PennantPark Investment Co. (NASDAQ:PNNT) Shares Sold by Abbot Financial Management Inc.

Abbot Financial Management Inc. decreased its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 2.6% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 74,492 shares of the asset manager’s stock after selling 1,997 shares during the period. Abbot Financial Management Inc.’s holdings in PennantPark Investment were worth $562,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Confluence Investment Management LLC bought a new stake in PennantPark Investment during the first quarter worth approximately $4,412,000. Truvestments Capital LLC acquired a new stake in shares of PennantPark Investment in the first quarter valued at $1,941,000. Legacy Capital Wealth Partners LLC bought a new position in PennantPark Investment during the second quarter valued at about $1,785,000. Condor Capital Management grew its holdings in PennantPark Investment by 81.9% during the second quarter. Condor Capital Management now owns 519,177 shares of the asset manager’s stock worth $3,920,000 after acquiring an additional 233,685 shares during the period. Finally, Hennion & Walsh Asset Management Inc. raised its position in PennantPark Investment by 36.5% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 578,450 shares of the asset manager’s stock worth $3,980,000 after acquiring an additional 154,594 shares in the last quarter. 26.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Compass Point upgraded shares of PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 price objective for the company in a research report on Monday, September 9th. StockNews.com cut shares of PennantPark Investment from a “hold” rating to a “sell” rating in a report on Friday, August 9th.

PennantPark Investment Trading Up 1.3 %

NASDAQ:PNNT opened at $7.02 on Tuesday. The stock has a fifty day simple moving average of $7.12 and a 200 day simple moving average of $7.15. The firm has a market capitalization of $458.41 million, a price-to-earnings ratio of 7.63 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 quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 1.54.

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

PennantPark Investment Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 16th will be given a dividend of $0.08 per share. This represents a $0.96 annualized dividend and a yield of 13.68%. The ex-dividend date of this dividend is Monday, September 16th. PennantPark Investment’s payout ratio is 104.35%.

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.