Insider Buying: PennantPark Investment Corp. (PNNT) Chairman Acquires 15,000 Shares of Stock

PennantPark Investment Corp. (NASDAQ:PNNT) Chairman Arthur H. Penn bought 15,000 shares of the company’s stock in a transaction on Wednesday, May 15th. The stock was bought at an average price of $6.58 per share, with a total value of $98,700.00. Following the completion of the acquisition, the chairman now owns 193,410 shares in the company, valued at $1,272,637.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Shares of NASDAQ PNNT traded up $0.04 during mid-day trading on Thursday, reaching $6.59. 1,301 shares of the company’s stock were exchanged, compared to its average volume of 286,632. The stock has a market cap of $440.49 million, a PE ratio of 8.77 and a beta of 1.21. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 1.13. PennantPark Investment Corp. has a 52-week low of $6.21 and a 52-week high of $7.84.

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



Hedge funds have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its holdings in shares of PennantPark Investment by 9.3% in the 1st quarter. JPMorgan Chase & Co. now owns 3,567,869 shares of the asset manager’s stock valued at $24,655,000 after acquiring an additional 304,206 shares during the last quarter. ArrowMark Colorado Holdings LLC increased its holdings in shares of PennantPark Investment by 15.4% in the 1st quarter. ArrowMark Colorado Holdings LLC now owns 2,135,392 shares of the asset manager’s stock valued at $14,756,000 after acquiring an additional 284,743 shares during the last quarter. West Family Investments Inc. increased its holdings in shares of PennantPark Investment by 13.4% in the 4th quarter. West Family Investments Inc. now owns 1,030,880 shares of the asset manager’s stock valued at $6,589,000 after acquiring an additional 122,166 shares during the last quarter. Confluence Investment Management LLC increased its holdings in shares of PennantPark Investment by 14.6% in the 1st quarter. Confluence Investment Management LLC now owns 926,026 shares of the asset manager’s stock valued at $6,399,000 after acquiring an additional 117,764 shares during the last quarter. Finally, Relative Value Partners Group LLC increased its holdings in shares of PennantPark Investment by 2.7% in the 4th quarter. Relative Value Partners Group LLC now owns 731,389 shares of the asset manager’s stock valued at $4,791,000 after acquiring an additional 19,539 shares during the last quarter. 44.97% of the stock is currently owned by institutional investors.

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

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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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