ValuEngine Lowers PennantPark Investment (PNNT) to Buy

ValuEngine lowered shares of PennantPark Investment (NASDAQ:PNNT) from a strong-buy rating to a buy rating in a research note issued to investors on Thursday.

PNNT has been the topic of a number of other research reports. Zacks Investment Research upgraded PennantPark Investment from a sell rating to a hold rating in a research report on Tuesday, February 13th. BidaskClub upgraded PennantPark Investment from a strong sell rating to a sell rating in a research report on Saturday, February 10th. TheStreet upgraded PennantPark Investment from a c rating to a b- rating in a research report on Thursday, March 29th. Finally, Ladenburg Thalmann upgraded PennantPark Investment from a neutral rating to a buy rating and set a $8.00 target price on the stock in a research report on Friday, February 9th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $8.21.

Shares of NASDAQ PNNT opened at $6.92 on Thursday. The company has a market capitalization of $491.74, a P/E ratio of 8.87, a PEG ratio of 4.63 and a beta of 1.13. PennantPark Investment has a 52 week low of $6.29 and a 52 week high of $8.17. 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 (NASDAQ:PNNT) last issued its earnings results on Wednesday, February 7th. The asset manager reported $0.20 EPS for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.02. The firm had revenue of $28.67 million for the quarter, compared to analyst estimates of $28.12 million. PennantPark Investment had a return on equity of 8.58% and a net margin of 41.17%. PennantPark Investment’s revenue for the quarter was down 10.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.21 earnings per share. sell-side analysts predict that PennantPark Investment will post 0.75 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Shareholders of record on Monday, March 19th were issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 10.40%. The ex-dividend date of this dividend was Friday, March 16th. PennantPark Investment’s payout ratio is presently 91.14%.

In related news, Chairman Arthur H. Penn purchased 10,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was bought at an average cost of $6.94 per share, with a total value of $69,400.00. Following the completion of the acquisition, the chairman now owns 193,410 shares of the company’s stock, valued at approximately $1,342,265.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.00% of the company’s stock.

Large investors have recently made changes to their positions in the business. Eqis Capital Management Inc. acquired a new position in PennantPark Investment in the fourth quarter valued at approximately $143,000. Koch Industries Inc. acquired a new position in PennantPark Investment in the fourth quarter valued at approximately $184,000. Dean Capital Investments Management LLC acquired a new position in PennantPark Investment in the fourth quarter valued at approximately $193,000. Claraphi Advisory Network LLC acquired a new position in PennantPark Investment in the fourth quarter valued at approximately $263,000. Finally, Northern Trust Corp acquired a new position in PennantPark Investment in the second quarter valued at approximately $302,000. 42.87% of the stock is owned by institutional investors.

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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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Analyst Recommendations for PennantPark Investment (NASDAQ:PNNT)

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