PennantPark Investment Corp. (NASDAQ:PNNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

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. “

Several other analysts have also weighed in on PNNT. JPMorgan Chase & Co. lowered shares of PennantPark Investment Corp. from an “overweight” rating to a “neutral” rating and set a $7.00 price objective for the company. in a research note on Monday, July 18th. DA Davidson lowered shares of PennantPark Investment Corp. from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $10.00 to $7.00 in a research note on Wednesday, July 27th. Jefferies Group reiterated a “hold” rating on shares of PennantPark Investment Corp. in a research note on Friday, August 5th. FBR & Co lifted their price objective on shares of PennantPark Investment Corp. from $7.50 to $8.00 and gave the company an “outperform” rating in a research note on Tuesday, August 9th. Finally, JMP Securities lifted their price objective on shares of PennantPark Investment Corp. from $7.50 to $8.50 and gave the company a “market outperform” rating in a research note on Wednesday, August 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $7.36.

Analyst Recommendations for PennantPark Investment Corp. (NASDAQ:PNNT)

Shares of PennantPark Investment Corp. (NASDAQ:PNNT) opened at 7.70 on Wednesday. The stock’s 50 day moving average is $7.75 and its 200 day moving average is $6.95. PennantPark Investment Corp. has a 12 month low of $4.65 and a 12 month high of $8.30.

PennantPark Investment Corp. (NASDAQ:PNNT) last released its quarterly earnings results on Monday, August 8th. The company reported $0.25 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.25. PennantPark Investment Corp. had a negative net margin of 5.09% and a positive return on equity of 11.20%. The firm earned $35.54 million during the quarter, compared to analyst estimates of $35.47 million. During the same quarter last year, the business earned $0.28 EPS. The company’s revenue was down 12.5% compared to the same quarter last year. Equities research analysts expect that PennantPark Investment Corp. will post $1.03 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Wednesday, September 21st were issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 14.55%. The ex-dividend date was Monday, September 19th. PennantPark Investment Corp.’s dividend payout ratio is -1,244.31%.

A number of institutional investors have recently bought and sold shares of the company. BlackRock Group LTD increased its position in PennantPark Investment Corp. by 2.2% in the first quarter. BlackRock Group LTD now owns 335,910 shares of the company’s stock worth $2,036,000 after buying an additional 7,363 shares in the last quarter. JPMorgan Chase & Co. increased its position in PennantPark Investment Corp. by 2.1% in the first quarter. JPMorgan Chase & Co. now owns 2,116,857 shares of the company’s stock worth $12,829,000 after buying an additional 42,711 shares in the last quarter. Royal Bank of Canada increased its position in PennantPark Investment Corp. by 197.7% in the first quarter. Royal Bank of Canada now owns 40,086 shares of the company’s stock worth $243,000 after buying an additional 26,621 shares in the last quarter. Berson & Corrado Investment Advisors LLC increased its position in PennantPark Investment Corp. by 0.8% in the second quarter. Berson & Corrado Investment Advisors LLC now owns 69,230 shares of the company’s stock worth $473,000 after buying an additional 575 shares in the last quarter. Finally, Trust Asset Management LLC increased its position in PennantPark Investment Corp. by 1.7% in the second quarter. Trust Asset Management LLC now owns 137,848 shares of the company’s stock worth $942,000 after buying an additional 2,312 shares in the last quarter. 33.42% of the stock is currently owned by hedge funds and other institutional investors.

About PennantPark Investment Corp.

PennantPark Investment Corporation (PennantPark Investment) is a business development company focused on generating income and capital appreciation through debt and equity investments in the United States middle-market companies in the form of senior secured loans, mezzanine debt and equity investments.

5 Day Chart for NASDAQ:PNNT

Receive News & Stock Ratings for PennantPark Investment Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PennantPark Investment Corp. and related stocks with our FREE daily email newsletter.