Raymond James & Associates decreased its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT – Free Report) by 15.0% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 172,760 shares of the asset manager’s stock after selling 30,432 shares during the quarter. Raymond James & Associates owned about 0.26% of PennantPark Investment worth $1,018,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Ares Management LLC raised its holdings in shares of PennantPark Investment by 5.9% during the first 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. Relative Value Partners Group LLC grew its stake in PennantPark Investment by 0.5% in the first quarter. Relative Value Partners Group LLC now owns 1,059,861 shares of the asset manager’s stock valued at $5,596,000 after acquiring an additional 5,394 shares during the period. Millennium Management LLC increased its holdings in shares of PennantPark Investment by 5,609.7% during the fourth quarter. Millennium Management LLC now owns 812,257 shares of the asset manager’s stock valued at $4,670,000 after acquiring an additional 798,031 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of PennantPark Investment by 6.4% during the first quarter. Advisors Asset Management Inc. now owns 623,784 shares of the asset manager’s stock worth $3,294,000 after purchasing an additional 37,443 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of PennantPark Investment by 3.4% in the 4th quarter. Morgan Stanley now owns 592,899 shares of the asset manager’s stock worth $3,409,000 after purchasing an additional 19,264 shares in the last quarter. Institutional investors own 32.00% of the company’s stock.
PennantPark Investment Price Performance
Shares of NASDAQ:PNNT opened at $6.46 on Friday. PennantPark Investment Co. has a fifty-two week low of $4.70 and a fifty-two week high of $7.07. The company’s 50-day moving average is $6.42 and its 200 day moving average is $6.06. The company has a debt-to-equity ratio of 1.23, a quick ratio of 2.11 and a current ratio of 2.11. The company has a market capitalization of $421.32 million, a P/E ratio of -5.25 and a beta of 1.56.
PennantPark Investment Announces Dividend
The company also recently announced a monthly dividend, which was paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 17th were given a $0.07 dividend. This represents a $0.84 dividend on an annualized basis and a yield of 13.00%. The ex-dividend date of this dividend was Monday, October 16th. PennantPark Investment’s dividend payout ratio is currently -68.29%.
Wall Street Analyst Weigh In
A number of brokerages have commented on PNNT. LADENBURG THALM/SH SH boosted their price target on shares of PennantPark Investment from $6.50 to $7.00 in a research note on Monday, August 14th. Compass Point downgraded PennantPark Investment from a “buy” rating to a “neutral” rating and set a $6.75 price target for the company. in a research note on Monday, August 14th. They noted that the move was a valuation call. StockNews.com started coverage on PennantPark Investment in a report on Thursday, October 5th. They set a “hold” rating for the company. JPMorgan Chase & Co. raised their target price on PennantPark Investment from $6.00 to $6.50 and gave the company a “neutral” rating in a report on Friday, August 11th. Finally, Raymond James increased their price target on PennantPark Investment from $6.50 to $7.25 and gave the company an “outperform” rating in a research report on Monday, August 14th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $6.67.
Check Out Our Latest Research Report on PNNT
Insider Buying and Selling at PennantPark Investment
In other news, Director Jose A. Briones purchased 10,960 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was bought at an average price of $6.84 per share, for a total transaction of $74,966.40. Following the purchase, the director now owns 233,499 shares of the company’s stock, valued at $1,597,133.16. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.00% of the company’s stock.
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.
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