J P Morgan Chase & Co upgraded shares of PennantPark Investment Corporation (NASDAQ:PNNT) from a neutral rating to an overweight rating in a research note issued to investors on Wednesday, Marketbeat reports. The firm currently has $8.50 target price on the asset manager’s stock, up from their previous target price of $8.00.

Other equities research analysts have also recently issued research reports about the stock. Compass Point started coverage on shares of PennantPark Investment Corporation in a research report on Thursday, July 13th. They set a buy rating and a $8.50 target price for the company. Zacks Investment Research upgraded shares of PennantPark Investment Corporation from a hold rating to a buy rating and set a $9.00 target price for the company in a research report on Wednesday, May 3rd. Keefe, Bruyette & Woods reiterated a hold rating and set a $8.50 target price on shares of PennantPark Investment Corporation in a research report on Tuesday, July 25th. Jefferies Group LLC reiterated a hold rating and set a $8.00 target price on shares of PennantPark Investment Corporation in a research report on Friday, July 14th. Finally, JMP Securities cut shares of 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company. The stock currently has an average rating of Hold and a consensus price target of $8.19.

PennantPark Investment Corporation (NASDAQ:PNNT) traded down 0.64% on Wednesday, reaching $7.71. 307,738 shares of the company’s stock traded hands. PennantPark Investment Corporation has a 52-week low of $6.86 and a 52-week high of $8.68. The firm’s 50-day moving average is $7.46 and its 200 day moving average is $7.81.

PennantPark Investment Corporation (NASDAQ:PNNT) last announced its earnings results on Monday, August 7th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by $0.02. The firm had revenue of $31.10 million for the quarter, compared to analyst estimates of $31.09 million. PennantPark Investment Corporation had a return on equity of 9.11% and a net margin of 53.92%. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.25 EPS. On average, equities analysts anticipate that PennantPark Investment Corporation will post $0.83 EPS for the current year.

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In related news, Chairman Arthur H. Penn acquired 32,000 shares of the stock in a transaction on Wednesday, May 17th. The stock was purchased at an average price of $7.72 per share, for a total transaction of $247,040.00. Following the transaction, the chairman now owns 183,400 shares of the company’s stock, valued at approximately $1,415,848. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, CEO Arthur H. Penn acquired 17,000 shares of the stock in a transaction on Tuesday, May 16th. The stock was bought at an average price of $7.77 per share, with a total value of $132,090.00. Following the transaction, the chief executive officer now directly owns 183,400 shares in the company, valued at approximately $1,425,018. The disclosure for this purchase can be found here. Insiders acquired a total of 109,000 shares of company stock valued at $844,010 in the last 90 days. Corporate insiders own 1.90% of the company’s stock.

A number of large investors have recently bought and sold shares of the stock. Global X Management Co. LLC raised its position in shares of PennantPark Investment Corporation by 50.1% in the first quarter. Global X Management Co. LLC now owns 16,664 shares of the asset manager’s stock valued at $136,000 after buying an additional 5,563 shares during the period. Stifel Financial Corp raised its position in shares of PennantPark Investment Corporation by 43.8% in the first quarter. Stifel Financial Corp now owns 18,400 shares of the asset manager’s stock valued at $147,000 after buying an additional 5,600 shares during the period. Pinebridge Investments L.P. raised its position in shares of PennantPark Investment Corporation by 0.8% in the second quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock valued at $167,000 after buying an additional 169 shares during the period. Stephens Inc. AR raised its position in shares of PennantPark Investment Corporation by 44.8% in the second quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock valued at $177,000 after buying an additional 7,414 shares during the period. Finally, Private Advisor Group LLC raised its position in shares of PennantPark Investment Corporation by 0.6% in the second quarter. Private Advisor Group LLC now owns 28,606 shares of the asset manager’s stock valued at $212,000 after buying an additional 166 shares during the period. Hedge funds and other institutional investors own 43.84% of the company’s stock.

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.

Analyst Recommendations for PennantPark Investment Corporation (NASDAQ:PNNT)

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