PennantPark Investment (NASDAQ:PNNT) Receives “Sell” Rating from Compass Point

Compass Point reiterated their sell rating on shares of PennantPark Investment (NASDAQ:PNNT) in a research note published on Wednesday morning, Marketbeat.com reports. Compass Point currently has a $5.75 target price on the asset manager’s stock, down from their prior target price of $6.00.

PNNT has been the topic of several other reports. LADENBURG THALM/SH SH raised PennantPark Investment to a “hold” rating in a research note on Wednesday, May 14th. JPMorgan Chase & Co. cut their target price on PennantPark Investment from $7.00 to $6.00 and set a “neutral” rating on the stock in a research note on Thursday, April 24th. Finally, StockNews.com raised PennantPark Investment from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th.

PennantPark Investment Stock Down 5.0%

Shares of NASDAQ:PNNT opened at $6.57 on Wednesday. The stock’s 50-day moving average price is $6.62 and its 200-day moving average price is $6.88. PennantPark Investment has a 12-month low of $5.72 and a 12-month high of $8.04. The stock has a market capitalization of $428.67 million, a P/E ratio of 25.25 and a beta of 1.02. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56.

PennantPark Investment Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Thursday, May 15th will be issued a $0.08 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $0.96 annualized dividend and a yield of 14.62%. PennantPark Investment’s dividend payout ratio (DPR) is presently 640.00%.

Insiders Place Their Bets

In related news, Director Jose A. Briones acquired 3,640 shares of the stock in a transaction on Wednesday, May 14th. The stock was acquired at an average cost of $6.88 per share, for a total transaction of $25,043.20. Following the completion of the acquisition, the director now directly owns 268,972 shares of the company’s stock, valued at approximately $1,850,527.36. This represents a 1.37% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.00% of the stock is currently owned by company insiders.

Institutional Trading of PennantPark Investment

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP purchased a new stake in PennantPark Investment in the first quarter worth about $34,000. Ameriflex Group Inc. purchased a new stake in PennantPark Investment in the fourth quarter worth about $39,000. Sanctuary Advisors LLC purchased a new position in shares of PennantPark Investment during the fourth quarter valued at approximately $71,000. BNP Paribas Financial Markets purchased a new position in shares of PennantPark Investment during the fourth quarter valued at approximately $80,000. Finally, Integrity Alliance LLC. purchased a new position in shares of PennantPark Investment during the first quarter valued at approximately $83,000. 26.62% of the stock is currently owned by hedge funds and other institutional investors.

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.