Denali Advisors LLC Reduces Stock Position in PennantPark Investment Co. $PNNT

Denali Advisors LLC reduced its holdings in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 1.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 106,775 shares of the asset manager’s stock after selling 1,983 shares during the quarter. Denali Advisors LLC owned about 0.16% of PennantPark Investment worth $730,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Truvestments Capital LLC increased its holdings in PennantPark Investment by 55.8% during the 1st quarter. Truvestments Capital LLC now owns 596,573 shares of the asset manager’s stock worth $4,194,000 after acquiring an additional 213,773 shares during the period. Sunbelt Securities Inc. increased its holdings in PennantPark Investment by 309.8% during the 1st quarter. Sunbelt Securities Inc. now owns 72,025 shares of the asset manager’s stock worth $506,000 after acquiring an additional 54,448 shares during the period. Caxton Associates LLP bought a new stake in PennantPark Investment during the 1st quarter worth approximately $339,000. Ethos Financial Group LLC bought a new stake in PennantPark Investment during the 1st quarter worth approximately $198,000. Finally, Advisors Asset Management Inc. increased its holdings in PennantPark Investment by 3.7% during the 1st quarter. Advisors Asset Management Inc. now owns 610,144 shares of the asset manager’s stock worth $4,289,000 after acquiring an additional 21,836 shares during the period. 26.62% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of PennantPark Investment from $7.00 to $6.50 and set a “neutral” rating on the stock in a report on Wednesday, October 1st. Keefe, Bruyette & Woods reaffirmed an “underperform” rating and set a $6.25 target price (down previously from $6.50) on shares of PennantPark Investment in a report on Wednesday, August 13th. Two investment analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, PennantPark Investment has an average rating of “Reduce” and an average price target of $6.17.

PennantPark Investment Price Performance

Shares of NASDAQ:PNNT opened at $6.43 on Thursday. The company’s fifty day moving average price is $6.87 and its 200-day moving average price is $6.81. The firm has a market capitalization of $419.66 million, a price-to-earnings ratio of 24.72 and a beta of 1.00. PennantPark Investment Co. has a one year low of $5.72 and a one year high of $7.53. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47.

PennantPark Investment Announces Dividend

The business also recently declared a oct 25 dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a dividend yield of 1,474.0%. PennantPark Investment’s dividend payout ratio is presently 457.14%.

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.