Trade Report: The PennantPark Investment Corp. (PNNT) Upgraded to “Hold” at Zacks Investment Research

The PennantPark Investment Corp. (PNNT) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of PennantPark Investment Corp. (NASDAQ:PNNT) from a sell rating to a hold rating in a research report sent to investors 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. “

A number of other equities analysts have also recently weighed in on PNNT. JPMorgan Chase & Co. cut shares of PennantPark Investment Corp. from an overweight rating to a neutral rating and set a $7.00 price target on the stock. in a research note on Monday, July 18th. DA Davidson cut shares of PennantPark Investment Corp. from a buy rating to a neutral rating and lowered their price target for the stock from $10.00 to $7.00 in a research note on Wednesday, July 27th. Jefferies Group reaffirmed a hold rating on shares of PennantPark Investment Corp. in a research note on Friday, August 5th. FBR & Co upped their price target on shares of PennantPark Investment Corp. from $7.50 to $8.00 and gave the stock an outperform rating in a research note on Tuesday, August 9th. Finally, JMP Securities upped their price target on shares of PennantPark Investment Corp. from $7.50 to $8.50 and gave the stock a market outperform rating in a research note on Wednesday, August 10th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $7.36.

PennantPark Investment Corp. (NASDAQ:PNNT) opened at 7.51 on Wednesday. PennantPark Investment Corp. has a 52 week low of $4.65 and a 52 week high of $8.30. The firm’s 50-day moving average is $7.72 and its 200-day moving average is $7.05.

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

The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Wednesday, September 21st were issued a $0.28 dividend. The ex-dividend date of this dividend was Monday, September 19th. This represents a $1.12 dividend on an annualized basis and a yield of 14.91%. PennantPark Investment Corp.’s dividend payout ratio (DPR) is -1,244.31%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KCG Holdings Inc. purchased a new position in PennantPark Investment Corp. during the second quarter worth about $102,000. Societe Generale purchased a new position in PennantPark Investment Corp. during the second quarter worth about $104,000. Essex Financial Services Inc. purchased a new position in PennantPark Investment Corp. during the second quarter worth about $104,000. Sheaff Brock Investment Advisors LLC raised 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 worth $108,000 after buying an additional 680 shares during the period. Finally, Stephens Inc. AR raised 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 worth $114,000 after buying an additional 905 shares during the period. Institutional investors own 33.42% of the company’s stock.

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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