PennantPark Investment (NASDAQ:PNNT) Lowered to Strong Sell at ValuEngine

ValuEngine downgraded shares of PennantPark Investment (NASDAQ:PNNT) from a sell rating to a strong sell rating in a research note published on Thursday, ValuEngine reports.

Several other equities research analysts have also recently commented on the company. Zacks Investment Research upgraded PennantPark Investment from a sell rating to a hold rating in a research note on Tuesday, March 10th. BidaskClub downgraded shares of PennantPark Investment from a hold rating to a sell rating in a report on Friday, March 13th. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the stock. PennantPark Investment currently has a consensus rating of Hold and a consensus price target of $7.13.

Shares of NASDAQ:PNNT traded up $0.40 during trading on Thursday, hitting $2.72. 724,553 shares of the company’s stock traded hands, compared to its average volume of 570,427. The company has a current ratio of 0.46, a quick ratio of 0.46 and a debt-to-equity ratio of 1.26. PennantPark Investment has a 52 week low of $1.76 and a 52 week high of $7.19. The company has a 50-day moving average price of $4.70 and a 200-day moving average price of $5.93. The company has a market cap of $155.53 million, a price-to-earnings ratio of 6.33 and a beta of 1.60.

PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings data on Thursday, February 6th. The asset manager reported $0.15 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.02). The company had revenue of $26.00 million during the quarter, compared to the consensus estimate of $27.53 million. PennantPark Investment had a net margin of 25.60% and a return on equity of 7.19%. On average, analysts predict that PennantPark Investment will post 0.66 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 1st. Shareholders of record on Wednesday, March 18th were given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 26.47%. The ex-dividend date was Tuesday, March 17th. PennantPark Investment’s dividend payout ratio (DPR) is currently 109.09%.

In other PennantPark Investment news, CFO Aviv Efrat purchased 27,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The shares were acquired at an average price of $2.22 per share, for a total transaction of $59,940.00. Following the purchase, the chief financial officer now owns 133,102 shares in the company, valued at $295,486.44. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Arthur H. Penn acquired 10,000 shares of the company’s stock in a transaction dated Wednesday, February 12th. The stock was bought at an average cost of $6.56 per share, for a total transaction of $65,600.00. Following the completion of the transaction, the chief executive officer now directly owns 193,410 shares of the company’s stock, valued at $1,268,769.60. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 128,100 shares of company stock worth $330,678. 3.00% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC increased its stake in shares of PennantPark Investment by 19,455.7% during the third quarter. Millennium Management LLC now owns 488,893 shares of the asset manager’s stock worth $3,065,000 after purchasing an additional 486,393 shares during the period. Goldman Sachs Group Inc. acquired a new position in PennantPark Investment in the 4th quarter valued at $2,274,000. ArrowMark Colorado Holdings LLC grew its holdings in PennantPark Investment by 15.5% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,357,856 shares of the asset manager’s stock valued at $15,397,000 after buying an additional 316,732 shares in the last quarter. Virtus ETF Advisers LLC grew its holdings in PennantPark Investment by 23.6% in the 4th quarter. Virtus ETF Advisers LLC now owns 953,666 shares of the asset manager’s stock valued at $6,227,000 after buying an additional 182,070 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in PennantPark Investment by 29.1% in the 4th quarter. Van ECK Associates Corp now owns 749,571 shares of the asset manager’s stock valued at $4,895,000 after buying an additional 168,799 shares in the last quarter. Institutional investors and hedge funds own 40.57% 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.

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