PennantPark Investment (NASDAQ:PNNT) Cut to “Sell” at Zacks Investment Research
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. “
A number of other equities analysts have also weighed in on the stock. Compass Point lowered shares of PennantPark Investment from a buy rating to a neutral rating and lowered their price objective for the company from $8.50 to $7.00 in a research report on Friday, May 3rd. TheStreet lowered shares of PennantPark Investment from a b- rating to a c rating in a research report on Tuesday, July 16th. LADENBURG THALM/SH SH lowered shares of PennantPark Investment from a buy rating to a neutral rating in a research report on Monday, May 13th. ValuEngine lowered shares of PennantPark Investment from a hold rating to a sell rating in a research report on Tuesday, June 18th. Finally, BidaskClub upgraded shares of PennantPark Investment from a strong sell rating to a sell rating in a research report on Thursday, July 18th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $7.50.
PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings data on Wednesday, August 7th. The asset manager reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.19 by ($0.02). PennantPark Investment had a net margin of 18.01% and a return on equity of 8.08%. The firm had revenue of $28.11 million during the quarter, compared to analysts’ expectations of $29.38 million. As a group, equities research analysts forecast that PennantPark Investment will post 0.71 EPS for the current fiscal year.
In other PennantPark Investment news, Chairman Arthur H. Penn bought 15,000 shares of PennantPark Investment stock in a transaction on Thursday, August 15th. The stock was bought at an average price of $6.35 per share, with a total value of $95,250.00. Following the completion of the acquisition, the chairman now owns 193,410 shares in the company, valued at $1,228,153.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders acquired 45,000 shares of company stock valued at $285,600. 2.00% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Susquehanna International Group LLP lifted its holdings in PennantPark Investment by 30.1% in the second quarter. Susquehanna International Group LLP now owns 153,577 shares of the asset manager’s stock valued at $971,000 after acquiring an additional 35,547 shares during the period. Summit Global Investments lifted its holdings in PennantPark Investment by 10.8% in the second quarter. Summit Global Investments now owns 113,300 shares of the asset manager’s stock valued at $716,000 after acquiring an additional 11,000 shares during the period. Cambridge Investment Research Advisors Inc. acquired a new stake in PennantPark Investment in the second quarter valued at $77,000. Advisors Capital Management LLC lifted its holdings in PennantPark Investment by 9.5% in the second quarter. Advisors Capital Management LLC now owns 278,891 shares of the asset manager’s stock valued at $1,763,000 after acquiring an additional 24,092 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its holdings in PennantPark Investment by 4.9% in the second quarter. D. E. Shaw & Co. Inc. now owns 187,968 shares of the asset manager’s stock valued at $1,188,000 after acquiring an additional 8,747 shares during the period. 41.87% of the stock is owned by institutional investors.
About PennantPark Investment
PennantPark Investment Corporation specializes in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The fund typically invests in building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.
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