Caxton Associates LP raised its holdings in shares of PennantPark Investment Corporation (NASDAQ:PNNT) by 17.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,370 shares of the asset manager’s stock after purchasing an additional 10,852 shares during the period. Caxton Associates LP’s holdings in PennantPark Investment Corporation were worth $527,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Abbot Financial Management Inc. bought a new position in PennantPark Investment Corporation during the 2nd quarter valued at approximately $702,000. Ameriprise Financial Inc. raised its position in PennantPark Investment Corporation by 164.3% during the 1st quarter. Ameriprise Financial Inc. now owns 29,816 shares of the asset manager’s stock valued at $243,000 after purchasing an additional 18,533 shares during the last quarter. Van ECK Associates Corp raised its position in PennantPark Investment Corporation by 13.5% during the 2nd quarter. Van ECK Associates Corp now owns 616,534 shares of the asset manager’s stock valued at $4,556,000 after purchasing an additional 73,132 shares during the last quarter. Garner Asset Management Corp bought a new position in PennantPark Investment Corporation during the 2nd quarter valued at approximately $538,000. Finally, JPMorgan Chase & Co. raised its position in PennantPark Investment Corporation by 5.7% during the 1st quarter. JPMorgan Chase & Co. now owns 1,900,325 shares of the asset manager’s stock valued at $15,469,000 after purchasing an additional 101,690 shares during the last quarter. 42.72% of the stock is owned by institutional investors and hedge funds.
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Several brokerages have recently issued reports on PNNT. Keefe, Bruyette & Woods set a $9.00 target price on PennantPark Investment Corporation and gave the stock a “hold” rating in a research report on Saturday, June 24th. Compass Point began coverage on PennantPark Investment Corporation in a research report on Thursday, July 13th. They issued a “buy” rating and a $8.50 target price for the company. Jefferies Group LLC reissued a “hold” rating and issued a $8.00 target price on shares of PennantPark Investment Corporation in a research report on Friday, July 14th. Zacks Investment Research lowered PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, July 18th. Finally, J P Morgan Chase & Co raised PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $8.00 to $8.50 in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $8.14.
In other PennantPark Investment Corporation news, Chairman Arthur H. Penn acquired 28,000 shares of PennantPark Investment Corporation stock in a transaction that occurred on Tuesday, August 15th. The stock was bought at an average price of $7.62 per share, with a total value of $213,360.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares of the company’s stock, valued at approximately $1,473,784.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Arthur H. Penn acquired 32,000 shares of PennantPark Investment Corporation stock in a transaction that occurred on Thursday, August 10th. The stock was acquired at an average cost of $7.72 per share, with a total value of $247,040.00. Following the purchase, the chairman now directly owns 183,400 shares of the company’s stock, valued at $1,415,848. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by insiders.
Shares of PennantPark Investment Corporation (NASDAQ:PNNT) traded up 0.0497% on Wednesday, hitting $7.6538. The stock had a trading volume of 15,162 shares. PennantPark Investment Corporation has a 52-week low of $6.86 and a 52-week high of $8.68. The company has a 50-day moving average of $7.56 and a 200-day moving average of $7.63.
PennantPark Investment Corporation (NASDAQ:PNNT) last announced its quarterly earnings results on Monday, August 7th. The asset manager reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.02). The firm had revenue of $31.10 million during the quarter, compared to analysts’ expectations of $31.09 million. PennantPark Investment Corporation had a net margin of 53.92% and a return on equity of 9.11%. The firm’s revenue for the quarter was down 12.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.25 EPS. Analysts predict that PennantPark Investment Corporation will post $0.83 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Wednesday, September 20th were issued a $0.18 dividend. The ex-dividend date was Tuesday, September 19th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 9.41%. PennantPark Investment Corporation’s payout ratio is 74.23%.
About PennantPark Investment Corporation
PennantPark Investment Corporation is a closed-end, non-diversified investment company. The Company is a business development company. Its objectives are to generate both current income and capital appreciation while seeking to preserve capital through debt and equity investments primarily made to the United States middle-market companies in the form of senior secured debt, mezzanine debt and equity investments.
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