Cornerstone Wealth Management LLC Sells 1,954 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Cornerstone Wealth Management LLC reduced its stake in PennantPark Investment Co. (NASDAQ:PNNT) by 1.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 115,781 shares of the asset manager’s stock after selling 1,954 shares during the period. Cornerstone Wealth Management LLC owned approximately 0.18% of PennantPark Investment worth $809,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Hennion & Walsh Asset Management Inc. boosted its position in shares of PennantPark Investment by 14.4% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 661,933 shares of the asset manager’s stock valued at $4,998,000 after acquiring an additional 83,483 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of PennantPark Investment by 4.3% during the 1st quarter. Advisors Asset Management Inc. now owns 652,220 shares of the asset manager’s stock valued at $4,487,000 after acquiring an additional 26,933 shares during the last quarter. Condor Capital Management boosted its position in shares of PennantPark Investment by 81.9% during the 2nd quarter. Condor Capital Management now owns 519,177 shares of the asset manager’s stock valued at $3,920,000 after acquiring an additional 233,685 shares during the last quarter. Truvestments Capital LLC bought a new stake in shares of PennantPark Investment during the 1st quarter valued at about $1,941,000. Finally, Legacy Capital Wealth Partners LLC bought a new stake in shares of PennantPark Investment during the 2nd quarter valued at about $1,785,000. 26.62% of the stock is owned by institutional investors.

PennantPark Investment Stock Performance

NASDAQ:PNNT opened at $6.97 on Friday. The business has a 50 day moving average of $6.98 and a 200 day moving average of $7.18. The company has a market capitalization of $454.62 million, a price-to-earnings ratio of 7.58 and a beta of 1.52. PennantPark Investment Co. has a 1-year low of $6.01 and a 1-year high of $8.04. The company has a debt-to-equity ratio of 1.54, a current ratio of 0.90 and a quick ratio of 0.90.

PennantPark Investment (NASDAQ:PNNT) last released its earnings results on Wednesday, August 7th. The asset manager reported $0.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.02. The company had revenue of $37.00 million during the quarter, compared to the consensus estimate of $36.31 million. PennantPark Investment had a return on equity of 12.29% and a net margin of 30.24%. On average, sell-side analysts predict that PennantPark Investment Co. will post 0.93 earnings per share for the current fiscal year.

PennantPark Investment Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, November 1st. Shareholders of record on Wednesday, October 16th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Wednesday, October 16th. This represents a $0.96 dividend on an annualized basis and a yield of 13.77%. PennantPark Investment’s dividend payout ratio (DPR) is currently 104.35%.

Wall Street Analysts Forecast Growth

PNNT has been the subject of a number of research analyst reports. StockNews.com downgraded PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Friday, August 9th. Compass Point upgraded PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 target price for the company in a research report on Monday, September 9th.

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.