PennantPark Investment (NASDAQ:PNNT) Director Sells $150,750.00 in Stock

PennantPark Investment Co. (NASDAQ:PNNT) Director Jeffrey Flug sold 25,000 shares of the company’s stock in a transaction on Wednesday, November 26th. The stock was sold at an average price of $6.03, for a total transaction of $150,750.00. Following the sale, the director directly owned 243,318 shares of the company’s stock, valued at approximately $1,467,207.54. This represents a 9.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link.

PennantPark Investment Stock Performance

Shares of NASDAQ PNNT traded down $0.17 during trading hours on Monday, hitting $5.91. 1,118,252 shares of the company’s stock were exchanged, compared to its average volume of 505,708. The company’s 50-day moving average price is $6.45 and its 200-day moving average price is $6.81. PennantPark Investment Co. has a 1-year low of $5.72 and a 1-year high of $7.53. The stock has a market capitalization of $385.57 million, a price-to-earnings ratio of 22.71 and a beta of 0.97. 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 firm also recently disclosed a monthly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be given a $0.08 dividend. This represents a c) annualized dividend and a dividend yield of 16.3%. The ex-dividend date of this dividend is Monday, November 17th. PennantPark Investment’s dividend payout ratio is currently 192.00%.

Hedge Funds Weigh In On PennantPark Investment

A number of hedge funds have recently made changes to their positions in PNNT. EverSource Wealth Advisors LLC boosted its position in shares of PennantPark Investment by 100.6% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock valued at $25,000 after acquiring an additional 1,853 shares in the last quarter. BNP Paribas Financial Markets bought a new position in PennantPark Investment during the third quarter worth about $32,000. Quarry LP acquired a new stake in PennantPark Investment during the first quarter valued at approximately $34,000. First Horizon Advisors Inc. acquired a new stake in PennantPark Investment during the second quarter valued at approximately $35,000. Finally, Advisory Services Network LLC acquired a new position in shares of PennantPark Investment in the 3rd quarter worth approximately $38,000. Institutional investors and hedge funds own 26.62% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PNNT shares. JPMorgan Chase & Co. cut their target price on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research note on Wednesday, November 26th. Truist Financial cut their price objective on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods reduced their target price on shares of PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating for the company in a research note on Wednesday, November 26th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, PennantPark Investment has a consensus rating of “Reduce” and a consensus target price of $5.94.

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.