Millennium Management LLC Purchases New Stake in PennantPark Investment Co. (NASDAQ:PNNT)

Millennium Management LLC bought a new position in PennantPark Investment Co. (NASDAQ:PNNT - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 437,489 shares of the asset manager's stock, valued at approximately $3,097,000. Millennium Management LLC owned approximately 0.67% of PennantPark Investment at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Truvestments Capital LLC boosted its position in PennantPark Investment by 5.8% during the 4th quarter. Truvestments Capital LLC now owns 382,800 shares of the asset manager's stock valued at $2,710,000 after purchasing an additional 20,907 shares during the period. NewEdge Wealth LLC boosted its position in PennantPark Investment by 1.2% during the 4th quarter. NewEdge Wealth LLC now owns 286,789 shares of the asset manager's stock valued at $2,030,000 after purchasing an additional 3,470 shares during the period. Condor Capital Management boosted its position in PennantPark Investment by 5.9% during the 4th quarter. Condor Capital Management now owns 197,433 shares of the asset manager's stock valued at $1,398,000 after purchasing an additional 10,994 shares during the period. Virtus ETF Advisers LLC boosted its position in PennantPark Investment by 17.7% during the 4th quarter. Virtus ETF Advisers LLC now owns 132,692 shares of the asset manager's stock valued at $939,000 after purchasing an additional 19,978 shares during the period. Finally, Janney Montgomery Scott LLC boosted its position in PennantPark Investment by 12.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 130,907 shares of the asset manager's stock valued at $927,000 after purchasing an additional 14,124 shares during the period. Institutional investors and hedge funds own 26.62% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their price objective on PennantPark Investment from $7.00 to $6.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Wall Street Zen upgraded PennantPark Investment from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Compass Point reissued a "sell" rating and issued a $5.75 price objective (down previously from $6.00) on shares of PennantPark Investment in a research note on Wednesday, May 21st. Finally, LADENBURG THALM/SH SH raised PennantPark Investment to a "hold" rating in a research note on Wednesday, May 14th.

PennantPark Investment Price Performance

Shares of PNNT traded down $0.06 during midday trading on Wednesday, reaching $6.67. The stock had a trading volume of 304,237 shares, compared to its average volume of 497,149. PennantPark Investment Co. has a 52 week low of $5.72 and a 52 week high of $8.04. 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's 50 day moving average price is $6.53 and its 200-day moving average price is $6.86. The company has a market capitalization of $435.52 million, a P/E ratio of 25.65 and a beta of 1.01.

PennantPark Investment Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Monday, June 16th will be given a dividend of $0.08 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 14.39%. The ex-dividend date is Monday, June 16th. PennantPark Investment's dividend payout ratio (DPR) is presently 640.00%.

Insider Transactions at PennantPark Investment

In related news, Director Jose A. Briones bought 3,640 shares of the business's stock in a transaction dated Wednesday, May 14th. The shares were bought at an average cost of $6.88 per share, with a total value of $25,043.20. Following the completion of the transaction, the director now directly owns 268,972 shares of the company's stock, valued at approximately $1,850,527.36. This trade represents a 1.37% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 3.00% of the stock is owned by insiders.

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.