Shares of PennantPark Investment Corp. (NASDAQ:PNNT) have received a consensus recommendation of “Hold” from the eight analysts that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $7.00.
A number of equities analysts have issued reports on PNNT shares. JPMorgan Chase & Co. cut shares of PennantPark Investment from a “neutral” rating to an “underweight” rating and cut their target price for the stock from $6.50 to $6.00 in a report on Tuesday, October 29th. Zacks Investment Research raised shares of PennantPark Investment from a “sell” rating to a “hold” rating in a report on Wednesday, January 1st. BidaskClub raised shares of PennantPark Investment from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Finally, ValuEngine raised shares of PennantPark Investment from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd.
Shares of PNNT stock opened at $6.54 on Friday. 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 one year low of $5.84 and a one year high of $7.34. The company’s 50-day simple moving average is $6.42 and its 200-day simple moving average is $6.31. The stock has a market capitalization of $438.81 million, a price-to-earnings ratio of 9.91 and a beta of 1.12.
PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings results on Thursday, November 21st. The asset manager reported $0.15 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.03). PennantPark Investment had a return on equity of 7.51% and a net margin of 14.20%. The company had revenue of $27.93 million for the quarter, compared to the consensus estimate of $28.50 million. As a group, research analysts forecast that PennantPark Investment will post 0.71 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Thursday, December 19th were paid a $0.18 dividend. The ex-dividend date of this dividend was Wednesday, December 18th. This represents a $0.72 annualized dividend and a dividend yield of 11.01%. PennantPark Investment’s payout ratio is currently 109.09%.
In other news, CEO Arthur H. Penn purchased 16,000 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were bought at an average price of $6.17 per share, for a total transaction of $98,720.00. Following the completion of the purchase, the chief executive officer now owns 193,410 shares of the company’s stock, valued at $1,193,339.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 3.00% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of 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 valued at $3,065,000 after acquiring an additional 486,393 shares during the period. Pin Oak Investment Advisors Inc. increased its stake in shares of PennantPark Investment by 3.6% during the third quarter. Pin Oak Investment Advisors Inc. now owns 319,702 shares of the asset manager’s stock valued at $2,005,000 after acquiring an additional 11,070 shares during the period. PVG Asset Management Corp acquired a new position in shares of PennantPark Investment during the third quarter valued at approximately $67,000. Ancora Advisors LLC grew its position in PennantPark Investment by 16.9% in the third quarter. Ancora Advisors LLC now owns 138,500 shares of the asset manager’s stock worth $869,000 after buying an additional 20,000 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in PennantPark Investment by 515.4% in the third quarter. Tower Research Capital LLC TRC now owns 5,422 shares of the asset manager’s stock worth $34,000 after buying an additional 4,541 shares during the last quarter. Institutional investors and hedge funds own 39.07% of the company’s stock.
About PennantPark Investment
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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