Relative Value Partners Group LLC trimmed its stake in shares of PennantPark Investment Corp. (NASDAQ:PNNT) by 39.2% in the first quarter, HoldingsChannel reports. The firm owned 444,913 shares of the asset manager’s stock after selling 286,476 shares during the quarter. Relative Value Partners Group LLC’s holdings in PennantPark Investment were worth $3,154,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Resource America Inc. boosted its holdings in PennantPark Investment by 12.5% in the first quarter. Resource America Inc. now owns 523,402 shares of the asset manager’s stock valued at $3,617,000 after acquiring an additional 58,000 shares in the last quarter. Kennedy Capital Management Inc. boosted its holdings in PennantPark Investment by 43.5% in the first quarter. Kennedy Capital Management Inc. now owns 718,493 shares of the asset manager’s stock valued at $4,965,000 after acquiring an additional 217,952 shares in the last quarter. Private Advisor Group LLC boosted its holdings in PennantPark Investment by 23.1% in the first quarter. Private Advisor Group LLC now owns 28,640 shares of the asset manager’s stock valued at $198,000 after acquiring an additional 5,374 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new stake in PennantPark Investment in the first quarter valued at $50,000. Finally, BlackRock Inc. boosted its holdings in PennantPark Investment by 2.0% in the first quarter. BlackRock Inc. now owns 325,368 shares of the asset manager’s stock valued at $2,248,000 after acquiring an additional 6,438 shares in the last quarter. Institutional investors and hedge funds own 43.97% of the company’s stock.
Shares of PNNT stock traded down $0.12 during mid-day trading on Friday, reaching $6.40. 73,869 shares of the company’s stock traded hands, compared to its average volume of 231,894. PennantPark Investment Corp. has a 12 month low of $6.21 and a 12 month high of $7.84. The stock has a market cap of $430.63 million, a PE ratio of 8.53 and a beta of 1.22. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 1.13.
PennantPark Investment (NASDAQ:PNNT) last announced its earnings results on Thursday, May 9th. The asset manager reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.17 by ($0.01). PennantPark Investment had a net margin of 28.97% and a return on equity of 7.94%. The business had revenue of $28.69 million for the quarter, compared to the consensus estimate of $28.89 million. On average, sell-side analysts forecast that PennantPark Investment Corp. will post 0.75 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 11.25%. The ex-dividend date is Friday, June 14th. PennantPark Investment’s dividend payout ratio (DPR) is presently 96.00%.
Several analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of PennantPark Investment from a “sell” rating to a “hold” rating in a report on Wednesday, April 17th. Raymond James assumed coverage on shares of PennantPark Investment in a report on Monday, April 29th. They issued an “outperform” rating and a $8.00 price target on the stock. Compass Point cut shares of PennantPark Investment from a “buy” rating to a “neutral” rating and cut their price target for the company from $8.50 to $7.00 in a report on Friday, May 3rd. Finally, BidaskClub cut shares of PennantPark Investment from a “buy” rating to a “hold” rating in a report on Friday, April 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. PennantPark Investment presently has an average rating of “Hold” and an average target price of $7.60.
In other PennantPark Investment news, Chairman Arthur H. Penn bought 15,000 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were purchased at an average price of $6.58 per share, for a total transaction of $98,700.00. Following the acquisition, the chairman now owns 193,410 shares in the company, valued at approximately $1,272,637.80. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Arthur H. Penn purchased 16,000 shares of the stock in a transaction dated Monday, May 13th. The stock was bought at an average cost of $6.52 per share, with a total value of $104,320.00. Following the transaction, the chairman now owns 193,410 shares in the company, valued at $1,261,033.20. The disclosure for this purchase can be found here. Insiders own 2.00% of the company’s stock.
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PennantPark Investment Company Profile
PennantPark Investment Corporation 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 building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.
Further Reading: Reverse Stock Split
Want to see what other hedge funds are holding PNNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PennantPark Investment Corp. (NASDAQ:PNNT).
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