PennantPark Investment (NASDAQ:PNNT) Lifted to “Sell” at BidaskClub
Several other brokerages also recently commented on PNNT. ValuEngine downgraded shares of Virtu Financial from a hold rating to a sell rating in a report on Tuesday, June 18th. Raymond James started coverage on shares of PennantPark Investment in a report on Monday, April 29th. They set an outperform rating and a $8.00 target price on the stock. Zacks Investment Research downgraded shares of HEXO from a hold rating to a sell rating in a report on Wednesday, May 15th. LADENBURG THALM/SH SH downgraded shares of PennantPark Investment from a buy rating to a neutral rating in a report on Monday, May 13th. Finally, Compass Point downgraded shares of Realogy from a neutral rating to a sell rating and dropped their target price for the stock from $12.50 to $8.00 in a report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. PennantPark Investment has an average rating of Hold and a consensus target price of $7.60.
Shares of NASDAQ:PNNT opened at $6.55 on Thursday. The firm has a market cap of $439.14 million, a P/E ratio of 9.23 and a beta of 1.14. The company has a 50 day moving average price of $6.39. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.13. PennantPark Investment has a fifty-two week low of $6.21 and a fifty-two week high of $7.84.
The business also recently announced a quarterly dividend, which was paid on Monday, July 1st. Shareholders of record on Monday, June 17th were issued a dividend of $0.18 per share. The ex-dividend date was Friday, June 14th. This represents a $0.72 annualized dividend and a yield of 10.99%. PennantPark Investment’s dividend payout ratio (DPR) is currently 96.00%.
In other PennantPark Investment news, Chairman Arthur H. Penn acquired 16,000 shares of the stock in a transaction dated Monday, May 13th. The shares were bought at an average cost of $6.52 per share, for a total transaction of $104,320.00. Following the completion of the acquisition, the chairman now directly owns 193,410 shares of the company’s stock, valued at $1,261,033.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Arthur H. Penn acquired 15,000 shares of the stock in a transaction dated Wednesday, May 15th. The stock was acquired at an average price of $6.58 per share, for a total transaction of $98,700.00. Following the completion of the acquisition, the chairman now directly owns 193,410 shares of the company’s stock, valued at $1,272,637.80. The disclosure for this purchase can be found here. Company insiders own 2.00% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of PNNT. Destination Wealth Management bought a new position in shares of PennantPark Investment in the first quarter valued at $61,000. Two Sigma Securities LLC bought a new position in shares of PennantPark Investment in the fourth quarter valued at $71,000. Moors & Cabot Inc. bought a new position in shares of PennantPark Investment in the first quarter valued at $96,000. Squarepoint Ops LLC bought a new position in shares of PennantPark Investment in the fourth quarter valued at $91,000. Finally, Quad Cities Investment Group LLC grew its stake in shares of PennantPark Investment by 7,500.0% in the second quarter. Quad Cities Investment Group LLC now owns 15,200 shares of the asset manager’s stock valued at $97,000 after buying an additional 15,000 shares in the last quarter. Institutional investors own 43.97% of the company’s stock.
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.
Featured Story: What is the Current Ratio?
Receive News & Ratings for PennantPark Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Investment and related companies with MarketBeat.com's FREE daily email newsletter.