Cresset Asset Management LLC Lowers Stake in PennantPark Investment Co. $PNNT

Key Points

• Cresset Asset Management LLC significantly reduced its position in PennantPark Investment Co. by 71.6%, now holding shares valued at approximately $160,000.
• Several hedge funds are adjusting their investments in PennantPark, with Atria Wealth Solutions increasing their stake by 32.1% during the first quarter.
• PennantPark Investment has announced a dividend of $0.08 per share, reflecting a substantial dividend yield of 1,319.0%.

Cresset Asset Management LLC trimmed its stake in PennantPark Investment Co. (NASDAQ:PNNT - Free Report) by 71.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,502 shares of the asset manager's stock after selling 56,744 shares during the quarter. Cresset Asset Management LLC's holdings in PennantPark Investment were worth $160,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Two Sigma Advisers LP raised its holdings in shares of PennantPark Investment by 10.7% in the fourth quarter. Two Sigma Advisers LP now owns 1,318,818 shares of the asset manager's stock worth $9,337,000 after acquiring an additional 127,100 shares during the last quarter. Two Sigma Investments LP raised its holdings in shares of PennantPark Investment by 24.2% in the fourth quarter. Two Sigma Investments LP now owns 914,375 shares of the asset manager's stock worth $6,474,000 after acquiring an additional 178,423 shares during the last quarter. Millennium Management LLC acquired a new position in shares of PennantPark Investment in the fourth quarter worth $3,097,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of PennantPark Investment in the fourth quarter worth $2,470,000. Finally, Condor Capital Management raised its holdings in shares of PennantPark Investment by 4.4% in the first quarter. Condor Capital Management now owns 206,171 shares of the asset manager's stock worth $1,449,000 after acquiring an additional 8,738 shares during the last quarter. 26.62% of the stock is owned by institutional investors and hedge funds.

PennantPark Investment Trading Up 0.1%

PNNT stock traded up $0.01 during trading on Tuesday, reaching $7.18. 685,216 shares of the stock traded hands, compared to its average volume of 483,125. The business's 50 day moving average price is $7.15 and its 200-day moving average price is $6.89. PennantPark Investment Co. has a 52-week low of $5.72 and a 52-week high of $7.53. 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 has a market capitalization of $468.83 million, a PE ratio of 27.62 and a beta of 1.04.

PennantPark Investment Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th will be given a dividend of $0.08 per share. This represents a c) dividend on an annualized basis and a yield of 13.4%. The ex-dividend date of this dividend is Friday, August 15th. PennantPark Investment's payout ratio is 457.14%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Wall Street Zen raised PennantPark Investment from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. LADENBURG THALM/SH SH raised PennantPark Investment to a "hold" rating in a report on Wednesday, May 14th. JPMorgan Chase & Co. upped their target price on PennantPark Investment from $6.50 to $7.00 and gave the company a "neutral" rating in a research note on Thursday, August 14th. Keefe, Bruyette & Woods reiterated an "underperform" rating and issued a $6.25 target price (down from $6.50) on shares of PennantPark Investment in a research note on Wednesday, August 13th. Finally, Compass Point reiterated a "sell" rating and issued a $5.75 target price (down from $6.00) on shares of PennantPark Investment in a research note on Wednesday, May 21st. Two research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $6.33.

PennantPark Investment Company Profile

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.