Jefferies Group LLC reissued their hold rating on shares of PennantPark Investment Corporation (NASDAQ:PNNT) in a research note published on Friday. They currently have a $8.00 price target on the asset manager’s stock.

PNNT has been the subject of a number of other research reports. Zacks Investment Research upgraded shares of PennantPark Investment Corporation from a hold rating to a buy rating and set a $9.00 price target for the company in a report on Wednesday, May 3rd. Keefe, Bruyette & Woods set a $9.00 target price on shares of PennantPark Investment Corporation and gave the company a hold rating in a report on Monday, May 22nd. JMP Securities downgraded shares of PennantPark Investment Corporation from an outperform rating to a market perform rating in a report on Thursday, May 11th. They noted that the move was a valuation call. TheStreet downgraded shares of PennantPark Investment Corporation from a b- rating to a c+ rating in a report on Tuesday, March 21st. Finally, Compass Point assumed coverage on shares of PennantPark Investment Corporation in a report on Thursday, July 13th. They set a buy rating and a $8.50 target price for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus target price of $8.00.

PennantPark Investment Corporation (NASDAQ:PNNT) traded up 0.27% on Friday, reaching $7.46. 230,793 shares of the company’s stock were exchanged. The firm has a 50-day moving average price of $7.54 and a 200-day moving average price of $7.88. PennantPark Investment Corporation has a 1-year low of $6.86 and a 1-year high of $8.68.

PennantPark Investment Corporation (NASDAQ:PNNT) last released its earnings results on Monday, May 8th. The asset manager reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.02. PennantPark Investment Corporation had a net margin of 58.91% and a return on equity of 9.98%. The company had revenue of $33.70 million during the quarter, compared to analysts’ expectations of $33.29 million. During the same quarter last year, the business earned $0.29 EPS. The business’s revenue was down 13.8% on a year-over-year basis. Analysts predict that PennantPark Investment Corporation will post $0.85 EPS for the current year.

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The business also recently announced a quarterly dividend, which was paid on Monday, July 3rd. Investors of record on Wednesday, June 21st were given a $0.18 dividend. The ex-dividend date was Monday, June 19th. This represents a $0.72 annualized dividend and a dividend yield of 9.65%. PennantPark Investment Corporation’s dividend payout ratio is presently 65.46%.

In other PennantPark Investment Corporation news, Chairman Arthur H. Penn purchased 32,000 shares of PennantPark Investment Corporation stock in a transaction on Wednesday, May 17th. The shares were purchased at an average cost of $7.72 per share, with a total value of $247,040.00. Following the completion of the transaction, the chairman now directly owns 183,400 shares in the company, valued at approximately $1,415,848. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Arthur H. Penn purchased 17,000 shares of PennantPark Investment Corporation stock in a transaction on Tuesday, May 16th. The shares were acquired at an average cost of $7.77 per share, for a total transaction of $132,090.00. Following the completion of the transaction, the chief executive officer now owns 183,400 shares of the company’s stock, valued at $1,425,018. The disclosure for this purchase can be found here. Insiders purchased 77,000 shares of company stock worth $596,970 over the last three months. Corporate insiders own 1.90% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Mckinley Capital Management LLC Delaware acquired a new position in shares of PennantPark Investment Corporation during the first quarter worth $2,166,000. Stifel Financial Corp boosted its position in 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. JPMorgan Chase & Co. boosted its position in PennantPark Investment Corporation by 5.7% in the first quarter. JPMorgan Chase & Co. now owns 1,900,325 shares of the asset manager’s stock worth $15,469,000 after buying an additional 101,690 shares during the last quarter. Oxford Asset Management purchased a new position in PennantPark Investment Corporation during the first quarter worth approximately $2,077,000. Finally, Eagle Global Advisors LLC boosted its position in PennantPark Investment Corporation by 70.4% in the first quarter. Eagle Global Advisors LLC now owns 39,969 shares of the asset manager’s stock worth $325,000 after buying an additional 16,510 shares during the last quarter. 43.97% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Investment Corporation Company Profile

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.

Analyst Recommendations for PennantPark Investment Corporation (NASDAQ:PNNT)

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