November 23, 2016 - By Vivian Park
FBR & Co. gave PennantPark Investment (NASDAQ:PNNT) shares a new Mkt Perform rating in a a research note issued to clients and investors on Wednesday morning. This is decrease from the last Outperform rating. The company now has a $8.00 price target on company, suggesting 13.15% upside potential.
Out of 8 analysts covering Pennant Investment (NASDAQ:PNNT), 3 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 38% are positive. $10 is the highest target while $6.50 is the lowest. The $7.89 average target is 10.20% above today’s ($7.16) stock price. Pennant Investment has been the topic of 16 analyst reports since August 6, 2015 according to StockzIntelligence Inc. DA Davidson initiated it with “Buy” rating and $8 target price in Wednesday, September 30 report. The company was downgraded on Monday, May 2 by Robert W. Baird. The rating was maintained by MLV with “Buy” on Thursday, August 6. DA Davidson downgraded the shares of PNNT in a report on Wednesday, July 27 to “Neutral” rating. As per Wednesday, August 10, the company rating was maintained by JMP Securities. The firm has “Neutral” rating by JP Morgan given on Monday, July 18. Ladenburg Thalmann upgraded the stock to “Buy” rating in Tuesday, November 22 report.
About 730,874 shares traded hands or 113.01% up from the average. PennantPark Investment Corp. (NASDAQ:PNNT) has risen 14.72% since April 21, 2016 and is uptrending. It has outperformed by 9.39% the S&P500.
Insitutional Activity: The institutional sentiment increased to 1.12 in 2016 Q2. Its up 0.24, from 0.88 in 2016Q1. The ratio improved, as 17 funds sold all PennantPark Investment Corp. shares owned while 32 reduced positions. 12 funds bought stakes while 31 increased positions. They now own 21.22 million shares or 3.29% more from 20.54 million shares in 2016Q1.
Wedge Capital Mgmt L L P Nc owns 22,846 shares or 0.01% of their US portfolio. Essex Finance Inc holds 0.03% or 15,300 shares in its portfolio. Cibc Ww has 31,580 shares for 0% of their US portfolio. The New York-based Tower Rech Capital Ltd Com (Trc) has invested 0% in PennantPark Investment Corp. (NASDAQ:PNNT). Bbr Partners Limited Liability accumulated 34,268 shares or 0.04% of the stock. Ladenburg Thalmann Financial Svcs has 69,774 shares for 0.01% of their US portfolio. Cambridge Advsrs owns 63,818 shares or 0.01% of their US portfolio. Confluence Inv Limited Com, a Missouri-based fund reported 914,637 shares. Aperio Gp Ltd Liability Corporation has invested 0% of its portfolio in PennantPark Investment Corp. (NASDAQ:PNNT). Manufacturers Life Insurance Communications The accumulated 0% or 10,485 shares. Burgundy Asset Mgmt Limited accumulated 719,026 shares or 0.05% of the stock. Kcg Holdings accumulated 14,989 shares or 0% of the stock. Assetmark owns 167,426 shares or 0.02% of their US portfolio. Eaton Vance Management holds 0% of its portfolio in PennantPark Investment Corp. (NASDAQ:PNNT) for 72,837 shares. Global X Management Co Ltd Co last reported 4,258 shares in the company.
PennantPark Investment Corporation is a business development firm 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. The company has a market cap of $479.68 million. The Firm is a closed-end, externally managed, non-diversified investment company. It has a 25.89 P/E ratio. It seeks to create a diversified portfolio that includes senior secured loans, mezzanine debt and equity investments.
According to Zacks Investment Research, “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.”
PennantPark Investment Corporation (PennantPark Investment), incorporated on January 11, 2007, is a business development firm focused to generate both 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. The Firm is a closed-end, externally managed, non-diversified investment company. The Firm seeks to create a diversified portfolio that includes senior secured loans, mezzanine debt and equity investments.
More recent PennantPark Investment Corp. (NASDAQ:PNNT) news were published by: Marketwatch.com which released: “PennantPark downgraded to neutral from outperform at RW Baird” on September 09, 2009. Also Fool.com published the news titled: “How Low Can PennantPark Investment Corp. Go?” on September 27, 2015. Equitiesfocus.com‘s news article titled: “PennantPark Investment Corporation (NYSE:PNTA) 200-Day MA At $25.0886” with publication date: November 22, 2016 was also an interesting one.
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By Vivian Park