PennantPark Investment Corporation (PNNT) Rating Increased to Hold at Zacks Investment Research

PennantPark Investment Corporation (NASDAQ:PNNT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.

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. “

A number of other research analysts have also weighed in on PNNT. Keefe, Bruyette & Woods set a $9.00 target price on PennantPark Investment Corporation and gave the company a “hold” rating in a report on Saturday, June 24th. Compass Point initiated coverage on PennantPark Investment Corporation in a report on Thursday, July 13th. They issued a “buy” rating and a $8.50 target price on the stock. Jefferies Group LLC restated a “hold” rating and issued a $8.00 target price on shares of PennantPark Investment Corporation in a report on Friday, July 14th. J P Morgan Chase & Co upgraded PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and raised their target price for the company from $8.00 to $8.50 in a report on Wednesday, August 9th. Finally, BidaskClub upgraded PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. PennantPark Investment Corporation has an average rating of “Hold” and a consensus target price of $8.14.

Shares of PennantPark Investment Corporation (PNNT) opened at 7.65 on Wednesday. PennantPark Investment Corporation has a 52 week low of $6.86 and a 52 week high of $8.68. The stock’s 50 day moving average price is $7.56 and its 200-day moving average price is $7.63.

PennantPark Investment Corporation (NASDAQ:PNNT) last announced its quarterly earnings data on Monday, August 7th. The asset manager reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.02). PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. The firm had revenue of $31.10 million during the quarter, compared to analyst estimates of $31.09 million. During the same period last year, the business posted $0.25 EPS. The company’s revenue was down 12.4% on a year-over-year basis. Analysts expect that PennantPark Investment Corporation will post $0.83 earnings per share for the current year.

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In other PennantPark Investment Corporation news, Chairman Arthur H. Penn purchased 28,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The shares were acquired at an average cost of $7.62 per share, for a total transaction of $213,360.00. Following the completion of the acquisition, the chairman now owns 193,410 shares of the company’s stock, valued at approximately $1,473,784.20. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Chairman Arthur H. Penn purchased 32,000 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The shares were acquired at an average price of $7.72 per share, for a total transaction of $247,040.00. Following the completion of the acquisition, the chairman now directly owns 183,400 shares of the company’s stock, valued at approximately $1,415,848. The disclosure for this purchase can be found here. 1.90% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of PNNT. LSV Asset Management lifted its holdings in PennantPark Investment Corporation by 36.9% during the second quarter. LSV Asset Management now owns 2,741,127 shares of the asset manager’s stock worth $20,256,000 after acquiring an additional 738,141 shares during the period. UBS Group AG lifted its holdings in PennantPark Investment Corporation by 28.4% during the first quarter. UBS Group AG now owns 1,520,945 shares of the asset manager’s stock worth $12,381,000 after acquiring an additional 336,001 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in PennantPark Investment Corporation during the second quarter worth $1,412,000. GSA Capital Partners LLP lifted its holdings in PennantPark Investment Corporation by 90.3% during the second quarter. GSA Capital Partners LLP now owns 332,665 shares of the asset manager’s stock worth $2,458,000 after acquiring an additional 157,852 shares during the period. Finally, Catalyst Capital Advisors LLC bought a new stake in PennantPark Investment Corporation during the second quarter worth $862,000. Institutional investors and hedge funds own 42.72% of the company’s stock.

PennantPark Investment Corporation 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.

Analyst Recommendations for PennantPark Investment Corporation (NASDAQ:PNNT)

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