PennantPark Investment (PNNT) Lowered to “Sell” at BidaskClub

PennantPark Investment (NASDAQ:PNNT) was downgraded by stock analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday, BidAskClub reports.

A number of other brokerages have also recently issued reports on PNNT. Zacks Investment Research raised shares of PennantPark Investment from a “hold” rating to a “buy” rating and set a $8.00 target price for the company in a report on Tuesday, January 22nd. Raymond James assumed coverage on shares of PennantPark Investment in a report on Monday, April 29th. They issued an “outperform” rating and a $8.00 target price for the company. Compass Point cut shares of PennantPark Investment from a “buy” rating to a “neutral” rating and dropped their target price for the company from $8.50 to $7.00 in a report on Friday, May 3rd. JPMorgan Chase & Co. cut shares of PennantPark Investment from an “overweight” rating to a “neutral” rating and dropped their target price for the company from $7.50 to $7.00 in a report on Wednesday, January 16th. Finally, LADENBURG THALM/SH SH cut shares of PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. PennantPark Investment presently has an average rating of “Hold” and an average price target of $7.60.

Shares of PennantPark Investment stock opened at $6.57 on Wednesday. PennantPark Investment has a 12-month low of $6.21 and a 12-month high of $7.84. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.58 and a quick ratio of 1.58. The stock has a market capitalization of $440.49 million, a price-to-earnings ratio of 8.76 and a beta of 1.21.

PennantPark Investment (NASDAQ:PNNT) last issued its earnings results on Thursday, May 9th. The asset manager reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). PennantPark Investment had a net margin of 28.97% and a return on equity of 7.94%. The company had revenue of $28.69 million during the quarter, compared to analysts’ expectations of $28.89 million. As a group, sell-side analysts predict that PennantPark Investment will post 0.74 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 dated Wednesday, May 15th. The shares were acquired at an average cost of $6.58 per share, for a total transaction of $98,700.00. Following the completion of the transaction, the chairman now directly owns 193,410 shares of the company’s stock, valued at $1,272,637.80. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Arthur H. Penn purchased 16,000 shares of the stock in a transaction dated Monday, May 13th. The stock was acquired at an average price of $6.52 per share, for a total transaction of $104,320.00. Following the completion of the transaction, the chairman now directly owns 193,410 shares of the company’s stock, valued at $1,261,033.20. The disclosure for this purchase can be found here. 2.00% of the stock is owned by corporate insiders.

Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of PennantPark Investment by 9.3% in the first quarter. JPMorgan Chase & Co. now owns 3,567,869 shares of the asset manager’s stock valued at $24,655,000 after purchasing an additional 304,206 shares during the last quarter. ArrowMark Colorado Holdings LLC grew its position in shares of PennantPark Investment by 15.4% in the first quarter. ArrowMark Colorado Holdings LLC now owns 2,135,392 shares of the asset manager’s stock valued at $14,756,000 after purchasing an additional 284,743 shares during the last quarter. West Family Investments Inc. grew its position in shares of PennantPark Investment by 13.4% in the fourth quarter. West Family Investments Inc. now owns 1,030,880 shares of the asset manager’s stock valued at $6,589,000 after purchasing an additional 122,166 shares during the last quarter. Confluence Investment Management LLC grew its position in shares of PennantPark Investment by 14.6% in the first quarter. Confluence Investment Management LLC now owns 926,026 shares of the asset manager’s stock valued at $6,399,000 after purchasing an additional 117,764 shares during the last quarter. Finally, Relative Value Partners Group LLC grew its position in shares of PennantPark Investment by 2.7% in the fourth quarter. Relative Value Partners Group LLC now owns 731,389 shares of the asset manager’s stock valued at $4,791,000 after purchasing an additional 19,539 shares during the last quarter. Institutional investors and hedge funds own 44.97% 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.

Featured Article: The benefits and drawbacks of dollar cost averaging

Analyst Recommendations for PennantPark Investment (NASDAQ:PNNT)

Receive News & Ratings for PennantPark Investment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Investment and related companies with MarketBeat.com's FREE daily email newsletter.