LSV Asset Management Sells 13,000 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

LSV Asset Management trimmed its stake in PennantPark Investment Co. (NASDAQ:PNNT) by 0.6% in the 2nd quarter, HoldingsChannel reports. The fund owned 2,087,863 shares of the asset manager’s stock after selling 13,000 shares during the quarter. LSV Asset Management’s holdings in PennantPark Investment were worth $15,763,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. Parallel Advisors LLC raised its position in shares of PennantPark Investment by 20.0% in the 4th quarter. Parallel Advisors LLC now owns 12,519 shares of the asset manager’s stock worth $87,000 after acquiring an additional 2,087 shares in the last quarter. EMC Capital Management grew its stake in PennantPark Investment by 10.5% during the 1st quarter. EMC Capital Management now owns 31,789 shares of the asset manager’s stock worth $219,000 after buying an additional 3,014 shares during the last quarter. Janney Montgomery Scott LLC grew its stake in PennantPark Investment by 2.8% during the 4th quarter. Janney Montgomery Scott LLC now owns 114,627 shares of the asset manager’s stock worth $792,000 after buying an additional 3,126 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its stake in PennantPark Investment by 6.0% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 60,529 shares of the asset manager’s stock worth $416,000 after buying an additional 3,402 shares during the last quarter. Finally, Kovack Advisors Inc. grew its stake in PennantPark Investment by 9.8% during the 1st quarter. Kovack Advisors Inc. now owns 41,350 shares of the asset manager’s stock worth $284,000 after buying an additional 3,700 shares during the last quarter. 26.62% of the stock is owned by institutional investors.

PennantPark Investment Stock Up 0.1 %

Shares of PNNT stock opened at $7.00 on Wednesday. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.90 and a quick ratio of 0.90. The stock’s fifty day moving average price is $7.18 and its 200 day moving average price is $7.15. The company has a market cap of $456.58 million, a price-to-earnings ratio of 7.61 and a beta of 1.52. PennantPark Investment Co. has a 1-year low of $6.01 and a 1-year high of $8.04.

PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings results on Wednesday, August 7th. The asset manager reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.02. The business had revenue of $37.00 million for the quarter, compared to the consensus estimate of $36.31 million. PennantPark Investment had a return on equity of 12.29% and a net margin of 30.24%. On average, research analysts expect that PennantPark Investment Co. will post 0.93 earnings per share for the current fiscal year.

PennantPark Investment Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be paid a dividend of $0.08 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $0.96 annualized dividend and a yield of 13.71%. PennantPark Investment’s payout ratio is presently 104.35%.

Analyst Ratings Changes

Several brokerages recently weighed in on PNNT. Compass Point upgraded PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 target price on the stock in a research note on Monday. StockNews.com downgraded PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Friday, August 9th.

PennantPark Investment Profile

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.