Dynamic Technology Lab Private Ltd bought a new position in shares of PennantPark Investment Corporation (NASDAQ:PNNT) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 93,792 shares of the asset manager’s stock, valued at approximately $693,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PNNT. Global X Management Co. LLC grew its stake in PennantPark Investment Corporation by 50.1% during the 1st quarter. Global X Management Co. LLC now owns 16,664 shares of the asset manager’s stock worth $136,000 after purchasing an additional 5,563 shares in the last quarter. Stifel Financial Corp grew its stake in PennantPark Investment Corporation by 43.8% during the 1st quarter. Stifel Financial Corp now owns 18,400 shares of the asset manager’s stock worth $147,000 after purchasing an additional 5,600 shares in the last quarter. Pinebridge Investments L.P. grew its stake in PennantPark Investment Corporation by 0.8% during the 2nd quarter. Pinebridge Investments L.P. now owns 22,580 shares of the asset manager’s stock worth $167,000 after purchasing an additional 169 shares in the last quarter. Stephens Inc. AR lifted its holdings in PennantPark Investment Corporation by 44.8% during the 2nd quarter. Stephens Inc. AR now owns 23,964 shares of the asset manager’s stock worth $177,000 after buying an additional 7,414 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in PennantPark Investment Corporation by 552.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,044 shares of the asset manager’s stock worth $207,000 after buying an additional 23,747 shares during the last quarter. 42.64% of the stock is owned by hedge funds and other institutional investors.
In other news, Chairman Arthur H. Penn purchased 32,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 10th. The stock was acquired at an average cost of $7.72 per share, for a total transaction of $247,040.00. Following the completion of the purchase, the chairman now owns 183,400 shares of the company’s stock, valued at $1,415,848. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Arthur H. Penn purchased 28,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was purchased at an average price of $7.62 per share, with a total value of $213,360.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares of the company’s stock, valued at approximately $1,473,784.20. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by company insiders.
PennantPark Investment Corporation (NASDAQ:PNNT) traded up 0.40% during mid-day trading on Friday, hitting $7.55. The stock had a trading volume of 288,023 shares. The company has a 50-day moving average of $7.56 and a 200-day moving average of $7.60. PennantPark Investment Corporation has a 12-month low of $6.86 and a 12-month high of $8.68.
PennantPark Investment Corporation (NASDAQ:PNNT) last posted its quarterly earnings results on Monday, August 7th. The asset manager reported $0.18 EPS for the quarter, missing the Zacks’ consensus estimate of $0.20 by ($0.02). The firm had revenue of $31.10 million during 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 firm’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter last year, the business posted $0.25 earnings per share. Equities research analysts predict that PennantPark Investment Corporation will post $0.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Wednesday, September 20th were paid a $0.18 dividend. The ex-dividend date of this dividend was Tuesday, September 19th. This represents a $0.72 dividend on an annualized basis and a yield of 9.54%. PennantPark Investment Corporation’s dividend payout ratio (DPR) is 74.23%.
A number of analysts have issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $8.50 price target on shares of PennantPark Investment Corporation in a report on Thursday. Zacks Investment Research raised PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, October 11th. BidaskClub downgraded PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 19th. J P Morgan Chase & Co raised PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $8.00 to $8.50 in a report on Wednesday, August 9th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $8.00 price target on shares of PennantPark Investment Corporation in a report on Friday, July 14th. One 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 company currently has an average rating of “Hold” and a consensus target price of $8.07.
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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.
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