Zacks Investment Research upgraded shares of PennantPark Investment Corp. (NASDAQ:PNNT) from a sell rating to a hold rating in a research report released on Wednesday morning.

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. “

PNNT has been the subject of a number of other reports. JMP Securities raised their price objective on PennantPark Investment Corp. from $7.50 to $8.50 and gave the stock a market outperform rating in a research report on Wednesday, August 10th. Jefferies Group reaffirmed a hold rating on shares of PennantPark Investment Corp. in a research note on Friday, August 5th. JPMorgan Chase & Co. cut PennantPark Investment Corp. from an overweight rating to a neutral rating and set a $7.00 target price for the company. in a research note on Monday, July 18th. FBR & Co raised their target price on PennantPark Investment Corp. from $7.50 to $8.00 and gave the stock an outperform rating in a research note on Tuesday, August 9th. Finally, DA Davidson cut PennantPark Investment Corp. from a buy rating to a neutral rating and decreased their target price for the stock from $10.00 to $7.00 in a research note on Wednesday, July 27th. Eight research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $7.36.

Shares of PennantPark Investment Corp. (NASDAQ:PNNT) opened at 7.58 on Wednesday. PennantPark Investment Corp. has a 52 week low of $4.65 and a 52 week high of $8.30. The stock’s 50 day moving average price is $7.74 and its 200-day moving average price is $7.01.

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

The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Wednesday, September 21st were issued a dividend of $0.28 per share. The ex-dividend date was Monday, September 19th. This represents a $1.12 dividend on an annualized basis and a yield of 14.78%. PennantPark Investment Corp.’s dividend payout ratio (DPR) is currently -1,244.31%.

Hedge funds have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of 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 during the period. Delphi Financial Group Inc. raised its stake in shares of PennantPark Investment Corp. by 0.9% in the second quarter. Delphi Financial Group Inc. now owns 1,837,526 shares of the company’s stock valued at $12,532,000 after buying an additional 15,817 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of PennantPark Investment Corp. during the second quarter valued at about $5,420,000. Burgundy Asset Management Ltd. purchased a new stake in shares of PennantPark Investment Corp. during the second quarter valued at about $4,911,000. Finally, BlackRock Group LTD raised its stake in shares of PennantPark Investment Corp. by 14.6% in the second quarter. BlackRock Group LTD now owns 384,853 shares of the company’s stock valued at $2,629,000 after buying an additional 48,943 shares during the last quarter. Institutional investors and hedge funds own 33.42% of the company’s stock.

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.

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