Jefferies Group Comments on PennantPark Investment Corporation’s FY2017 Earnings (PNNT)

PennantPark Investment Corporation (NASDAQ:PNNT) – Stock analysts at Jefferies Group boosted their FY2017 earnings per share (EPS) estimates for PennantPark Investment Corporation in a research report issued on Tuesday. Jefferies Group analyst J. Hecht now anticipates that the asset manager will post earnings per share of $0.86 for the year, up from their prior estimate of $0.84. Jefferies Group has a “Hold” rating and a $8.00 price objective on the stock. Jefferies Group also issued estimates for PennantPark Investment Corporation’s Q4 2017 earnings at $0.19 EPS, Q1 2018 earnings at $0.20 EPS, Q2 2018 earnings at $0.19 EPS, Q4 2018 earnings at $0.20 EPS and FY2018 earnings at $0.79 EPS.

Several other brokerages have also weighed in on PNNT. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $8.50 target price on shares of PennantPark Investment Corporation in a research report on Friday, April 21st. Zacks Investment Research lowered PennantPark Investment Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, May 11th. Compass Point initiated coverage on PennantPark Investment Corporation in a research report on Thursday, July 13th. They issued a “buy” rating and a $8.50 target price on the stock. JMP Securities lowered PennantPark Investment Corporation from an “outperform” rating to a “market perform” rating in a research report on Thursday, May 11th. They noted that the move was a valuation call. Finally, J P Morgan Chase & Co raised PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $8.00 to $8.50 in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $8.19.

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PennantPark Investment Corporation (PNNT) opened at 7.71 on Thursday. The stock has a 50 day moving average price of $7.46 and a 200 day moving average price of $7.81. 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 quarterly earnings data on Monday, August 7th. The asset manager reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.20 by $0.02. The firm had revenue of $31.10 million during the quarter, compared to analyst estimates of $31.09 million. PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. The business’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share.

Hedge funds and other institutional investors have recently modified their holdings of the stock. LSV Asset Management raised its position in shares of PennantPark Investment Corporation by 262.0% in the first quarter. LSV Asset Management now owns 2,002,986 shares of the asset manager’s stock worth $16,304,000 after buying an additional 1,449,656 shares in the last quarter. Muzinich & Co. Inc. increased its stake in shares of PennantPark Investment Corporation by 67.2% in the first quarter. Muzinich & Co. Inc. now owns 2,186,589 shares of the asset manager’s stock valued at $17,799,000 after buying an additional 878,491 shares during the last quarter. UBS Group AG increased its stake in shares of PennantPark Investment Corporation by 28.4% in the first quarter. UBS Group AG now owns 1,520,945 shares of the asset manager’s stock valued at $12,381,000 after buying an additional 336,001 shares during the last quarter. Mckinley Capital Management LLC Delaware acquired a new stake in shares of PennantPark Investment Corporation during the first quarter valued at $2,166,000. Finally, Oxford Asset Management acquired a new stake in shares of PennantPark Investment Corporation during the first quarter valued at $2,077,000. 43.84% of the stock is currently owned by institutional investors and hedge funds.

In related news, CEO Arthur H. Penn acquired 17,000 shares of the stock in a transaction dated Tuesday, May 16th. The shares were acquired at an average price of $7.77 per share, with a total value of $132,090.00. Following the acquisition, the chief executive officer now owns 183,400 shares in the company, valued at approximately $1,425,018. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Arthur H. Penn acquired 32,000 shares of the stock in a transaction dated Thursday, August 10th. The shares were bought at an average cost of $7.72 per share, for a total transaction of $247,040.00. Following the acquisition, the chairman now owns 183,400 shares in the company, valued at approximately $1,415,848. The disclosure for this purchase can be found here. In the last three months, insiders have bought 109,000 shares of company stock worth $844,010. 1.90% of the stock is currently owned by insiders.

About PennantPark Investment Corporation

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.

Earnings History and Estimates for PennantPark Investment Corporation (NASDAQ:PNNT)

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