LSV Asset Management Cuts Stock Holdings in PennantPark Investment Co. $PNNT

LSV Asset Management lowered its stake in PennantPark Investment Co. (NASDAQ:PNNT) by 9.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,608,160 shares of the asset manager’s stock after selling 174,200 shares during the quarter. LSV Asset Management owned about 2.46% of PennantPark Investment worth $10,791,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Advisors Asset Management Inc. increased its holdings in shares of PennantPark Investment by 4.5% in the third quarter. Advisors Asset Management Inc. now owns 550,480 shares of the asset manager’s stock worth $3,694,000 after purchasing an additional 23,726 shares during the last quarter. Disciplined Investments LLC bought a new position in PennantPark Investment during the third quarter valued at approximately $81,000. Evergreen Capital Management LLC grew its holdings in PennantPark Investment by 118.9% during the 3rd quarter. Evergreen Capital Management LLC now owns 46,326 shares of the asset manager’s stock valued at $311,000 after buying an additional 25,159 shares in the last quarter. Brookstone Capital Management increased its stake in PennantPark Investment by 29.2% in the 3rd quarter. Brookstone Capital Management now owns 13,453 shares of the asset manager’s stock worth $90,000 after acquiring an additional 3,038 shares during the last quarter. Finally, Confluence Investment Management LLC raised its holdings in shares of PennantPark Investment by 11.7% during the 3rd quarter. Confluence Investment Management LLC now owns 27,495 shares of the asset manager’s stock worth $184,000 after acquiring an additional 2,872 shares in the last quarter. Institutional investors own 26.62% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. 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, December 3rd. JPMorgan Chase & Co. lowered their price objective on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research report on Wednesday, November 26th. Truist Financial reduced their target price on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods decreased their target price 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. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $5.75.

PennantPark Investment Price Performance

PennantPark Investment stock opened at $5.19 on Friday. PennantPark Investment Co. has a 12-month low of $5.08 and a 12-month high of $7.53. 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 firm has a 50-day moving average price of $5.88 and a 200-day moving average price of $6.42. The firm has a market capitalization of $338.56 million, a PE ratio of 19.94 and a beta of 0.64.

PennantPark Investment Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Monday, March 2nd. Shareholders of record on Tuesday, February 17th will be paid a dividend of $0.08 per share. The ex-dividend date is Tuesday, February 17th. This represents a c) dividend on an annualized basis and a yield of 18.5%. PennantPark Investment’s dividend payout ratio is presently 246.15%.

Insider Activity

In other news, Director Jeffrey Flug sold 121,533 shares of PennantPark Investment stock in a transaction on Monday, December 8th. The shares were sold at an average price of $5.92, for a total transaction of $719,475.36. Following the completion of the sale, the director directly owned 32,382 shares in the company, valued at approximately $191,701.44. The trade was a 78.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold a total of 235,936 shares of company stock valued at $1,397,761 over the last three months. Company insiders own 3.00% of the company’s stock.

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.