$28.30 Million in Sales Expected for PennantPark Investment Corp. (PNNT) This Quarter
Wall Street analysts predict that PennantPark Investment Corp. (NASDAQ:PNNT) will report $28.30 million in sales for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for PennantPark Investment’s earnings, with estimates ranging from $27.64 million to $29.41 million. PennantPark Investment reported sales of $31.87 million during the same quarter last year, which indicates a negative year-over-year growth rate of 11.2%. The company is expected to issue its next earnings report on Wednesday, February 14th.
According to Zacks, analysts expect that PennantPark Investment will report full-year sales of $28.30 million for the current year, with estimates ranging from $112.82 million to $120.22 million. For the next financial year, analysts expect that the firm will report sales of $119.60 million per share, with estimates ranging from $113.30 million to $129.49 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover PennantPark Investment.
PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings results on Wednesday, November 29th. The asset manager reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.01). The company had revenue of $27.87 million during the quarter, compared to the consensus estimate of $29.19 million. PennantPark Investment had a net margin of 49.55% and a return on equity of 8.72%. The business’s revenue was down 13.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 EPS.
PNNT has been the subject of several recent research reports. Zacks Investment Research raised PennantPark Investment from a “sell” rating to a “hold” rating in a research report on Wednesday, October 11th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $8.50 price objective on shares of PennantPark Investment in a research report on Thursday, October 26th. Jefferies Group reissued a “hold” rating and set a $8.00 price objective on shares of PennantPark Investment in a research report on Sunday, November 5th. TheStreet lowered PennantPark Investment from a “b-” rating to a “c” rating in a research report on Wednesday, December 13th. Finally, ValuEngine raised PennantPark Investment from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $8.38.
Shares of PennantPark Investment (PNNT) opened at $6.94 on Thursday. The firm has a market cap of $496.00, a price-to-earnings ratio of 7.98, a P/E/G ratio of 4.79 and a beta of 1.27. PennantPark Investment has a fifty-two week low of $6.67 and a fifty-two week high of $8.68. The company has a quick ratio of 1.66, a current ratio of 1.66 and a debt-to-equity ratio of 0.81.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Tuesday, December 26th will be given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 10.37%. The ex-dividend date is Friday, December 22nd. PennantPark Investment’s dividend payout ratio is presently 82.76%.
In other news, Chairman Arthur H. Penn purchased 14,000 shares of the business’s stock in a transaction on Monday, December 4th. The stock was acquired at an average cost of $7.14 per share, for a total transaction of $99,960.00. Following the purchase, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,380,947.40. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Arthur H. Penn purchased 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, with a total value of $87,720.00. Following the completion of the purchase, the chairman now owns 193,410 shares in the company, valued at $1,413,827.10. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 48,000 shares of company stock valued at $344,280. 2.00% of the stock is owned by insiders.
Institutional investors have recently added to or reduced their stakes in the business. Pinebridge Investments L.P. grew its stake in shares of PennantPark Investment by 0.8% during the 2nd quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock valued at $167,000 after purchasing an additional 169 shares during the period. Stephens Inc. AR grew its stake in shares of PennantPark Investment by 44.8% during the 2nd quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock valued at $177,000 after purchasing an additional 7,414 shares during the period. Global X MANAGEMENT CO LLC grew its stake in shares of PennantPark Investment by 49.0% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock valued at $186,000 after purchasing an additional 8,165 shares during the period. Stevens Capital Management LP bought a new stake in shares of PennantPark Investment during the 3rd quarter valued at about $199,000. Finally, Stifel Financial Corp grew its stake in shares of PennantPark Investment by 50.5% during the 2nd quarter. Stifel Financial Corp now owns 27,700 shares of the asset manager’s stock valued at $205,000 after purchasing an additional 9,300 shares during the period. Institutional investors and hedge funds own 42.60% 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.
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