PennantPark Investment Co. $PNNT Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. lessened its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 51.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 150,093 shares of the asset manager’s stock after selling 160,312 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in PennantPark Investment were worth $895,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Sunbelt Securities Inc. increased its position in PennantPark Investment by 493.1% during the third quarter. Sunbelt Securities Inc. now owns 104,245 shares of the asset manager’s stock worth $699,000 after purchasing an additional 86,668 shares during the last quarter. Advisory Services Network LLC purchased a new position in PennantPark Investment during the third quarter worth about $38,000. CANADA LIFE ASSURANCE Co boosted its holdings in PennantPark Investment by 22.3% in the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 82,785 shares of the asset manager’s stock valued at $554,000 after purchasing an additional 15,100 shares during the last quarter. Brevan Howard Capital Management LP grew its stake in shares of PennantPark Investment by 64.6% in the 3rd quarter. Brevan Howard Capital Management LP now owns 64,778 shares of the asset manager’s stock valued at $435,000 after buying an additional 25,431 shares during the period. Finally, Crawford Investment Counsel Inc. purchased a new stake in shares of PennantPark Investment in the 3rd quarter valued at approximately $135,000. Hedge funds and other institutional investors own 26.62% of the company’s stock.

PennantPark Investment Stock Performance

NASDAQ PNNT opened at $4.47 on Friday. The stock has a fifty day simple moving average of $5.06 and a 200-day simple moving average of $5.85. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. The stock has a market cap of $291.55 million, a PE ratio of 17.17 and a beta of 0.65. PennantPark Investment Co. has a twelve month low of $4.29 and a twelve month high of $7.53.

PennantPark Investment Announces Dividend

The business also recently announced a special dividend, which was paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th were paid a dividend of $0.04 per share. This represents a yield of 1,033.0%. The ex-dividend date of this dividend was Monday, March 16th. PennantPark Investment’s dividend payout ratio (DPR) is 123.08%.

Analysts Set New Price Targets

Separately, Keefe, Bruyette & Woods reduced their price target on shares of PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating on the stock in a research report on Friday, February 13th. One equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $5.75.

Insiders Place Their Bets

In related news, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The stock was acquired at an average cost of $4.88 per share, for a total transaction of $73,200.00. Following the completion of the transaction, the chief financial officer directly owned 30,000 shares in the company, valued at approximately $146,400. The trade was a 100.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. 3.00% of the stock is currently owned by company insiders.

About PennantPark Investment

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.