PennantPark Investment Co. (NASDAQ:PNNT) Receives $8.00 Consensus Price Target from Brokerages

PennantPark Investment Co. (NASDAQ:PNNT – Get Rating) has been assigned a consensus rating of “Hold” from the seven brokerages that are presently covering the firm, MarketBeat reports. Five investment analysts have rated the stock with a hold recommendation and one has given a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $8.00.

Several analysts recently weighed in on the company. Raymond James boosted their price objective on PennantPark Investment from $8.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, February 11th. StockNews.com assumed coverage on PennantPark Investment in a report on Thursday, March 31st. They issued a “hold” rating for the company. Finally, Zacks Investment Research lowered PennantPark Investment from a “buy” rating to a “hold” rating in a report on Wednesday, April 20th.

Shares of NASDAQ PNNT opened at $7.40 on Wednesday. PennantPark Investment has a 1 year low of $6.17 and a 1 year high of $8.02. The firm has a market cap of $489.36 million, a price-to-earnings ratio of 12.30 and a beta of 1.75. The company has a debt-to-equity ratio of 1.20, a quick ratio of 2.16 and a current ratio of 2.16. The stock’s 50-day simple moving average is $7.72 and its 200-day simple moving average is $7.24.

PennantPark Investment (NASDAQ:PNNT – Get Rating) last announced its earnings results on Wednesday, February 9th. The asset manager reported $0.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.06. The business had revenue of $28.35 million for the quarter, compared to analyst estimates of $22.21 million. PennantPark Investment had a return on equity of 6.26% and a net margin of 132.66%. During the same period in the previous year, the company earned $0.12 earnings per share. As a group, research analysts predict that PennantPark Investment will post 0.71 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, April 1st. Stockholders of record on Thursday, March 17th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Wednesday, March 16th. This is a positive change from PennantPark Investment’s previous quarterly dividend of $0.12. This represents a $0.56 annualized dividend and a dividend yield of 7.57%. PennantPark Investment’s dividend payout ratio is 30.94%.

Several large investors have recently bought and sold shares of PNNT. Ares Management LLC grew its holdings in shares of PennantPark Investment by 21.5% during the third quarter. Ares Management LLC now owns 4,415,025 shares of the asset manager’s stock valued at $28,654,000 after purchasing an additional 780,285 shares during the last quarter. Marshall Wace LLP bought a new position in shares of PennantPark Investment during the third quarter valued at approximately $2,983,000. Mckinley Capital Management LLC Delaware bought a new position in shares of PennantPark Investment during the first quarter valued at approximately $2,224,000. Callodine Capital Management LP grew its holdings in shares of PennantPark Investment by 18.3% during the third quarter. Callodine Capital Management LP now owns 1,775,000 shares of the asset manager’s stock valued at $11,520,000 after purchasing an additional 275,000 shares during the last quarter. Finally, Claybrook Capital LLC acquired a new position in shares of PennantPark Investment during the third quarter worth approximately $872,000. 30.76% of the stock is owned by institutional investors.

About PennantPark Investment (Get Rating)

PennantPark Investment Corporation, a business development company is a private equity fund 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 buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.

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