In yesterday’s Wall Street session, PennantPark Investment Corporation (NYSE:PNNT) shares traded at $5.28, down -1.68% from the previous session.
As of this writing, 9 analysts cover PennantPark Investment Corporation (NYSE:PNNT). The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $7.50 and a low of $5.50, we find $6.38. Given the previous closing price of $5.37, this indicates a potential upside of 18.81 percent. PNNT stock price is now -9.28% away from the 50-day moving average and -13.45% away from the 200-day moving average. The market capitalization of the company currently stands at $344.39M.
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There are 5 analysts who have given it a hold rating, whereas 3 have given it a buy rating. Brokers who have rated the stock have averaged $6.41 as their price target over the next twelve months.
With the price target reduced from $7 to $5.50, Keefe Bruyette Downgraded its rating from Outperform to Mkt Perform for PennantPark Investment Corporation (NYSE: PNNT). On November 19, 2021, JP Morgan Upgraded its previous ‘Underweight’ rating to ‘Neutral’ on the stock increasing its target price from $6.50 to quote $7.50, while ‘Oppenheimer’ rates the stock as ‘Perform’.
In other news, Briones Jose A, Director bought 8,930 shares of the company’s stock on Mar 09. The stock was bought for $50,008 at an average price of $5.60. Upon completion of the transaction, the Director now directly owns 209,006 shares in the company, valued at $1.1 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 17, Chairman and CEO PENN ARTHUR H bought 27,000 shares of the business’s stock. A total of $155,226 was incurred on buying the stock at an average price of $5.75. This leaves the insider owning 1,020,423 shares of the company worth $5.39 million. Insiders disposed of 137,887 shares of company stock worth roughly $0.73 million over the past 1 year. A total of 2.93% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in PNNT stock. A new stake in PennantPark Investment Corporation shares was purchased by INVESCO LTD. during the first quarter worth $8,228,000. FARMER STEVEN PATRICK invested $3,812,000 in shares of PNNT during the first quarter. In the first quarter, WEDBUSH SECURITIES INC acquired a new stake in PennantPark Investment Corporation valued at approximately $230,000. TREXQUANT INVESTMENT LP acquired a new stake in PNNT for approximately $139,000. CONNOR, CLARK & LUNN INVESTMENT MANAGEMENT LTD. purchased a new stake in PNNT valued at around $136,000 in the second quarter. In total, there are 126 active investors with 39.70% ownership of the company’s stock.
Monday morning saw PennantPark Investment Corporation (NYSE: PNNT) opened at $5.28. During the past 12 months, PennantPark Investment Corporation has had a low of $5.33 and a high of $8.02. The fifty day moving average price for PNNT is $5.82 and a two-hundred day moving average price translates $6.10 for the stock.
The latest earnings results from PennantPark Investment Corporation (NYSE: PNNT) was released for Sep, 2022. According to the Asset Management Company, earnings per share came in at $0.14, missing analysts’ expectations of $0.17 by -0.03. This compares to $0.38 EPS in the same period last year. The company reported revenue of $29.96 million for the quarter, compared to $28.35 million a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 5.69 percent. For the current quarter, analysts expect PNNT to generate $30.03M in revenue.
Moreover, the firm recently paid out its quarterly dividend on 04/03/2023. Investors who held shares on 03/16/2023 were paid a $0.185 dividend. On an annualized basis, this represents a $0.74 dividend and a 14.02% percent yield. There was an ex-dividend date of 03/15/2023 for this dividend.
PennantPark Investment Corporation(PNNT) Company Profile
PennantPark Investment Corporation, a business development company is a private equity fund 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 buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail. It invests in equity securities and debt transactions through preferred stock, common stock, warrants, options, senior secured debt, subordinated debt, subordinated loans, first lien debt, mezzanine loans, and distressed debt securities and private equity co-investments. It seeks to invest in companies based in the United States. The fund seeks to invest between $10 million and $100 million cross the capital structure (senior secured loans, subordinated debt, and other investments) in its portfolio companies with EBITDA between $10 to $50 million. Its mezzanine loans, senior secured loans, and other investments in its portfolio companies are between $15 million and $50 million. The fund may also make non-control equity and debt investments.
