Moors & Cabot Inc. trimmed its holdings in shares of PennantPark Investment Co. (NASDAQ:PNNT – Get Rating) by 46.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,965 shares of the asset manager’s stock after selling 9,656 shares during the period. Moors & Cabot Inc.’s holdings in PennantPark Investment were worth $76,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the business. Ares Management LLC lifted its stake in shares of PennantPark Investment by 5.9% in the 1st quarter. Ares Management LLC now owns 5,242,500 shares of the asset manager’s stock valued at $40,787,000 after purchasing an additional 290,107 shares during the period. Almitas Capital LLC lifted its stake in shares of PennantPark Investment by 7.6% in the 3rd quarter. Almitas Capital LLC now owns 2,634,738 shares of the asset manager’s stock valued at $14,385,000 after purchasing an additional 186,582 shares during the period. Gries Financial LLC acquired a new position in shares of PennantPark Investment in the 3rd quarter valued at $385,000. Advisors Asset Management Inc. increased its holdings in PennantPark Investment by 29.8% in the 1st quarter. Advisors Asset Management Inc. now owns 298,540 shares of the asset manager’s stock worth $2,323,000 after acquiring an additional 68,528 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in PennantPark Investment by 18.8% in the 2nd quarter. Millennium Management LLC now owns 381,804 shares of the asset manager’s stock worth $2,360,000 after acquiring an additional 60,363 shares in the last quarter. 34.33% of the stock is currently owned by institutional investors and hedge funds.
PennantPark Investment Price Performance
PennantPark Investment stock opened at $4.93 on Friday. PennantPark Investment Co. has a 52-week low of $4.70 and a 52-week high of $7.45. The firm has a market capitalization of $321.53 million, a price-to-earnings ratio of 7.44 and a beta of 1.57. The company has a fifty day simple moving average of $5.22 and a 200-day simple moving average of $5.66. The company has a quick ratio of 1.37, a current ratio of 1.37 and a debt-to-equity ratio of 1.38.
PennantPark Investment Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, April 3rd. Stockholders of record on Thursday, March 16th were issued a dividend of $0.185 per share. This is a positive change from PennantPark Investment’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Wednesday, March 15th. This represents a $0.74 dividend on an annualized basis and a dividend yield of 15.01%. PennantPark Investment’s dividend payout ratio is presently -40.00%.
Analysts Set New Price Targets
PNNT has been the subject of several recent analyst reports. Keefe, Bruyette & Woods lowered shares of PennantPark Investment from an “outperform” rating to a “market perform” rating and cut their price target for the stock from $7.00 to $5.50 in a report on Thursday, February 9th. StockNews.com initiated coverage on shares of PennantPark Investment in a report on Thursday, March 16th. They issued a “hold” rating for the company. Finally, Truist Financial cut their price target on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a report on Monday, February 13th.
Insider Transactions at PennantPark Investment
In other PennantPark Investment news, CEO Arthur H. Penn bought 30,000 shares of the company’s stock in a transaction dated Friday, February 10th. The stock was acquired at an average price of $5.61 per share, with a total value of $168,300.00. Following the completion of the acquisition, the chief executive officer now directly owns 968,423 shares of the company’s stock, valued at $5,432,853.03. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.00% of the company’s stock.
PennantPark Investment Profile
PennantPark Investment Corporation is a publicly listed business development firm specializing in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The firm invests in equity securities and debt transactions through preferred stock, common stock, warrants, options, subordinated loans, mezzanine loans, and senior secured loans.
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