Zacks Investment Research Lowers PennantPark Investment Corporation (NASDAQ:PNNT) to Sell

PennantPark Investment Corporation (NASDAQ:PNNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Saturday, November 4th.

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 equities research analysts have also recently issued reports about the stock. Compass Point started coverage on shares of PennantPark Investment Corporation in a research note on Thursday, July 13th. They set a “buy” rating and a $8.50 price target on the stock. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $8.50 target price on shares of PennantPark Investment Corporation in a research report on Thursday, October 26th. Jefferies Group LLC reissued a “hold” rating and issued a $8.00 target price on shares of PennantPark Investment Corporation in a research report on Friday, July 14th. BidaskClub raised shares of PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a research report on Friday, August 11th. Finally, J P Morgan Chase & Co upgraded shares of PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and raised their price target for the company from $8.00 to $8.50 in a report on Wednesday, August 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $8.07.

Shares of PennantPark Investment Corporation (NASDAQ:PNNT) traded up $0.04 during midday trading on Friday, reaching $7.57. 138,500 shares of the company were exchanged, compared to its average volume of 324,212. PennantPark Investment Corporation has a 12-month low of $6.98 and a 12-month high of $8.68. The firm has a market cap of $535.09, a PE ratio of 9.07, a price-to-earnings-growth ratio of 4.91 and a beta of 1.30. The company has a debt-to-equity ratio of 0.84, a quick ratio of 4.54 and a current ratio of 4.54.

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Large investors have recently modified their holdings of the stock. Stifel Financial Corp increased its stake in shares of PennantPark Investment Corporation by 43.8% in the first quarter. Stifel Financial Corp now owns 18,400 shares of the asset manager’s stock worth $147,000 after buying an additional 5,600 shares during the last quarter. Pinebridge Investments L.P. increased its stake in shares of PennantPark Investment Corporation by 0.8% in the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock worth $167,000 after buying an additional 169 shares during the last quarter. Stephens Inc. AR increased its stake in shares of PennantPark Investment Corporation by 44.8% in the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock worth $177,000 after buying an additional 7,414 shares during the last quarter. Global X MANAGEMENT CO LLC increased its stake in shares of PennantPark Investment Corporation by 49.0% in the third quarter. Global X MANAGEMENT CO LLC now owns 24,829 shares of the asset manager’s stock worth $186,000 after buying an additional 8,165 shares during the last quarter. Finally, Stevens Capital Management LP bought a new stake in shares of PennantPark Investment Corporation in the third quarter worth $199,000. Institutional investors and hedge funds own 41.33% of the company’s stock.

About PennantPark Investment Corporation

PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.

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Analyst Recommendations for PennantPark Investment Corporation (NASDAQ:PNNT)

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