PennantPark Investment (NASDAQ:PNNT) Downgraded by BidaskClub to Strong Sell

BidaskClub downgraded shares of PennantPark Investment (NASDAQ:PNNT) from a sell rating to a strong sell rating in a research note released on Saturday morning, BidAskClub reports.

Several other research firms also recently issued reports on PNNT. ValuEngine downgraded PennantPark Investment from a hold rating to a sell rating in a research note on Tuesday, June 18th. Zacks Investment Research raised PennantPark Investment from a sell rating to a hold rating in a report on Tuesday, September 3rd. LADENBURG THALM/SH SH cut PennantPark Investment from a buy rating to a neutral rating in a research report on Monday, May 13th. Finally, TheStreet downgraded PennantPark Investment from a b- rating to a c rating in a report on Tuesday, July 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. PennantPark Investment currently has an average rating of Hold and an average target price of $7.50.

Shares of PNNT stock opened at $6.36 on Friday. The firm has a 50 day moving average price of $6.40 and a two-hundred day moving average price of $6.67. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.19. The company has a market capitalization of $426.41 million, a PE ratio of 8.48 and a beta of 1.14. PennantPark Investment has a 12-month low of $6.16 and a 12-month high of $7.78.

PennantPark Investment (NASDAQ:PNNT) last posted its earnings results on Wednesday, August 7th. The asset manager reported $0.17 EPS for the quarter, missing the consensus estimate of $0.19 by ($0.02). The firm had revenue of $28.11 million during the quarter, compared to analyst estimates of $29.38 million. PennantPark Investment had a net margin of 18.01% and a return on equity of 8.08%. As a group, research analysts expect that PennantPark Investment will post 0.71 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Tuesday, September 17th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a yield of 11.32%. The ex-dividend date is Monday, September 16th. PennantPark Investment’s dividend payout ratio is currently 96.00%.

In other PennantPark Investment news, Chairman Arthur H. Penn bought 15,000 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were purchased at an average price of $6.30 per share, for a total transaction of $94,500.00. Following the transaction, the chairman now directly owns 193,410 shares in the company, valued at approximately $1,218,483. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In the last 90 days, insiders have acquired 45,000 shares of company stock worth $285,600. Company insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in PennantPark Investment by 9.3% during the first quarter. JPMorgan Chase & Co. now owns 3,567,869 shares of the asset manager’s stock worth $24,655,000 after buying an additional 304,206 shares in the last quarter. Clearbridge Investments LLC boosted its position in shares of PennantPark Investment by 6.0% during the 1st quarter. Clearbridge Investments LLC now owns 1,829,119 shares of the asset manager’s stock worth $12,639,000 after acquiring an additional 103,699 shares in the last quarter. Kennedy Capital Management Inc. boosted its position in shares of PennantPark Investment by 43.5% during the 1st quarter. Kennedy Capital Management Inc. now owns 718,493 shares of the asset manager’s stock worth $4,965,000 after acquiring an additional 217,952 shares in the last quarter. Virtus ETF Advisers LLC acquired a new stake in shares of PennantPark Investment during the 2nd quarter worth approximately $4,274,000. Finally, Van ECK Associates Corp increased its stake in PennantPark Investment by 8.5% in the second quarter. Van ECK Associates Corp now owns 628,766 shares of the asset manager’s stock valued at $3,974,000 after acquiring an additional 49,496 shares during the last quarter. Institutional investors own 43.28% 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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