PennantPark Investment (PNNT) Cut to Buy at ValuEngine

PennantPark Investment (NASDAQ:PNNT) was downgraded by equities research analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Friday.

A number of other research firms also recently issued reports on PNNT. TheStreet downgraded PennantPark Investment from a “b-” rating to a “c” rating in a research note on Wednesday, December 13th. Jefferies Group reiterated a “hold” rating and set a $8.00 price target on shares of PennantPark Investment in a research note on Sunday, November 5th. Zacks Investment Research downgraded PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Saturday, November 4th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $8.50 price target on shares of PennantPark Investment in a research note on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $8.38.

Shares of PennantPark Investment (PNNT) traded down $0.11 during trading on Friday, reaching $6.70. The company had a trading volume of 364,910 shares, compared to its average volume of 350,718. PennantPark Investment has a twelve month low of $6.67 and a twelve month high of $8.68. The company has a market cap of $476.11, a price-to-earnings ratio of 7.70, a price-to-earnings-growth ratio of 4.61 and a beta of 1.22. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.66 and a quick ratio of 1.66.

PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings results on Wednesday, November 29th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.01). The company had revenue of $27.87 million for the quarter, compared to analyst estimates of $29.19 million. PennantPark Investment had a net margin of 49.55% and a return on equity of 8.72%. PennantPark Investment’s revenue for the quarter was down 13.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.21 EPS. sell-side analysts predict that PennantPark Investment will post 0.73 earnings per share for the current fiscal year.

In other PennantPark Investment news, Chairman Arthur H. Penn bought 14,000 shares of the business’s stock in a transaction dated Monday, December 4th. The shares were purchased at an average price of $7.14 per share, for a total transaction of $99,960.00. Following the purchase, the chairman now directly owns 193,410 shares of the company’s stock, valued at $1,380,947.40. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Arthur H. Penn bought 12,000 shares of the business’s stock in a transaction dated Friday, December 1st. The stock was acquired at an average price of $7.10 per share, for a total transaction of $85,200.00. Following the purchase, the chairman now directly owns 193,410 shares in the company, valued at $1,373,211. The disclosure for this purchase can be found here. Insiders bought a total of 48,000 shares of company stock worth $344,280 in the last 90 days. Company insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PNNT. Hillsdale Investment Management Inc. bought a new stake in PennantPark Investment during the 3rd quarter valued at $1,897,000. Relative Value Partners Group LLC increased its holdings in shares of PennantPark Investment by 72.0% in the third quarter. Relative Value Partners Group LLC now owns 539,102 shares of the asset manager’s stock worth $4,049,000 after purchasing an additional 225,618 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of PennantPark Investment in the second quarter worth $1,412,000. Taylor Frigon Capital Management LLC bought a new position in shares of PennantPark Investment in the fourth quarter worth $921,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of PennantPark Investment by 6.6% in the third quarter. JPMorgan Chase & Co. now owns 1,866,419 shares of the asset manager’s stock worth $14,016,000 after purchasing an additional 115,209 shares during the period. Hedge funds and other institutional investors own 42.60% of the company’s stock.

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About PennantPark Investment

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for PennantPark Investment (NASDAQ:PNNT)

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