LSV Asset Management Sells 51,703 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Key Points

• LSV Asset Management has reduced its holdings in PennantPark Investment Co. by 2.7%, now owning 1,843,760 shares valued at approximately $12.96 million.
• PennantPark Investment recently declared a monthly dividend of $0.08 to be paid on September 30th, representing a 13.3% yield with a very high payout ratio of 640%.
• The stock has seen a trading volume of 398,999 shares recently, with a price impact that resulted in a trading price of $7.23, amid varying analyst ratings and price targets.

LSV Asset Management reduced its position in PennantPark Investment Co. (NASDAQ:PNNT - Free Report) by 2.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,843,760 shares of the asset manager's stock after selling 51,703 shares during the quarter. LSV Asset Management owned approximately 2.82% of PennantPark Investment worth $12,962,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. increased its holdings in PennantPark Investment by 7.3% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 35,882 shares of the asset manager's stock valued at $252,000 after acquiring an additional 2,445 shares during the last quarter. Ameriflex Group Inc. bought a new position in shares of PennantPark Investment during the 4th quarter valued at about $39,000. Denali Advisors LLC grew its position in shares of PennantPark Investment by 5.4% during the first quarter. Denali Advisors LLC now owns 108,758 shares of the asset manager's stock valued at $765,000 after purchasing an additional 5,538 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of PennantPark Investment by 17.6% in the fourth quarter. Wells Fargo & Company MN now owns 41,004 shares of the asset manager's stock worth $290,000 after purchasing an additional 6,145 shares during the last quarter. Finally, Kovack Advisors Inc. increased its holdings in shares of PennantPark Investment by 15.8% in the first quarter. Kovack Advisors Inc. now owns 66,050 shares of the asset manager's stock worth $464,000 after purchasing an additional 9,000 shares during the last quarter. 26.62% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at PennantPark Investment

In other news, Director Jose A. Briones acquired 3,640 shares of the business's stock in a transaction on Wednesday, May 14th. The shares were acquired at an average price of $6.88 per share, for a total transaction of $25,043.20. Following the completion of the transaction, the director directly owned 268,972 shares of the company's stock, valued at approximately $1,850,527.36. The trade was a 1.37% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.00% of the stock is currently owned by corporate insiders.

PennantPark Investment Trading Up 0.9%

NASDAQ PNNT traded up $0.07 during trading hours on Friday, hitting $7.30. 224,754 shares of the company were exchanged, compared to its average volume of 477,306. PennantPark Investment Co. has a 52 week low of $5.72 and a 52 week high of $7.45. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56. The stock has a 50-day moving average price of $6.99 and a 200 day moving average price of $6.88. The stock has a market cap of $476.33 million, a PE ratio of 28.06 and a beta of 1.07.

PennantPark Investment Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.08 dividend. The ex-dividend date is Monday, September 15th. This represents a c) dividend on an annualized basis and a yield of 13.2%. PennantPark Investment's dividend payout ratio (DPR) is currently 640.00%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on PNNT shares. JPMorgan Chase & Co. cut their price target on PennantPark Investment from $7.00 to $6.00 and set a "neutral" rating for the company in a report on Thursday, April 24th. LADENBURG THALM/SH SH upgraded PennantPark Investment to a "hold" rating in a research report on Wednesday, May 14th. Compass Point restated a "sell" rating and issued a $5.75 price target (down previously from $6.00) on shares of PennantPark Investment in a research report on Wednesday, May 21st. Finally, Wall Street Zen upgraded shares of PennantPark Investment from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th.

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.