Today: The PennantPark Investment Corp. (PNNT) Rating Lowered to Sell at Zacks Investment Research

The PennantPark Investment Corp. (PNNT) Rating Lowered to Sell at Zacks Investment Research

PennantPark Investment Corp. (NASDAQ:PNNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.

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. “

Other analysts also recently issued research reports about the company. Jefferies Group reissued a “hold” rating on shares of PennantPark Investment Corp. in a research note on Friday, August 5th. JMP Securities lifted their target price on PennantPark Investment Corp. from $7.50 to $8.50 and gave the company a “market outperform” rating in a research note on Wednesday, August 10th. DA Davidson downgraded PennantPark Investment Corp. from a “buy” rating to a “neutral” rating and decreased their target price for the company from $10.00 to $7.00 in a research note on Wednesday, July 27th. JPMorgan Chase & Co. downgraded PennantPark Investment Corp. from an “overweight” rating to a “neutral” rating and set a $7.00 target price on the stock. in a research note on Monday, July 18th. Finally, FBR & Co lifted their target price on PennantPark Investment Corp. from $7.50 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $7.36.

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PennantPark Investment Corp. (NASDAQ:PNNT) opened at 7.70 on Wednesday. PennantPark Investment Corp. has a 12-month low of $4.65 and a 12-month high of $8.30. The firm’s 50-day moving average is $7.75 and its 200-day moving average is $6.95.

PennantPark Investment Corp. (NASDAQ:PNNT) last issued its earnings results on Monday, August 8th. The company reported $0.25 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.25. The company had revenue of $35.54 million for the quarter, compared to the consensus estimate of $35.47 million. PennantPark Investment Corp. had a positive return on equity of 11.20% and a negative net margin of 5.09%. The firm’s quarterly revenue was down 12.5% on a year-over-year basis. During the same quarter last year, the company earned $0.28 EPS. On average, equities analysts predict that PennantPark Investment Corp. will post $1.03 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Wednesday, September 21st were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 14.55%. The ex-dividend date of this dividend was Monday, September 19th. PennantPark Investment Corp.’s dividend payout ratio is currently -1,244.31%.

Several institutional investors have recently added to or reduced their stakes in the stock. KCG Holdings Inc. bought a new position in PennantPark Investment Corp. during the second quarter valued at $102,000. Societe Generale bought a new position in PennantPark Investment Corp. during the second quarter valued at $104,000. Essex Financial Services Inc. bought a new position in PennantPark Investment Corp. during the second quarter valued at $104,000. Sheaff Brock Investment Advisors LLC increased its position in PennantPark Investment Corp. by 4.5% in the second quarter. Sheaff Brock Investment Advisors LLC now owns 15,750 shares of the company’s stock valued at $108,000 after buying an additional 680 shares in the last quarter. Finally, Stephens Inc. AR increased its position in PennantPark Investment Corp. by 5.7% in the second quarter. Stephens Inc. AR now owns 16,675 shares of the company’s stock valued at $114,000 after buying an additional 905 shares in the last quarter. 33.42% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Investment Corp. Company Profile

PennantPark Investment Corporation (PennantPark Investment) is a business development company focused on generating income and capital appreciation through debt and equity investments in the United States middle-market companies in the form of senior secured loans, mezzanine debt and equity investments.

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