ValuEngine Upgrades PennantPark Investment (NASDAQ:PNNT) to “Hold”

PennantPark Investment (NASDAQ:PNNT) was upgraded by research analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued on Tuesday, ValuEngine reports.

A number of other equities analysts have also weighed in on PNNT. BidaskClub lowered PennantPark Investment from a “sell” rating to a “strong sell” rating in a research note on Friday, October 4th. JPMorgan Chase & Co. lowered PennantPark Investment from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $6.50 to $6.00 in a research note on Tuesday, October 29th. Finally, Zacks Investment Research raised PennantPark Investment from a “sell” rating to a “hold” rating in a research note on Thursday, November 21st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. PennantPark Investment presently has a consensus rating of “Hold” and an average price target of $7.25.

NASDAQ PNNT opened at $6.16 on Tuesday. The stock’s fifty day moving average is $6.08 and its two-hundred day moving average is $6.31. The firm has a market capitalization of $415.65 million, a P/E ratio of 9.33 and a beta of 1.12. The company has a debt-to-equity ratio of 1.18, a quick ratio of 3.29 and a current ratio of 3.29. PennantPark Investment has a fifty-two week low of $5.84 and a fifty-two week high of $7.40.

PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings data on Thursday, November 21st. The asset manager reported $0.15 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.03). The company had revenue of $27.93 million for the quarter, compared to analyst estimates of $28.50 million. PennantPark Investment had a return on equity of 7.51% and a net margin of 14.20%. As a group, sell-side analysts forecast that PennantPark Investment will post 0.71 EPS for the current year.

In related news, CEO Arthur H. Penn acquired 16,000 shares of the stock in a transaction on Monday, November 25th. The shares were bought at an average price of $6.08 per share, with a total value of $97,280.00. Following the completion of the purchase, the chief executive officer now owns 193,410 shares of the company’s stock, valued at approximately $1,175,932.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.00% of the company’s stock.

Several institutional investors have recently made changes to their positions in the company. Confluence Investment Management LLC lifted its stake in shares of PennantPark Investment by 0.3% in the 3rd quarter. Confluence Investment Management LLC now owns 913,707 shares of the asset manager’s stock valued at $5,729,000 after purchasing an additional 2,538 shares during the last quarter. Virtus ETF Advisers LLC acquired a new position in shares of PennantPark Investment in the 2nd quarter valued at $4,274,000. Van ECK Associates Corp lifted its stake in shares of PennantPark Investment by 8.5% in the 2nd quarter. Van ECK Associates Corp now owns 628,766 shares of the asset manager’s stock valued at $3,974,000 after purchasing an additional 49,496 shares during the last quarter. Millennium Management LLC lifted its stake in shares of PennantPark Investment by 19,455.7% in the 3rd quarter. Millennium Management LLC now owns 488,893 shares of the asset manager’s stock valued at $3,065,000 after purchasing an additional 486,393 shares during the last quarter. Finally, BlackRock Inc. lifted its stake in shares of PennantPark Investment by 8.4% in the 2nd quarter. BlackRock Inc. now owns 352,616 shares of the asset manager’s stock valued at $2,228,000 after purchasing an additional 27,248 shares during the last quarter. 39.08% of the stock is currently owned by institutional investors and hedge funds.

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.

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