Truvestments Capital LLC Raises Stake in PennantPark Investment Co. (NASDAQ:PNNT)

Truvestments Capital LLC lifted its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 16.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 361,893 shares of the asset manager’s stock after purchasing an additional 50,907 shares during the quarter. Truvestments Capital LLC owned about 0.55% of PennantPark Investment worth $2,530,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in PNNT. Legacy Capital Wealth Partners LLC acquired a new position in PennantPark Investment during the second quarter worth $1,785,000. Condor Capital Management boosted its position in shares of PennantPark Investment by 81.9% in the 2nd quarter. Condor Capital Management now owns 519,177 shares of the asset manager’s stock worth $3,920,000 after buying an additional 233,685 shares in the last quarter. International Assets Investment Management LLC grew its stake in PennantPark Investment by 599.0% in the 3rd quarter. International Assets Investment Management LLC now owns 219,137 shares of the asset manager’s stock valued at $1,532,000 after acquiring an additional 187,787 shares during the last quarter. Cetera Advisors LLC purchased a new position in PennantPark Investment during the 1st quarter valued at about $748,000. Finally, Hennion & Walsh Asset Management Inc. raised its position in PennantPark Investment by 14.4% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 661,933 shares of the asset manager’s stock worth $4,998,000 after acquiring an additional 83,483 shares during the last quarter. Hedge funds and other institutional investors own 26.62% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PNNT. Compass Point raised 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 note on Monday, September 9th. StockNews.com downgraded PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Friday, August 9th.

PennantPark Investment Price Performance

PennantPark Investment stock opened at $7.00 on Monday. The stock has a market capitalization of $457.10 million, a P/E ratio of 7.43 and a beta of 1.52. PennantPark Investment Co. has a 12-month low of $6.31 and a 12-month 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. The firm’s 50-day moving average is $6.96 and its two-hundred day moving average is $7.18.

PennantPark Investment Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Friday, November 15th will be paid a $0.08 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.96 annualized dividend and a yield of 13.71%. PennantPark Investment’s payout ratio is currently 145.46%.

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.