PennantPark Investment (NASDAQ:PNNT) Given New $7.00 Price Target at JPMorgan Chase & Co.

PennantPark Investment (NASDAQ:PNNT) had its price target lifted by JPMorgan Chase & Co. from $6.50 to $7.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have a neutral rating on the asset manager’s stock.

PNNT has been the subject of several other reports. LADENBURG THALM/SH SH upgraded shares of PennantPark Investment to a “hold” rating in a research report on Wednesday, May 14th. Wall Street Zen upgraded shares of PennantPark Investment from a “sell” rating to a “hold” rating in a research report on Wednesday, May 14th. Compass Point restated a “sell” rating and set a $5.75 price target (down from $6.00) on shares of PennantPark Investment in a research report on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods restated an “underperform” rating and set a $6.25 price target (down from $6.50) on shares of PennantPark Investment in a research report on Wednesday. Two research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $6.33.

PennantPark Investment Stock Performance

NASDAQ PNNT opened at $7.36 on Thursday. The company has a 50-day simple moving average of $7.05 and a two-hundred day simple moving average of $6.89. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. PennantPark Investment has a 12-month low of $5.72 and a 12-month high of $7.53. The firm has a market cap of $480.25 million, a price-to-earnings ratio of 28.29 and a beta of 1.07.

PennantPark Investment Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Monday, August 18th will be paid a dividend of $0.08 per share. This represents a dividend yield of 1,319.0%. The ex-dividend date of this dividend is Friday, August 15th. PennantPark Investment’s dividend payout ratio is 457.14%.

Hedge Funds Weigh In On PennantPark Investment

Several hedge funds and other institutional investors have recently modified their holdings of the company. Two Sigma Advisers LP raised its stake in shares of PennantPark Investment by 10.7% during the fourth quarter. Two Sigma Advisers LP now owns 1,318,818 shares of the asset manager’s stock valued at $9,337,000 after acquiring an additional 127,100 shares during the last quarter. Two Sigma Investments LP raised its stake in shares of PennantPark Investment by 24.2% during the fourth quarter. Two Sigma Investments LP now owns 914,375 shares of the asset manager’s stock valued at $6,474,000 after acquiring an additional 178,423 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of PennantPark Investment by 3.7% during the first quarter. Advisors Asset Management Inc. now owns 610,144 shares of the asset manager’s stock valued at $4,289,000 after acquiring an additional 21,836 shares during the last quarter. Truvestments Capital LLC raised its stake in shares of PennantPark Investment by 55.8% during the first quarter. Truvestments Capital LLC now owns 596,573 shares of the asset manager’s stock valued at $4,194,000 after acquiring an additional 213,773 shares during the last quarter. Finally, Millennium Management LLC bought a new position in shares of PennantPark Investment during the fourth quarter valued at about $3,097,000. 26.62% of the stock is owned by institutional investors.

About PennantPark Investment

PennantPark Investment Corporation, a business development company is a private equity fund 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 buildings and real estate, hotels, gaming and leisure, technology, telecommunications, transportation, information technology services, electronics, healthcare & pharmaceuticals, education and childcare, financial services, printing and publishing, consumer products, business services, energy & Related Services and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, building materials, capital equipment, chemicals, plastics, & rubber, food & beverage, wholesale, manufacturing and basic industries and retail.