PennantPark Investment Corp. (PNNT) Expected to Post Quarterly Sales of $27.23 Million

Brokerages expect PennantPark Investment Corp. (NASDAQ:PNNT) to announce sales of $27.23 million for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for PennantPark Investment’s earnings, with the lowest sales estimate coming in at $26.40 million and the highest estimate coming in at $27.76 million. PennantPark Investment posted sales of $33.72 million in the same quarter last year, which would indicate a negative year over year growth rate of 19.2%. The company is scheduled to issue its next quarterly earnings results on Monday, May 14th.

According to Zacks, analysts expect that PennantPark Investment will report full-year sales of $27.23 million for the current fiscal year, with estimates ranging from $109.00 million to $114.09 million. For the next financial year, analysts forecast that the business will report sales of $113.39 million per share, with estimates ranging from $106.00 million to $123.44 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow PennantPark Investment.

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PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings results on Wednesday, February 7th. The asset manager reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.02. PennantPark Investment had a return on equity of 8.58% and a net margin of 41.17%. The firm had revenue of $28.67 million for the quarter, compared to the consensus estimate of $28.12 million. During the same period in the prior year, the business posted $0.21 earnings per share. The company’s revenue for the quarter was down 10.0% on a year-over-year basis.

Several research analysts recently issued reports on PNNT shares. TheStreet cut PennantPark Investment from a “b-” rating to a “c” rating in a research note on Wednesday, December 13th. ValuEngine cut PennantPark Investment from a “strong-buy” rating to a “buy” rating in a research note on Friday, February 2nd. Zacks Investment Research raised PennantPark Investment from a “strong sell” rating to a “hold” rating in a research note on Saturday, February 3rd. Ladenburg Thalmann raised PennantPark Investment from a “neutral” rating to a “buy” rating and set a $8.00 price objective on the stock in a research note on Friday, February 9th. Finally, BidaskClub raised PennantPark Investment from a “strong sell” rating to a “sell” rating in a research note on Saturday, February 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $8.30.

Shares of NASDAQ:PNNT opened at $6.81 on Monday. PennantPark Investment has a 52-week low of $6.29 and a 52-week high of $8.17. The company has a market capitalization of $483.93, a P/E ratio of 8.62, a PEG ratio of 4.57 and a beta of 1.13. The company has a current ratio of 3.03, a quick ratio of 3.03 and a debt-to-equity ratio of 0.79.

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

In related news, Chairman Arthur H. Penn bought 10,000 shares of the company’s stock in a transaction on Friday, February 9th. The shares were acquired at an average price of $6.94 per share, with a total value of $69,400.00. Following the transaction, the chairman now owns 193,410 shares of the company’s stock, valued at $1,342,265.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.00% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pinebridge Investments L.P. boosted its position in PennantPark Investment by 83.5% during the 3rd quarter. Pinebridge Investments L.P. now owns 41,428 shares of the asset manager’s stock valued at $311,000 after acquiring an additional 18,848 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in PennantPark Investment by 28.3% during the 3rd quarter. Janney Montgomery Scott LLC now owns 189,156 shares of the asset manager’s stock valued at $1,421,000 after acquiring an additional 41,692 shares in the last quarter. Ares Management LLC boosted its position in PennantPark Investment by 5.7% during the 4th quarter. Ares Management LLC now owns 856,394 shares of the asset manager’s stock valued at $5,918,000 after acquiring an additional 46,000 shares in the last quarter. West Family Investments Inc. boosted its position in PennantPark Investment by 11.6% during the 4th quarter. West Family Investments Inc. now owns 959,457 shares of the asset manager’s stock valued at $6,627,000 after acquiring an additional 100,000 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in PennantPark Investment by 179.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 465,980 shares of the asset manager’s stock valued at $3,220,000 after acquiring an additional 299,280 shares in the last quarter. 42.90% of the stock is currently owned by institutional investors and hedge funds.

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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.

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