Other equities research analysts also recently issued research reports about the company. TheStreet downgraded PennantPark Investment from a b- rating to a c rating in a report on Tuesday, July 16th. Zacks Investment Research downgraded PennantPark Investment from a hold rating to a sell rating in a report on Saturday, November 2nd. BidaskClub cut PennantPark Investment from a sell rating to a strong sell rating in a research report on Friday, October 4th. Finally, JPMorgan Chase & Co. cut PennantPark Investment from a neutral rating to an underweight rating and cut their price objective for the stock from $6.50 to $6.00 in a research report on Tuesday, October 29th. Three analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. PennantPark Investment has a consensus rating of Hold and an average target price of $7.25.
Shares of PNNT stock traded down $0.01 during mid-day trading on Tuesday, reaching $6.04. 160,100 shares of the stock traded hands, compared to its average volume of 288,766. The company has a market cap of $408.98 million, a price-to-earnings ratio of 8.05 and a beta of 1.12. PennantPark Investment has a 1-year low of $6.00 and a 1-year high of $7.40. The stock’s fifty day simple moving average is $6.15 and its two-hundred day simple moving average is $6.42. The company has a quick ratio of 1.26, a current ratio of 1.26 and a debt-to-equity ratio of 1.19.
PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.17 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.19 by ($0.02). PennantPark Investment had a return on equity of 8.08% and a net margin of 18.01%. The company had revenue of $28.11 million for the quarter, compared to the consensus estimate of $29.38 million. On average, equities research analysts anticipate that PennantPark Investment will post 0.71 EPS for the current fiscal year.
In other PennantPark Investment news, Chairman Arthur H. Penn acquired 15,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were acquired at an average price of $6.35 per share, with a total value of $95,250.00. Following the completion of the transaction, the chairman now owns 193,410 shares in the company, valued at $1,228,153.50. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.00% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the business. Confluence Investment Management LLC boosted its position in PennantPark Investment by 0.3% in the third quarter. Confluence Investment Management LLC now owns 913,707 shares of the asset manager’s stock worth $5,729,000 after purchasing an additional 2,538 shares during the last quarter. Virtus ETF Advisers LLC purchased a new position in PennantPark Investment in the second quarter worth $4,274,000. Van ECK Associates Corp boosted its position 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 worth $3,974,000 after purchasing an additional 49,496 shares during the last quarter. BlackRock Inc. boosted its position in PennantPark Investment by 8.4% in the second quarter. BlackRock Inc. now owns 352,616 shares of the asset manager’s stock worth $2,228,000 after purchasing an additional 27,248 shares during the last quarter. Finally, Mckinley Capital Management LLC Delaware boosted its position in PennantPark Investment by 3.9% in the second quarter. Mckinley Capital Management LLC Delaware now owns 317,454 shares of the asset manager’s stock worth $2,006,000 after purchasing an additional 11,851 shares during the last quarter. 43.20% of the stock is currently owned by institutional investors and hedge funds.
PennantPark Investment Company Profile
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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