PennantPark Investment (PNNT) Upgraded at Ladenburg Thalmann Financial Services

PennantPark Investment (NASDAQ:PNNT) was upgraded by Ladenburg Thalmann Financial Services from a “neutral” rating to a “buy” rating in a research report issued on Friday, Marketbeat.com reports. The firm currently has a $8.00 price objective on the asset manager’s stock. Ladenburg Thalmann Financial Services’ target price would indicate a potential upside of 15.94% from the company’s current price.

A number of other brokerages have also recently commented on PNNT. ValuEngine upgraded PennantPark Investment from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 1st. TheStreet cut 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 issued a $8.00 price target 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 reiterated a “hold” rating and issued a $8.50 price target on shares of PennantPark Investment in a research note on Thursday, October 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $8.30.

Shares of PennantPark Investment (NASDAQ PNNT) traded up $0.13 on Friday, hitting $6.90. The company’s stock had a trading volume of 1,003,409 shares, compared to its average volume of 309,362. The firm has a market capitalization of $481.08, a PE ratio of 9.86, a PEG ratio of 4.69 and a beta of 1.22. PennantPark Investment has a 12 month low of $6.29 and a 12 month high of $8.68. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.66 and a current ratio of 3.03.

PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.02. The company had revenue of $28.67 million for the quarter, compared to analysts’ expectations of $28.12 million. PennantPark Investment had a return on equity of 8.58% and a net margin of 41.17%. The firm’s quarterly revenue was down 10.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.21 earnings per share. analysts predict that PennantPark Investment will post 0.72 EPS for the current year.

In other news, Chairman Arthur H. Penn acquired 14,000 shares of the business’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 $99,960.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares of the company’s stock, valued at approximately $1,380,947.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Arthur H. Penn acquired 12,000 shares of the business’s stock in a transaction on Wednesday, December 6th. The shares were purchased at an average price of $7.31 per share, for a total transaction of $87,720.00. Following the purchase, the chairman now directly owns 193,410 shares of the company’s stock, valued at $1,413,827.10. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 48,000 shares of company stock worth $344,280. Insiders own 2.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in PNNT. Ameriprise Financial Inc. raised its stake in PennantPark Investment by 25.2% during the second quarter. Ameriprise Financial Inc. now owns 37,330 shares of the asset manager’s stock valued at $276,000 after buying an additional 7,514 shares in the last quarter. Northern Trust Corp acquired a new stake in PennantPark Investment during the second quarter valued at approximately $302,000. Parametric Portfolio Associates LLC raised its stake in PennantPark Investment by 46.2% during the second quarter. Parametric Portfolio Associates LLC now owns 154,128 shares of the asset manager’s stock valued at $1,139,000 after buying an additional 48,729 shares in the last quarter. Citadel Advisors LLC raised its stake in PennantPark Investment by 176.8% during the second quarter. Citadel Advisors LLC now owns 35,411 shares of the asset manager’s stock valued at $262,000 after buying an additional 22,617 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in PennantPark Investment by 50.5% during the second quarter. Stifel Financial Corp now owns 27,700 shares of the asset manager’s stock valued at $205,000 after buying an additional 9,300 shares in the last quarter. Hedge funds and other institutional investors own 42.77% of the company’s stock.

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PennantPark Investment 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 (NASDAQ:PNNT)

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