$28.85 Million in Sales Expected for PennantPark Investment Corporation (PNNT) This Quarter
Brokerages expect PennantPark Investment Corporation (NASDAQ:PNNT) to announce sales of $28.85 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for PennantPark Investment Corporation’s earnings, with the highest sales estimate coming in at $29.63 million and the lowest estimate coming in at $28.02 million. PennantPark Investment Corporation reported sales of $32.20 million during the same quarter last year, which indicates a negative year over year growth rate of 10.4%. The business is scheduled to announce its next quarterly earnings results 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 financial 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 sell-side research firms that cover PennantPark Investment Corporation.
PennantPark Investment Corporation (NASDAQ:PNNT) last announced its earnings results on Monday, August 7th. The asset manager reported $0.18 earnings per share for the quarter, missing the 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 firm had revenue of $31.10 million during the quarter, compared to analyst estimates of $31.09 million. During the same period in the previous year, the firm posted $0.25 EPS. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year.
PNNT has been the subject of several analyst reports. Compass Point initiated coverage on shares of PennantPark Investment Corporation in a research note on Thursday, July 13th. They issued a “buy” rating and a $8.50 target price for the company. Jefferies Group LLC restated a “hold” rating and issued a $8.00 price target on shares of PennantPark Investment Corporation in a report on Friday, July 14th. Zacks Investment Research cut PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $8.50 price target on shares of PennantPark Investment Corporation in a report on Tuesday, July 25th. Finally, J P Morgan Chase & Co upgraded PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $8.00 to $8.50 in a report on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $8.07.
In other news, Chairman Arthur H. Penn bought 28,000 shares of the firm’s stock in a transaction dated Tuesday, August 15th. The stock was acquired at an average price of $7.62 per share, for a total transaction of $213,360.00. Following the acquisition, the chairman now owns 193,410 shares of the company’s stock, valued at $1,473,784.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Chairman Arthur H. Penn bought 32,000 shares of the firm’s stock in a transaction dated Thursday, August 10th. The shares were purchased at an average price of $7.72 per share, with a total value of $247,040.00. Following the acquisition, the chairman now directly owns 183,400 shares in the company, valued at approximately $1,415,848. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of the company. Global X MANAGEMENT CO LLC grew its holdings in shares of PennantPark Investment Corporation by 49.0% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock worth $186,000 after purchasing an additional 8,165 shares during the period. Stevens Capital Management LP purchased a new stake in shares of PennantPark Investment Corporation during the 3rd quarter worth about $199,000. Abbot Financial Management Inc. grew its holdings in shares of PennantPark Investment Corporation by 13.7% during the 3rd quarter. Abbot Financial Management Inc. now owns 108,000 shares of the asset manager’s stock worth $819,000 after purchasing an additional 13,000 shares during the period. Aperio Group LLC grew its holdings in shares of PennantPark Investment Corporation by 52.5% during the 3rd quarter. Aperio Group LLC now owns 103,234 shares of the asset manager’s stock worth $775,000 after purchasing an additional 35,550 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of PennantPark Investment Corporation during the 2nd quarter worth about $693,000. Institutional investors and hedge funds own 41.86% of the company’s stock.
Shares of PennantPark Investment Corporation (NASDAQ:PNNT) traded up $0.02 during mid-day trading on Thursday, reaching $7.43. 227,302 shares of the company traded hands, compared to its average volume of 182,067. PennantPark Investment Corporation has a 12-month low of $6.86 and a 12-month high of $8.68. The firm has a market cap of $527.98, a P/E ratio of 8.95, a price-to-earnings-growth ratio of 4.84 and a beta of 1.30. The company has a quick ratio of 4.54, a current ratio of 4.54 and a debt-to-equity ratio of 0.84.
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PennantPark Investment Corporation 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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