Greenwich Investment Management Inc. trimmed its stake in PennantPark Investment Corp. (NASDAQ:PNNT) by 2.5% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 517,369 shares of the asset manager’s stock after selling 13,137 shares during the quarter. PennantPark Investment makes up 5.1% of Greenwich Investment Management Inc.’s portfolio, making the stock its 4th biggest holding. Greenwich Investment Management Inc. owned approximately 0.73% of PennantPark Investment worth $3,575,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PNNT. Two Sigma Investments LP grew its position in shares of PennantPark Investment by 30.4% in the fourth quarter. Two Sigma Investments LP now owns 487,564 shares of the asset manager’s stock valued at $3,369,000 after purchasing an additional 113,680 shares during the period. Two Sigma Advisers LP raised its stake in PennantPark Investment by 51.8% during the fourth quarter. Two Sigma Advisers LP now owns 720,455 shares of the asset manager’s stock valued at $4,978,000 after buying an additional 245,800 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in PennantPark Investment by 20.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 159,459 shares of the asset manager’s stock valued at $1,102,000 after buying an additional 27,141 shares in the last quarter. Clearbridge LLC raised its stake in PennantPark Investment by 26.6% during the fourth quarter. Clearbridge LLC now owns 1,201,339 shares of the asset manager’s stock valued at $8,301,000 after buying an additional 252,657 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC raised its stake in PennantPark Investment by 42.5% during the fourth quarter. ArrowMark Colorado Holdings LLC now owns 1,617,097 shares of the asset manager’s stock valued at $11,174,000 after buying an additional 482,214 shares in the last quarter. 42.93% of the stock is owned by institutional investors.
In other PennantPark Investment news, Chairman Arthur H. Penn purchased 10,000 shares of the business’s stock in a transaction on Friday, February 9th. The stock was purchased at an average price of $6.94 per share, for a total transaction of $69,400.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares in the company, valued at $1,342,265.40. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.00% of the stock is owned by company insiders.
PennantPark Investment (NASDAQ:PNNT) last issued its quarterly earnings data on Wednesday, February 7th. The asset manager reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.02. The business had revenue of $28.67 million during the quarter, compared to analyst estimates of $28.12 million. PennantPark Investment had a return on equity of 8.58% and a net margin of 41.17%. The business’s revenue for the quarter was down 10.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.21 EPS. sell-side analysts predict that PennantPark Investment Corp. will post 0.74 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Monday, March 19th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 10.04%. The ex-dividend date is Friday, March 16th. PennantPark Investment’s dividend payout ratio is 102.86%.
Several research firms have recently commented on PNNT. Zacks Investment Research raised PennantPark Investment from a “sell” rating to a “hold” rating in a report on Tuesday, February 13th. BidaskClub raised PennantPark Investment from a “strong sell” rating to a “sell” rating in a report on Saturday, February 10th. ValuEngine lowered PennantPark Investment from a “strong-buy” rating to a “buy” rating in a report on Friday, February 2nd. Ladenburg Thalmann Financial Services raised PennantPark Investment from a “neutral” rating to a “buy” rating and set a $8.00 target price for the company in a report on Friday, February 9th. Finally, TheStreet lowered PennantPark Investment from a “b-” rating to a “c” rating in a report on Wednesday, December 13th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $8.30.
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PennantPark Investment Profile
PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.
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