PennantPark Investment (PNNT) Downgraded by BidaskClub to “Strong Sell”

BidaskClub cut shares of PennantPark Investment (NASDAQ:PNNT) from a sell rating to a strong sell rating in a research report released on Friday.

A number of other brokerages have also weighed in on PNNT. TheStreet lowered shares of PennantPark Investment from a b- rating to a c rating in a research note on Wednesday, December 13th. Ladenburg Thalmann Financial Services raised shares of PennantPark Investment from a neutral rating to a buy rating and set a $8.00 price target on the stock in a research note on Friday, February 9th. ValuEngine lowered shares of PennantPark Investment from a strong-buy rating to a buy rating in a research note on Saturday, March 17th. Finally, Zacks Investment Research raised shares of PennantPark Investment from a strong sell rating to a hold rating in a research note on Saturday, February 3rd. One analyst has rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $8.30.

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PNNT traded down $0.08 during trading on Friday, reaching $6.81. The company had a trading volume of 286,004 shares, compared to its average volume of 335,622. The company has a debt-to-equity ratio of 0.79, a quick ratio of 3.03 and a current ratio of 3.03. PennantPark Investment has a 12 month low of $6.29 and a 12 month high of $8.17. The firm has a market cap of $489.61, a P/E ratio of 8.62, a PEG ratio of 4.62 and a beta of 1.13.

PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings results on Wednesday, February 7th. The asset manager reported $0.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.02. PennantPark Investment had a net margin of 41.17% and a return on equity of 8.58%. The firm had revenue of $28.67 million for the quarter, compared to analyst estimates of $28.12 million. During the same quarter in the previous year, the firm posted $0.21 earnings per share. The business’s revenue was down 10.0% on a year-over-year basis. sell-side analysts anticipate that PennantPark Investment will post 0.75 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Monday, March 19th were issued a $0.18 dividend. The ex-dividend date of this dividend was Friday, March 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 10.57%. PennantPark Investment’s dividend payout ratio (DPR) is presently 91.14%.

In other PennantPark Investment news, Chairman Arthur H. Penn acquired 10,000 shares of the stock in a transaction dated Friday, February 9th. The shares were bought at an average cost of $6.94 per share, for a total transaction of $69,400.00. Following the completion of the acquisition, the chairman now directly owns 193,410 shares of the company’s stock, valued at $1,342,265.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of PNNT. Eqis Capital Management Inc. acquired a new stake in shares of PennantPark Investment in the fourth quarter valued at approximately $143,000. Koch Industries Inc. acquired a new position in PennantPark Investment during the fourth quarter worth $184,000. Dean Capital Investments Management LLC acquired a new position in PennantPark Investment during the fourth quarter worth $193,000. The Manufacturers Life Insurance Company increased its holdings in PennantPark Investment by 552.6% during the second quarter. The Manufacturers Life Insurance Company now owns 28,044 shares of the asset manager’s stock worth $207,000 after buying an additional 23,747 shares during the last quarter. Finally, Belpointe Asset Management LLC acquired a new position in PennantPark Investment during the third quarter worth $230,000. Institutional investors own 42.90% of the company’s stock.

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PennantPark Investment 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 (NASDAQ:PNNT)

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