Garner Asset Management Corp Decreases Position in PennantPark Investment Co. (NASDAQ:PNNT)

Garner Asset Management Corp cut its position in PennantPark Investment Co. (NASDAQ:PNNT) by 2.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 104,326 shares of the asset manager’s stock after selling 2,288 shares during the period. Garner Asset Management Corp owned approximately 0.16% of PennantPark Investment worth $729,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Brookstone Capital Management purchased a new position in PennantPark Investment in the second quarter worth about $105,000. EMC Capital Management raised its holdings in PennantPark Investment by 10.5% in the first quarter. EMC Capital Management now owns 31,789 shares of the asset manager’s stock worth $219,000 after buying an additional 3,014 shares during the last quarter. Kovack Advisors Inc. raised its holdings in PennantPark Investment by 4.6% in the third quarter. Kovack Advisors Inc. now owns 45,350 shares of the asset manager’s stock worth $317,000 after buying an additional 2,000 shares during the last quarter. Founders Financial Alliance LLC raised its holdings in PennantPark Investment by 28.0% in the second quarter. Founders Financial Alliance LLC now owns 47,259 shares of the asset manager’s stock worth $357,000 after buying an additional 10,339 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co grew its stake in shares of PennantPark Investment by 6.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 60,529 shares of the asset manager’s stock worth $416,000 after acquiring an additional 3,402 shares during the period. 26.62% of the stock is owned by hedge funds and other institutional investors.

PennantPark Investment Stock Performance

Shares of PNNT stock opened at $6.98 on Friday. The company has a 50 day moving average price of $6.96 and a 200-day moving average price of $7.18. PennantPark Investment Co. has a 52 week low of $6.31 and a 52 week high of $8.04. The firm has a market capitalization of $455.77 million, a PE ratio of 10.58 and a beta of 1.52. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.54.

PennantPark Investment Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, November 15th. This represents a $0.96 annualized dividend and a yield of 13.75%. PennantPark Investment’s dividend payout ratio (DPR) is 145.45%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. StockNews.com lowered shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Friday, August 9th. Compass Point upgraded shares of PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 price target for the company in a research note on Monday, September 9th.

PennantPark Investment 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.