PennantPark Investment (PNNT) Receives New Coverage from Analysts at Raymond James

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Analysts at Raymond James assumed coverage on shares of PennantPark Investment (NASDAQ:PNNT) in a research report issued to clients and investors on Monday, April 29th, MarketBeat reports. The brokerage set an “outperform” rating and a $8.00 price target on the asset manager’s stock. Raymond James’ price target indicates a potential upside of 22.14% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of PennantPark Investment from a “hold” rating to a “buy” rating and set a $8.00 target price for the company in a research note on Tuesday, January 22nd. BidaskClub upgraded shares of PennantPark Investment from a “hold” rating to a “buy” rating in a research note on Friday, March 29th. Finally, JPMorgan Chase & Co. cut shares of PennantPark Investment from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $7.50 to $7.00 in a research note on Wednesday, January 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $7.60.

PNNT stock opened at $6.55 on Monday. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.58 and a quick ratio of 1.58. PennantPark Investment has a 52-week low of $6.21 and a 52-week high of $7.84. The stock has a market cap of $434.45 million, a price-to-earnings ratio of 8.73 and a beta of 1.21.

PennantPark Investment (NASDAQ:PNNT) last released its earnings results on Thursday, May 9th. The asset manager reported $0.16 earnings per share for the quarter, missing the Thomson Reuters’ 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 the consensus estimate of $28.89 million. As a group, equities analysts anticipate that PennantPark Investment will post 0.74 EPS for the current fiscal year.

In other PennantPark Investment news, Chairman Arthur H. Penn purchased 16,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average price of $6.52 per share, with a total value 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 approximately $1,261,033.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.00% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Quad Cities Investment Group LLC increased its holdings in shares of PennantPark Investment by 3,000.0% during the fourth quarter. Quad Cities Investment Group LLC now owns 6,200 shares of the asset manager’s stock worth $40,000 after buying an additional 6,000 shares in the last quarter. Quantamental Technologies LLC acquired a new stake in shares of PennantPark Investment during the fourth quarter worth approximately $45,000. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of PennantPark Investment during the first quarter worth approximately $50,000. Destination Wealth Management acquired a new stake in shares of PennantPark Investment during the first quarter worth approximately $61,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new stake in shares of PennantPark Investment during the fourth quarter worth approximately $71,000. 44.97% of the stock is owned by hedge funds and other 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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Analyst Recommendations for PennantPark Investment (NASDAQ:PNNT)

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