Advisors Asset Management Inc. reduced its stake in PennantPark Investment Corporation (NASDAQ:PNNT) by 20.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 557,350 shares of the asset manager’s stock after selling 146,807 shares during the period. Advisors Asset Management Inc.’s holdings in PennantPark Investment Corporation were worth $4,119,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of PNNT. Van ECK Associates Corp increased its stake in PennantPark Investment Corporation by 29.0% in the first quarter. Van ECK Associates Corp now owns 543,402 shares of the asset manager’s stock valued at $4,423,000 after buying an additional 122,222 shares in the last quarter. Muzinich & Co. Inc. increased its stake in PennantPark Investment Corporation by 67.2% in the first quarter. Muzinich & Co. Inc. now owns 2,186,589 shares of the asset manager’s stock valued at $17,799,000 after buying an additional 878,491 shares in the last quarter. Mckinley Capital Management LLC Delaware acquired a new stake in PennantPark Investment Corporation during the first quarter valued at approximately $2,166,000. Stifel Financial Corp increased its stake in PennantPark Investment Corporation by 43.8% in the first quarter. Stifel Financial Corp now owns 18,400 shares of the asset manager’s stock valued at $147,000 after buying an additional 5,600 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in PennantPark Investment Corporation by 5.7% in the first quarter. JPMorgan Chase & Co. now owns 1,900,325 shares of the asset manager’s stock valued at $15,469,000 after buying an additional 101,690 shares in the last quarter. 43.81% of the stock is owned by institutional investors.
PennantPark Investment Corporation (NASDAQ PNNT) opened at 7.57 on Friday. The company’s 50-day moving average is $7.49 and its 200 day moving average is $7.80. PennantPark Investment Corporation has a 1-year low of $6.86 and a 1-year high of $8.68.
PennantPark Investment Corporation (NASDAQ:PNNT) last posted its earnings results on Monday, August 7th. The asset manager reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.20 by $0.02. PennantPark Investment Corporation had a return on equity of 9.11% and a net margin of 53.92%. The firm had revenue of $31.10 million for the quarter, compared to analyst estimates of $31.09 million. During the same period in the prior year, the business posted $0.25 EPS. The firm’s quarterly revenue was down 12.4% compared to the same quarter last year. On average, equities research analysts expect that PennantPark Investment Corporation will post $0.83 EPS for the current year.
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Several research firms have commented on PNNT. Zacks Investment Research raised shares of PennantPark Investment Corporation from a “hold” rating to a “buy” rating and set a $9.00 target price for the company in a research report on Wednesday, May 3rd. JMP Securities downgraded shares of PennantPark Investment Corporation from an “outperform” rating to a “market perform” rating in a report on Thursday, May 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $8.50 price objective on shares of PennantPark Investment Corporation in a report on Friday, April 21st. BidaskClub raised shares of PennantPark Investment Corporation from a “sell” rating to a “hold” rating in a report on Friday, August 11th. Finally, J P Morgan Chase & Co raised shares of PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $8.00 to $8.50 in a report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $8.19.
In other news, Chairman Arthur H. Penn bought 28,000 shares of the company’s stock in a transaction dated Tuesday, August 15th. The stock was bought at an average price of $7.62 per share, with a total value of $213,360.00. Following the completion of the acquisition, the chairman now owns 193,410 shares of the company’s stock, valued at $1,473,784.20. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Arthur H. Penn bought 32,000 shares of the company’s stock in a transaction dated Thursday, August 10th. The shares were purchased at an average cost of $7.72 per share, with a total value of $247,040.00. Following the acquisition, the chairman now directly owns 183,400 shares of the company’s stock, valued at approximately $1,415,848. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by company insiders.
About PennantPark Investment Corporation
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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