PennantPark Investment (PNNT) Releases Earnings Results, Beats Expectations By $0.02 EPS

PennantPark Investment (NASDAQ:PNNT) issued its quarterly earnings results on Wednesday. The asset manager reported $0.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.02, Briefing.com reports. The firm had revenue of $28.67 million during the quarter, compared to analyst estimates of $28.12 million. PennantPark Investment had a return on equity of 8.72% and a net margin of 49.55%. PennantPark Investment’s quarterly revenue was down 10.0% compared to the same quarter last year. During the same period last year, the company earned $0.21 EPS.

Shares of PennantPark Investment (NASDAQ:PNNT) traded up $0.31 during mid-day trading on Thursday, reaching $6.96. The company had a trading volume of 365,770 shares, compared to its average volume of 334,238. PennantPark Investment has a 1 year low of $6.29 and a 1 year high of $8.68. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.81. The stock has a market cap of $459.05, a P/E ratio of 7.73, a price-to-earnings-growth ratio of 4.46 and a beta of 1.22.

In other news, Chairman Arthur H. Penn purchased 12,000 shares of the company’s stock in a transaction on Friday, December 1st. The shares were acquired at an average price of $7.10 per share, for a total transaction of $85,200.00. Following the purchase, the chairman now owns 193,410 shares in the company, valued at $1,373,211. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Aviv Efrat purchased 10,000 shares of the company’s stock in a transaction on Monday, December 4th. The shares were purchased at an average price of $7.14 per share, for a total transaction of $71,400.00. Following the purchase, the chief financial officer now owns 106,102 shares in the company, valued at approximately $757,568.28. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 48,000 shares of company stock worth $344,280. 2.00% of the stock is owned by company insiders.

A hedge fund recently bought a new stake in PennantPark Investment stock. Northern Trust Corp purchased a new stake in shares of PennantPark Investment Corp. (NASDAQ:PNNT) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 40,805 shares of the asset manager’s stock, valued at approximately $302,000. 42.77% of the stock is owned by hedge funds and other institutional investors.

PNNT has been the subject of a number of research analyst reports. ValuEngine raised PennantPark Investment from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 1st. TheStreet downgraded PennantPark Investment from a “b-” rating to a “c” rating in a report on Wednesday, December 13th. Jefferies Group restated a “hold” rating and set a $8.00 target price on shares of PennantPark Investment in a research note on Sunday, November 5th. Zacks Investment Research upgraded PennantPark Investment from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 3rd. Finally, Keefe, Bruyette & Woods restated a “hold” rating and set a $8.50 target price 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. The stock has an average rating of “Hold” and an average price target of $8.38.

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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.

Earnings History for PennantPark Investment (NASDAQ:PNNT)

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