Arthur H. Penn Acquires 16,000 Shares of PennantPark Investment Corp. (PNNT) Stock

Arthur H. Penn Acquires 16,000 Shares of PennantPark Investment Corp. (PNNT) Stock

PennantPark Investment Corp. (NASDAQ:PNNT) Chairman Arthur H. Penn bought 16,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average cost of $6.52 per share, with a total value of $104,320.00. Following the transaction, the chairman now owns 193,410 shares in the company, valued at approximately $1,261,033.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

PNNT stock opened at $6.57 on Thursday. PennantPark Investment Corp. has a twelve month low of $6.21 and a twelve month high of $7.84. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.58 and a quick ratio of 1.58. The company has a market cap of $434.45 million, a PE ratio of 8.76 and a beta of 1.21.

PennantPark Investment (NASDAQ:PNNT) last released its quarterly earnings results on Thursday, May 9th. The asset manager reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). PennantPark Investment had a return on equity of 7.94% and a net margin of 28.97%. The company had revenue of $28.69 million for the quarter, compared to analyst estimates of $28.89 million. On average, analysts anticipate that PennantPark Investment Corp. will post 0.74 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. grew its position in shares of PennantPark Investment by 9.3% during the first quarter. JPMorgan Chase & Co. now owns 3,567,869 shares of the asset manager’s stock worth $24,655,000 after buying an additional 304,206 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its stake in PennantPark Investment by 15.4% during the first quarter. ArrowMark Colorado Holdings LLC now owns 2,135,392 shares of the asset manager’s stock worth $14,756,000 after purchasing an additional 284,743 shares during the last quarter. West Family Investments Inc. lifted its stake in PennantPark Investment by 13.4% during the fourth quarter. West Family Investments Inc. now owns 1,030,880 shares of the asset manager’s stock worth $6,589,000 after purchasing an additional 122,166 shares during the last quarter. Confluence Investment Management LLC lifted its stake in PennantPark Investment by 14.6% during the first quarter. Confluence Investment Management LLC now owns 926,026 shares of the asset manager’s stock worth $6,399,000 after purchasing an additional 117,764 shares during the last quarter. Finally, Relative Value Partners Group LLC lifted its stake in PennantPark Investment by 2.7% during the fourth quarter. Relative Value Partners Group LLC now owns 731,389 shares of the asset manager’s stock worth $4,791,000 after purchasing an additional 19,539 shares during the last quarter. 44.97% of the stock is owned by institutional investors and hedge funds.

PNNT has been the subject of several recent research reports. BidaskClub downgraded shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Wednesday. JPMorgan Chase & Co. downgraded shares of PennantPark Investment from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $7.50 to $7.00 in a research report on Wednesday, January 16th. Zacks Investment Research downgraded shares of PennantPark Investment from a “buy” rating to a “hold” rating in a research report on Wednesday, February 13th. Compass Point downgraded shares of PennantPark Investment from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $8.50 to $7.00 in a research report on Friday, May 3rd. Finally, LADENBURG THALM/SH SH downgraded shares of PennantPark Investment from a “buy” rating to a “neutral” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $7.60.

About PennantPark Investment

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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