Insider Selling: PennantPark Investment (NASDAQ:PNNT) Director Sells $90,900.00 in Stock

PennantPark Investment Co. (NASDAQ:PNNT) Director Jeffrey Flug sold 15,000 shares of the stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $6.06, for a total value of $90,900.00. Following the completion of the transaction, the director owned 228,318 shares in the company, valued at approximately $1,383,607.08. The trade was a 6.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Jeffrey Flug also recently made the following trade(s):

• On Monday, December 1st, Jeffrey Flug sold 21,100 shares of PennantPark Investment stock. The stock was sold at an average price of $6.04, for a total value of $127,444.00.
• On Wednesday, November 26th, Jeffrey Flug sold 25,000 shares of PennantPark Investment stock. The stock was sold at an average price of $6.03, for a total transaction of $150,750.00.

PennantPark Investment Price Performance

Shares of PNNT opened at $5.78 on Friday. PennantPark Investment Co. has a 1-year low of $5.66 and a 1-year high of $7.53. The stock has a market cap of $377.08 million, a PE ratio of 22.21 and a beta of 0.62. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.47 and a quick ratio of 0.47. The firm has a fifty day moving average price of $6.39 and a 200 day moving average price of $6.79.

PennantPark Investment Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, January 2nd. Investors of record on Monday, December 15th will be given a $0.08 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a c) dividend on an annualized basis and a dividend yield of 16.6%. PennantPark Investment’s dividend payout ratio is 192.00%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Truvestments Capital LLC raised its stake in shares of PennantPark Investment by 55.8% during the first quarter. Truvestments Capital LLC now owns 596,573 shares of the asset manager’s stock worth $4,194,000 after purchasing an additional 213,773 shares during the last quarter. Sunbelt Securities Inc. increased its stake in PennantPark Investment by 493.1% in the 3rd quarter. Sunbelt Securities Inc. now owns 104,245 shares of the asset manager’s stock valued at $699,000 after buying an additional 86,668 shares during the period. UBS Group AG increased its stake in PennantPark Investment by 35.8% in the 3rd quarter. UBS Group AG now owns 209,725 shares of the asset manager’s stock valued at $1,407,000 after buying an additional 55,331 shares during the period. Thrivent Financial for Lutherans purchased a new position in PennantPark Investment during the 2nd quarter worth $330,000. Finally, Caxton Associates LLP purchased a new position in PennantPark Investment during the 1st quarter worth $339,000. Institutional investors and hedge funds own 26.62% of the company’s stock.

Analyst Ratings Changes

PNNT has been the topic of several research analyst reports. Truist Financial cut their price target on PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, November 26th. JPMorgan Chase & Co. lowered their target price on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating on the stock in a research report on Wednesday, November 26th. Compass Point raised shares of PennantPark Investment from a “sell” rating to a “neutral” rating and cut their target price for the company from $5.75 to $5.50 in a report on Wednesday. Finally, Keefe, Bruyette & Woods decreased their price target 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 equities research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $5.88.

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.