Zacks: Analysts Anticipate PennantPark Investment Co. (NASDAQ:PNNT) Will Post Quarterly Sales of $23.69 Million

Analysts forecast that PennantPark Investment Co. (NASDAQ:PNNT – Get Rating) will announce $23.69 million in sales for the current quarter, according to Zacks. Four analysts have issued estimates for PennantPark Investment’s earnings, with the lowest sales estimate coming in at $22.51 million and the highest estimate coming in at $24.86 million. PennantPark Investment posted sales of $20.49 million in the same quarter last year, which suggests a positive year over year growth rate of 15.6%. The firm is scheduled to announce its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that PennantPark Investment will report full year sales of $101.24 million for the current fiscal year, with estimates ranging from $98.30 million to $104.28 million. For the next financial year, analysts expect that the business will report sales of $111.74 million, with estimates ranging from $98.91 million to $123.91 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow PennantPark Investment.

PennantPark Investment (NASDAQ:PNNT – Get Rating) last announced its quarterly earnings results on Wednesday, May 4th. The asset manager reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.01. PennantPark Investment had a net margin of 88.94% and a return on equity of 6.59%. The firm had revenue of $24.34 million during the quarter, compared to the consensus estimate of $26.01 million. During the same quarter last year, the firm earned $0.13 EPS.

PNNT has been the subject of several analyst reports. Zacks Investment Research downgraded shares of PennantPark Investment from a “buy” rating to a “hold” rating in a research note on Wednesday, April 20th. Raymond James raised their price objective on shares of PennantPark Investment from $8.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, February 11th. Finally, StockNews.com assumed coverage on shares of PennantPark Investment in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Five analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $8.13.

Shares of NASDAQ:PNNT traded up $0.24 during trading on Friday, reaching $7.17. The company’s stock had a trading volume of 222,820 shares, compared to its average volume of 323,531. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.83. The stock has a market capitalization of $474.17 million, a PE ratio of 5.56 and a beta of 1.67. PennantPark Investment has a 12 month low of $6.21 and a 12 month high of $8.02. The firm’s 50 day simple moving average is $7.49 and its two-hundred day simple moving average is $7.28.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 1st. Investors of record on Friday, June 17th will be issued a dividend of $0.145 per share. This represents a $0.58 annualized dividend and a yield of 8.09%. This is a positive change from PennantPark Investment’s previous quarterly dividend of $0.14. The ex-dividend date is Thursday, June 16th. PennantPark Investment’s dividend payout ratio (DPR) is presently 43.41%.

Hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA purchased a new position in PennantPark Investment during the first quarter valued at approximately $77,000. Leo Brokerage LLC purchased a new position in PennantPark Investment during the first quarter valued at approximately $78,000. Tompkins Financial Corp purchased a new position in PennantPark Investment during the first quarter valued at approximately $78,000. Wolverine Asset Management LLC increased its holdings in PennantPark Investment by 295.3% during the third quarter. Wolverine Asset Management LLC now owns 11,843 shares of the asset manager’s stock valued at $76,000 after buying an additional 8,847 shares during the period. Finally, Navellier & Associates Inc. purchased a new position in PennantPark Investment during the first quarter valued at approximately $95,000. 32.03% of the stock is currently owned by institutional investors.

About PennantPark Investment (Get Rating)

PennantPark Investment Corporation, a business development company is a private equity fund 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 buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.

Further Reading