PennantPark Investment Co. $PNNT Stock Position Trimmed by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. trimmed its position in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 32.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 310,405 shares of the asset manager’s stock after selling 152,304 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in PennantPark Investment were worth $2,083,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. EverSource Wealth Advisors LLC raised its holdings in shares of PennantPark Investment by 100.6% during the second quarter. EverSource Wealth Advisors LLC now owns 3,695 shares of the asset manager’s stock valued at $25,000 after buying an additional 1,853 shares during the last quarter. First Horizon Advisors Inc. acquired a new stake in PennantPark Investment in the 2nd quarter valued at approximately $35,000. Allworth Financial LP raised its stake in PennantPark Investment by 7,742.4% during the 2nd quarter. Allworth Financial LP now owns 9,254 shares of the asset manager’s stock valued at $63,000 after acquiring an additional 9,136 shares in the last quarter. Integrity Alliance LLC. acquired a new position in PennantPark Investment during the 1st quarter worth $83,000. Finally, Brookstone Capital Management grew its stake in shares of PennantPark Investment by 29.2% in the third quarter. Brookstone Capital Management now owns 13,453 shares of the asset manager’s stock worth $90,000 after purchasing an additional 3,038 shares in the last quarter. Institutional investors and hedge funds own 26.62% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PNNT. Compass Point upgraded shares of PennantPark Investment from a “sell” rating to a “neutral” rating and cut their price objective for the company from $5.75 to $5.50 in a research note on Wednesday, December 3rd. 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 note on Wednesday, November 26th. Truist Financial reduced their price target on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods lowered their price objective on shares of PennantPark Investment from $6.25 to $5.50 and set an “underperform” rating on the stock in a research note on Wednesday, November 26th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, PennantPark Investment currently has an average rating of “Hold” and a consensus price target of $5.88.

PennantPark Investment Price Performance

Shares of NASDAQ PNNT opened at $6.04 on Friday. PennantPark Investment Co. has a twelve month low of $5.66 and a twelve 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 of $6.10 and a two-hundred day moving average of $6.65. The company has a market capitalization of $394.06 million, a price-to-earnings ratio of 23.21 and a beta of 0.61.

PennantPark Investment Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, February 2nd. Investors of record on Friday, January 16th will be issued a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a yield of 15.9%. The ex-dividend date is Friday, January 16th. PennantPark Investment’s dividend payout ratio (DPR) is presently 192.00%.

Insider Transactions at PennantPark Investment

In other PennantPark Investment news, Director Jeffrey Flug sold 121,533 shares of the company’s stock in a transaction on Monday, December 8th. The stock was sold at an average price of $5.92, for a total value of $719,475.36. Following the transaction, the director owned 32,382 shares of the company’s stock, valued at approximately $191,701.44. This represents a 78.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 235,936 shares of company stock valued at $1,397,761 in the last quarter. Insiders own 3.00% of the company’s stock.

PennantPark Investment Company Profile

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.