PennantPark Investment (PNNT) Downgraded by TheStreet to C
PNNT has been the topic of several other research reports. Keefe, Bruyette & Woods reissued a hold rating and set a $8.50 target price on shares of PennantPark Investment in a research note on Thursday, October 26th. Zacks Investment Research cut shares of PennantPark Investment from a hold rating to a sell rating in a research note on Wednesday, October 4th. BidaskClub lowered shares of PennantPark Investment from a hold rating to a sell rating in a research report on Saturday, August 19th. ValuEngine upgraded shares of PennantPark Investment from a buy rating to a strong-buy rating in a research report on Friday, December 1st. Finally, Jefferies Group restated a hold rating and set a $8.00 price objective on shares of PennantPark Investment in a research report on Sunday, November 5th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. PennantPark Investment has an average rating of Hold and an average target price of $8.50.
PennantPark Investment (PNNT) traded down $0.04 during trading on Wednesday, reaching $7.14. 451,400 shares of the company’s stock traded hands, compared to its average volume of 336,707. The firm has a market cap of $510.22, a PE ratio of 9.09, a price-to-earnings-growth ratio of 4.94 and a beta of 1.27. The company has a debt-to-equity ratio of 0.81, a quick ratio of 1.66 and a current ratio of 1.66. PennantPark Investment has a 52-week low of $6.67 and a 52-week high of $8.68.
PennantPark Investment (NASDAQ:PNNT) last released its earnings results on Wednesday, November 29th. The asset manager reported $0.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.01). The company had revenue of $27.87 million for the quarter, compared to analyst estimates of $29.19 million. PennantPark Investment had a net margin of 49.55% and a return on equity of 8.72%. The firm’s quarterly revenue was down 13.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.21 EPS. equities research analysts anticipate that PennantPark Investment will post 0.73 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Tuesday, December 26th will be given a dividend of $0.18 per share. The ex-dividend date is Friday, December 22nd. This represents a $0.72 annualized dividend and a dividend yield of 10.08%. PennantPark Investment’s dividend payout ratio (DPR) is 83.72%.
In other PennantPark Investment news, Chairman Arthur H. Penn acquired 14,000 shares of PennantPark Investment stock in a transaction dated Monday, December 4th. The stock was bought at an average price of $7.14 per share, for a total transaction of $99,960.00. Following the transaction, the chairman now owns 193,410 shares in the company, valued at approximately $1,380,947.40. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Aviv Efrat bought 10,000 shares of the firm’s stock in a transaction on Monday, December 4th. The stock was purchased at an average price of $7.14 per share, with a total value of $71,400.00. Following the completion of the acquisition, the chief financial officer now owns 106,102 shares of the company’s stock, valued at $757,568.28. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 48,000 shares of company stock valued at $344,280. Insiders own 1.90% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in PNNT. LSV Asset Management boosted its holdings in shares of PennantPark Investment 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. Hillsdale Investment Management Inc. acquired a new stake in shares of PennantPark Investment during the third quarter worth approximately $1,897,000. Relative Value Partners Group LLC boosted its holdings in shares of PennantPark Investment by 72.0% during the third quarter. Relative Value Partners Group LLC now owns 539,102 shares of the asset manager’s stock worth $4,049,000 after purchasing an additional 225,618 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of PennantPark Investment during the second quarter worth approximately $1,412,000. Finally, GSA Capital Partners LLP boosted its holdings in shares of PennantPark Investment by 90.3% during the second quarter. GSA Capital Partners LLP now owns 332,665 shares of the asset manager’s stock worth $2,458,000 after purchasing an additional 157,852 shares during the period. Institutional investors own 42.62% of the company’s stock.
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About PennantPark Investment
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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