PennantPark Investment Corporation (NASDAQ:PNNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “PennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of mezzanine debt, senior secured loans and equity investments. The companies in which it invests are typically highly leveraged, often as a result of leveraged buy-outs or other recapitalization transactions. PennantPark’s investment objectives are to generate both current income and capital appreciation through debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC. “

Several other research analysts have also issued reports on PNNT. Compass Point started coverage on shares of PennantPark Investment Corporation in a research report on Thursday, July 13th. They issued a “buy” rating and a $8.50 price target on the stock. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $8.50 price objective on shares of PennantPark Investment Corporation in a research report on Tuesday, July 25th. Jefferies Group LLC reiterated a “hold” rating and set a $8.00 price objective on shares of PennantPark Investment Corporation in a research report on Friday, July 14th. BidaskClub upgraded PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Finally, J P Morgan Chase & Co raised PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $8.00 to $8.50 in a research note on Wednesday, August 9th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $8.25.

Shares of PennantPark Investment Corporation (PNNT) opened at 7.62 on Wednesday. The company has a 50-day moving average price of $7.55 and a 200-day moving average price of $7.63. PennantPark Investment Corporation has a 1-year low of $6.86 and a 1-year high of $8.68.

PennantPark Investment Corporation (NASDAQ:PNNT) last released its earnings results on Monday, August 7th. The asset manager reported $0.18 EPS 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 business had revenue of $31.10 million for the quarter, compared to analyst estimates of $31.09 million. During the same period in the prior year, the company earned $0.25 earnings per share. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. On average, equities analysts predict that PennantPark Investment Corporation will post $0.83 earnings per share for the current year.

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In other news, Chairman Arthur H. Penn bought 28,000 shares of the business’s stock in a transaction on Tuesday, August 15th. The shares were bought at an average cost of $7.62 per share, with a total value of $213,360.00. Following the purchase, the chairman now directly owns 193,410 shares in the company, valued at $1,473,784.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Arthur H. Penn bought 32,000 shares of the business’s stock in a transaction on Thursday, August 10th. The shares were purchased at an average cost of $7.72 per share, for a total transaction of $247,040.00. Following the completion of the purchase, the chairman now owns 183,400 shares in the company, valued at $1,415,848. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in PNNT. LSV Asset Management boosted its position in shares of PennantPark Investment Corporation by 36.9% in the second quarter. LSV Asset Management now owns 2,741,127 shares of the asset manager’s stock worth $20,256,000 after buying an additional 738,141 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of PennantPark Investment Corporation by 5.7% during the first quarter. JPMorgan Chase & Co. now owns 1,900,325 shares of the asset manager’s stock valued at $15,469,000 after buying an additional 101,690 shares in the last quarter. UBS Group AG grew its holdings in shares of PennantPark Investment Corporation by 28.4% during the first quarter. UBS Group AG now owns 1,520,945 shares of the asset manager’s stock valued at $12,381,000 after buying an additional 336,001 shares in the last quarter. Confluence Investment Management LLC grew its holdings in shares of PennantPark Investment Corporation by 0.5% during the second quarter. Confluence Investment Management LLC now owns 929,249 shares of the asset manager’s stock valued at $6,867,000 after buying an additional 4,599 shares in the last quarter. Finally, West Family Investments Inc. grew its holdings in shares of PennantPark Investment Corporation by 8.3% during the second quarter. West Family Investments Inc. now owns 810,056 shares of the asset manager’s stock valued at $5,779,000 after buying an additional 62,000 shares in the last quarter. Institutional investors own 42.72% of the company’s stock.

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.

Analyst Recommendations for PennantPark Investment Corporation (NASDAQ:PNNT)

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