$28.85 Million in Sales Expected for PennantPark Investment Corporation (PNNT) This Quarter
Brokerages expect that PennantPark Investment Corporation (NASDAQ:PNNT) will announce sales of $28.85 million for the current fiscal quarter, Zacks reports. Five analysts have provided estimates for PennantPark Investment Corporation’s earnings. The lowest sales estimate is $28.02 million and the highest is $29.63 million. PennantPark Investment Corporation posted sales of $32.20 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 10.4%. The company is expected to announce its next quarterly earnings report on Monday, November 20th.
According to Zacks, analysts expect that PennantPark Investment Corporation will report full-year sales of $28.85 million for the current financial year, with estimates ranging from $124.69 million to $126.30 million. For the next year, analysts expect that the firm will report sales of $122.38 million per share, with estimates ranging from $112.87 million to $131.26 million. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for PennantPark Investment Corporation.
PennantPark Investment Corporation (NASDAQ:PNNT) last posted its quarterly earnings results on Monday, August 7th. The asset manager reported $0.18 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.02). PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. The company 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 firm posted $0.25 EPS. The business’s revenue was down 12.4% on a year-over-year basis.
Several equities analysts have recently commented on PNNT shares. Compass Point started 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 on the stock. Keefe, Bruyette & Woods restated a “hold” rating and issued a $8.50 price objective on shares of PennantPark Investment Corporation in a report on Thursday, October 26th. Zacks Investment Research upgraded shares of PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, October 11th. Jefferies Group LLC restated a “hold” rating and issued a $8.00 price objective on shares of PennantPark Investment Corporation in a report on Friday, July 14th. Finally, BidaskClub upgraded shares of PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 11th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $8.07.
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In other PennantPark Investment Corporation news, Chairman Arthur H. Penn bought 28,000 shares of PennantPark Investment Corporation stock in a transaction on Tuesday, August 15th. The shares were bought at an average cost of $7.62 per share, for a total transaction of $213,360.00. Following the acquisition, the chairman now directly owns 193,410 shares in the company, valued at $1,473,784.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Arthur H. Penn bought 32,000 shares of PennantPark Investment Corporation stock in a transaction on Thursday, August 10th. The shares were acquired at an average price of $7.72 per share, for a total transaction of $247,040.00. Following the completion of the acquisition, the chairman now owns 183,400 shares in the company, valued at $1,415,848. The disclosure for this purchase can be found here. 1.90% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in PNNT. LSV Asset Management lifted its holdings in 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 buying an additional 738,141 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new stake in PennantPark Investment Corporation during the 2nd quarter worth approximately $1,412,000. GSA Capital Partners LLP lifted its holdings in 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 buying an additional 157,852 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new stake in PennantPark Investment Corporation during the 2nd quarter worth approximately $862,000. Finally, Abbot Financial Management Inc. acquired a new stake in PennantPark Investment Corporation during the 2nd quarter worth approximately $702,000. Institutional investors own 41.86% of the company’s stock.
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.
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