PennantPark Investment (NASDAQ:PNNT) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of PennantPark Investment (NASDAQ:PNNT) from a sell rating to a hold rating in a research report sent to investors on Friday, Zacks.com reports.

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. “

PNNT has been the topic of several other reports. LADENBURG THALM/SH SH downgraded PennantPark Investment from a buy rating to a neutral rating in a research report on Monday, May 13th. TheStreet downgraded PennantPark Investment from a b- rating to a c rating in a research report on Tuesday, July 16th. ValuEngine downgraded PennantPark Investment from a hold rating to a sell rating in a research report on Tuesday, June 18th. Raymond James began coverage on PennantPark Investment in a research report on Monday, April 29th. They issued an outperform rating and a $8.00 target price on the stock. Finally, BidaskClub raised shares of PennantPark Investment from a strong sell rating to a sell rating in a report on Thursday, July 18th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $7.50.

NASDAQ PNNT opened at $6.39 on Friday. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.26 and a quick ratio of 1.26. The stock’s fifty day moving average price is $6.45 and its 200 day moving average price is $6.76. PennantPark Investment has a 1 year low of $6.21 and a 1 year high of $7.84. The company has a market cap of $422.38 million, a price-to-earnings ratio of 8.52 and a beta of 1.14.

PennantPark Investment (NASDAQ:PNNT) last released its earnings results on Wednesday, August 7th. The asset manager reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.19 by ($0.02). PennantPark Investment had a net margin of 18.01% and a return on equity of 8.08%. The firm had revenue of $28.11 million during the quarter, compared to analyst estimates of $29.38 million. Research analysts expect that PennantPark Investment will post 0.72 earnings per share for the current year.

In other PennantPark Investment news, Chairman Arthur H. Penn purchased 15,000 shares of the stock in a transaction on Monday, August 12th. The shares were bought at an average cost of $6.30 per share, with a total value of $94,500.00. Following the completion of the acquisition, the chairman now owns 193,410 shares in the company, valued at $1,218,483. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders acquired 45,000 shares of company stock worth $285,600. 2.00% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the business. Clearbridge Investments LLC boosted its holdings in PennantPark Investment by 6.0% in the first quarter. Clearbridge Investments LLC now owns 1,829,119 shares of the asset manager’s stock valued at $12,639,000 after purchasing an additional 103,699 shares during the last quarter. Eagle Global Advisors LLC purchased a new stake in shares of PennantPark Investment during the 1st quarter worth about $205,000. Millennium Management LLC boosted its stake in shares of PennantPark Investment by 36.3% during the 4th quarter. Millennium Management LLC now owns 471,012 shares of the asset manager’s stock worth $3,000,000 after acquiring an additional 125,492 shares in the last quarter. Destination Wealth Management purchased a new stake in shares of PennantPark Investment during the 1st quarter worth about $61,000. Finally, JPMorgan Chase & Co. boosted its stake in shares of PennantPark Investment by 9.3% during the 1st quarter. JPMorgan Chase & Co. now owns 3,567,869 shares of the asset manager’s stock worth $24,655,000 after acquiring an additional 304,206 shares in the last quarter. 43.04% of the stock is currently owned by institutional investors.

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.

Further Reading: Return on Equity (ROE)

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