PennantPark Investment Corp. (NASDAQ:PNNT) has been assigned a consensus recommendation of “Hold” from the nine brokerages that are presently covering the stock, Marketbeat reports. Two analysts have rated the stock with a sell recommendation, five have issued a hold recommendation and one has given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $7.50.
Several research firms have recently issued reports on PNNT. LADENBURG THALM/SH SH downgraded PennantPark Investment from a “buy” rating to a “neutral” rating in a research note on Monday, May 13th. BidaskClub raised WhiteHorse Finance from a “sell” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research cut HEXO from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Compass Point cut Realogy from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $12.50 to $8.00 in a research report on Friday, May 3rd. Finally, ValuEngine cut Virtu Financial from a “hold” rating to a “sell” rating in a research report on Tuesday, June 18th.
Shares of PNNT traded down $0.02 during trading hours on Friday, hitting $6.55. 352,484 shares of the company were exchanged, compared to its average volume of 302,669. The company has a market capitalization of $440.49 million, a P/E ratio of 8.73 and a beta of 1.14. The company’s 50 day simple moving average is $6.39. PennantPark Investment has a 52 week low of $6.21 and a 52 week high of $7.84. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.58 and a current ratio of 1.58.
PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings results on Thursday, May 9th. The asset manager reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). The company had revenue of $28.69 million for the quarter, compared to the consensus estimate of $28.89 million. PennantPark Investment had a return on equity of 7.94% and a net margin of 28.97%. On average, equities analysts expect that PennantPark Investment will post 0.75 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 1st. Investors of record on Monday, June 17th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.72 annualized dividend and a dividend yield of 10.99%. PennantPark Investment’s dividend payout ratio is presently 96.00%.
In other PennantPark Investment news, Chairman Arthur H. Penn acquired 16,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average price of $6.52 per share, with a total value of $104,320.00. Following the transaction, the chairman now owns 193,410 shares of the company’s stock, valued at $1,261,033.20. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Arthur H. Penn acquired 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The shares were acquired at an average cost of $6.58 per share, with a total value of $98,700.00. Following the transaction, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,272,637.80. The disclosure for this purchase can be found here. 2.00% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Clearbridge Investments LLC raised its holdings in PennantPark Investment by 6.0% in the 1st quarter. Clearbridge Investments LLC now owns 1,829,119 shares of the asset manager’s stock valued at $12,639,000 after acquiring an additional 103,699 shares in the last quarter. Pin Oak Investment Advisors Inc. raised its holdings in PennantPark Investment by 0.7% in the 4th quarter. Pin Oak Investment Advisors Inc. now owns 194,082 shares of the asset manager’s stock valued at $1,236,000 after acquiring an additional 1,425 shares in the last quarter. GSA Capital Partners LLP raised its holdings in PennantPark Investment by 5.8% in the 4th quarter. GSA Capital Partners LLP now owns 77,154 shares of the asset manager’s stock valued at $491,000 after acquiring an additional 4,205 shares in the last quarter. Eagle Global Advisors LLC acquired a new position in PennantPark Investment in the 1st quarter valued at approximately $205,000. Finally, FNY Investment Advisers LLC raised its holdings in PennantPark Investment by 181.2% in the 1st quarter. FNY Investment Advisers LLC now owns 38,210 shares of the asset manager’s stock valued at $264,000 after acquiring an additional 24,622 shares in the last quarter. 43.97% of the stock is owned by institutional investors and hedge funds.
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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