a trading volume of 143,844 shares. The firm’s 50-day moving average price is $7.56 and its 200 day moving average price is $7.60. PennantPark Investment Corporation has a 12 month low of $6.86 and a 12 month high of $8.68.

PennantPark Investment Corporation (NASDAQ:PNNT) last released its quarterly earnings results on Monday, August 7th. The asset manager reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by ($0.02). PennantPark Investment Corporation had a return on equity of 9.11% and a net margin of 53.92%. The company had revenue of $31.10 million for the quarter, compared to analyst estimates of $31.09 million. During the same quarter last year, the company earned $0.25 EPS. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, equities research analysts expect that PennantPark Investment Corporation will post $0.83 earnings per share for the current year.

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In related news, Chairman Arthur H. Penn acquired 32,000 shares of the stock in a transaction that occurred on Thursday, August 10th. The stock was purchased at an average price of $7.72 per share, with a total value of $247,040.00. Following the transaction, the chairman now owns 183,400 shares of the company’s stock, valued at approximately $1,415,848. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Arthur H. Penn acquired 28,000 shares of the stock in a transaction that occurred on Tuesday, August 15th. The shares were bought at an average cost of $7.62 per share, with a total value of $213,360.00. Following the transaction, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,473,784.20. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.

Several large investors have recently bought and sold shares of PNNT. LSV Asset Management boosted its position in shares of PennantPark Investment Corporation by 36.9% during the 2nd quarter. LSV Asset Management now owns 2,741,127 shares of the asset manager’s stock worth $20,256,000 after purchasing an additional 738,141 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in shares of PennantPark Investment Corporation during the 2nd quarter worth approximately $1,412,000. GSA Capital Partners LLP boosted its position in shares of PennantPark Investment Corporation by 90.3% during the 2nd quarter. GSA Capital Partners LLP now owns 332,665 shares of the asset manager’s stock worth $2,458,000 after purchasing an additional 157,852 shares during the period. Catalyst Capital Advisors LLC purchased a new position in shares of PennantPark Investment Corporation during the 2nd quarter worth approximately $862,000. Finally, Abbot Financial Management Inc. purchased a new position in shares of PennantPark Investment Corporation during the 2nd quarter worth approximately $702,000. 42.64% of the stock is owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for PennantPark Investment Corporation (NASDAQ:PNNT)

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