PennantPark Investment (PNNT) Downgraded to “Hold” at Zacks Investment Research

PennantPark Investment (NASDAQ:PNNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

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. “

PNNT has been the topic of a number of other reports. BidaskClub raised shares of PennantPark Investment from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 16th. Keefe, Bruyette & Woods set a $8.00 price objective on shares of PennantPark Investment and gave the company a “hold” rating in a research note on Thursday, August 9th. Finally, ValuEngine cut shares of PennantPark Investment from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 19th. Five investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $8.06.

Shares of PNNT stock opened at $7.68 on Tuesday. PennantPark Investment has a 52-week low of $6.29 and a 52-week high of $7.80. The company has a market capitalization of $537.51 million, a price-to-earnings ratio of 9.72 and a beta of 1.20. The company has a current ratio of 2.97, a quick ratio of 2.97 and a debt-to-equity ratio of 0.73.

PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings data on Wednesday, August 8th. The asset manager reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.01). PennantPark Investment had a net margin of 39.31% and a return on equity of 8.12%. The business had revenue of $24.76 million during the quarter, compared to the consensus estimate of $26.13 million. equities analysts anticipate that PennantPark Investment will post 0.75 earnings per share for the current year.

Several hedge funds and other institutional investors have recently made changes to their positions in PNNT. Muzinich & Co. Inc. boosted its position in shares of PennantPark Investment by 31.2% during the first quarter. Muzinich & Co. Inc. now owns 2,355,718 shares of the asset manager’s stock worth $15,736,000 after purchasing an additional 560,038 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of PennantPark Investment by 8.9% during the first quarter. JPMorgan Chase & Co. now owns 2,269,825 shares of the asset manager’s stock worth $15,161,000 after purchasing an additional 185,389 shares in the last quarter. Mckinley Capital Management LLC Delaware boosted its position in shares of PennantPark Investment by 59.0% during the first quarter. Mckinley Capital Management LLC Delaware now owns 292,428 shares of the asset manager’s stock worth $1,953,000 after purchasing an additional 108,522 shares in the last quarter. Resource America Inc. boosted its position in shares of PennantPark Investment by 61.7% during the first quarter. Resource America Inc. now owns 256,764 shares of the asset manager’s stock worth $1,715,000 after purchasing an additional 97,985 shares in the last quarter. Finally, Aperio Group LLC boosted its position in shares of PennantPark Investment by 83.4% during the first quarter. Aperio Group LLC now owns 166,388 shares of the asset manager’s stock worth $1,111,000 after purchasing an additional 75,648 shares in the last quarter. 44.50% of the stock is currently owned by institutional investors.

About PennantPark Investment

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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