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 brokerages also recently issued reports on PNNT. ValuEngine upgraded PennantPark Investment from a sell rating to a hold rating in a research report on Tuesday, December 3rd. JPMorgan Chase & Co. lowered PennantPark Investment from a neutral rating to an underweight rating and cut their target price for the company from $6.50 to $6.00 in a research report on Tuesday, October 29th. Finally, BidaskClub downgraded PennantPark Investment from a hold rating to a sell rating in a report on Friday, February 14th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $7.13.
PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings results on Thursday, February 6th. The asset manager reported $0.15 EPS for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.02). PennantPark Investment had a net margin of 25.60% and a return on equity of 7.19%. The firm had revenue of $26.00 million during the quarter, compared to the consensus estimate of $27.53 million. As a group, equities analysts forecast that PennantPark Investment will post 0.66 EPS for the current year.
In other news, CEO Arthur H. Penn purchased 16,000 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was purchased at an average cost of $6.17 per share, with a total value of $98,720.00. Following the acquisition, the chief executive officer now directly owns 193,410 shares in the company, valued at $1,193,339.70. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Arthur H. Penn purchased 10,000 shares of PennantPark Investment stock in a transaction dated Wednesday, February 12th. The shares were purchased at an average price of $6.56 per share, with a total value of $65,600.00. Following the completion of the transaction, the chief executive officer now directly owns 193,410 shares in the company, valued at $1,268,769.60. The disclosure for this purchase can be found here. Insiders own 3.00% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. California Public Employees Retirement System increased its stake in PennantPark Investment by 34.0% in the 3rd quarter. California Public Employees Retirement System now owns 33,100 shares of the asset manager’s stock worth $208,000 after acquiring an additional 8,400 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in PennantPark Investment by 4.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 165,892 shares of the asset manager’s stock valued at $1,083,000 after purchasing an additional 6,476 shares during the last quarter. State of Michigan Retirement System purchased a new position in PennantPark Investment in the 4th quarter worth approximately $368,000. Ancora Advisors LLC grew its stake in PennantPark Investment by 16.9% in the 3rd quarter. Ancora Advisors LLC now owns 138,500 shares of the asset manager’s stock worth $869,000 after buying an additional 20,000 shares in the last quarter. Finally, Millennium Management LLC grew its stake in PennantPark Investment by 19,455.7% in the 3rd quarter. Millennium Management LLC now owns 488,893 shares of the asset manager’s stock worth $3,065,000 after buying an additional 486,393 shares in the last quarter. 40.58% of the stock is 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.
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