PennantPark Investment (NASDAQ:PNNT) Lifted to Hold at Zacks Investment Research

PennantPark Investment (NASDAQ:PNNT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “PennantPark Investment Corporation is a business development company which principally invests in U.S. middle-market private companies in the form of mezzanine debt, senior secured loans and equity investments. The companies in which it invests are typically highly leveraged, often as a result of leveraged buy-outs or other recapitalization transactions. PennantPark’s investment objectives are to generate both current income and capital appreciation through debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC. “

Several other research firms also recently weighed in on PNNT. TheStreet downgraded PennantPark Investment from a “b-” rating to a “c” rating in a report on Tuesday, July 16th. BidaskClub upgraded PennantPark Investment from a “strong sell” rating to a “sell” rating in a report on Friday, September 27th. Finally, ValuEngine upgraded PennantPark Investment from a “sell” rating to a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company’s stock. PennantPark Investment presently has a consensus rating of “Hold” and an average target price of $7.50.

Shares of PNNT stock traded up $0.01 on Thursday, hitting $6.08. The stock had a trading volume of 24,820 shares, compared to its average volume of 295,445. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.19. The business has a 50 day moving average price of $6.30 and a 200 day moving average price of $6.58. The company has a market cap of $420.37 million, a PE ratio of 8.11 and a beta of 1.13. PennantPark Investment has a one year low of $6.05 and a one year high of $7.67.

PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings data on Wednesday, August 7th. The asset manager reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.02). The firm had revenue of $28.11 million during the quarter, compared to the consensus estimate of $29.38 million. PennantPark Investment had a net margin of 18.01% and a return on equity of 8.08%. Equities research analysts expect that PennantPark Investment will post 0.71 EPS for the current year.

In other news, Chairman Arthur H. Penn bought 15,000 shares of PennantPark Investment stock in a transaction on Monday, August 12th. The stock was acquired at an average cost of $6.30 per share, for a total transaction of $94,500.00. Following the completion of the acquisition, the chairman now owns 193,410 shares of the company’s stock, valued at approximately $1,218,483. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders acquired 45,000 shares of company stock valued at $285,600 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Kennedy Capital Management Inc. grew its stake in shares of PennantPark Investment by 43.5% during the first quarter. Kennedy Capital Management Inc. now owns 718,493 shares of the asset manager’s stock worth $4,965,000 after acquiring an additional 217,952 shares during the last quarter. Resource America Inc. grew its stake in shares of PennantPark Investment by 12.5% during the first quarter. Resource America Inc. now owns 523,402 shares of the asset manager’s stock worth $3,617,000 after acquiring an additional 58,000 shares during the last quarter. Clearbridge Investments LLC grew its stake in shares of PennantPark Investment by 6.0% during the first quarter. Clearbridge Investments LLC now owns 1,829,119 shares of the asset manager’s stock worth $12,639,000 after acquiring an additional 103,699 shares during the last quarter. B. Riley Wealth Management Inc. grew its stake in shares of PennantPark Investment by 2.6% during the first quarter. B. Riley Wealth Management Inc. now owns 429,549 shares of the asset manager’s stock worth $2,968,000 after acquiring an additional 11,015 shares during the last quarter. Finally, Quad Cities Investment Group LLC grew its stake in shares of PennantPark Investment by 7,500.0% during the second quarter. Quad Cities Investment Group LLC now owns 15,200 shares of the asset manager’s stock worth $97,000 after acquiring an additional 15,000 shares during the last quarter. Institutional investors and hedge funds own 43.20% of the company’s stock.

PennantPark Investment Company Profile

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.

See Also: Outperform Rating

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