Ares Management LLC Purchases 300,181 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Ares Management LLC lifted its position in PennantPark Investment Co. (NASDAQ:PNNT) by 9.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,634,740 shares of the asset manager’s stock after purchasing an additional 300,181 shares during the quarter. PennantPark Investment comprises approximately 0.9% of Ares Management LLC’s portfolio, making the stock its 13th largest holding. Ares Management LLC owned approximately 0.05% of PennantPark Investment worth $24,280,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Advisory Services Network LLC bought a new position in shares of PennantPark Investment in the second quarter worth $35,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of PennantPark Investment by 33.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,740 shares of the asset manager’s stock worth $65,000 after purchasing an additional 2,465 shares during the period. Trexquant Investment LP bought a new position in shares of PennantPark Investment in the first quarter worth $82,000. Citigroup Inc. increased its holdings in shares of PennantPark Investment by 27.8% in the second quarter. Citigroup Inc. now owns 13,322 shares of the asset manager’s stock worth $89,000 after purchasing an additional 2,900 shares during the period. Finally, XTX Topco Ltd bought a new position in shares of PennantPark Investment in the second quarter worth $96,000. 33.84% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NASDAQ:PNNT traded up $0.07 on Thursday, reaching $6.67. 3,119 shares of the company traded hands, compared to its average volume of 377,094. The business’s 50-day simple moving average is $6.55 and its 200 day simple moving average is $6.54. PennantPark Investment Co. has a 52 week low of $2.80 and a 52 week high of $7.41. The stock has a market capitalization of $447.22 million, a P/E ratio of 2.95, a price-to-earnings-growth ratio of 0.37 and a beta of 1.99. The company has a current ratio of 1.02, a quick ratio of 1.02 and a debt-to-equity ratio of 0.79.

PennantPark Investment (NASDAQ:PNNT) last posted its earnings results on Wednesday, August 4th. The asset manager reported $0.12 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.01). The firm had revenue of $20.49 million for the quarter, compared to analysts’ expectations of $20.14 million. PennantPark Investment had a return on equity of 5.81% and a net margin of 189.39%. Sell-side analysts expect that PennantPark Investment Co. will post 0.52 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 1st. Stockholders of record on Friday, September 17th were issued a dividend of $0.12 per share. The ex-dividend date was Thursday, September 16th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 7.20%. PennantPark Investment’s dividend payout ratio is currently 78.69%.

PNNT has been the topic of a number of research analyst reports. JMP Securities reissued a “hold” rating on shares of PennantPark Investment in a research note on Tuesday, August 24th. Zacks Investment Research cut PennantPark Investment from a “hold” rating to a “sell” rating in a research note on Thursday, October 7th. Oppenheimer initiated coverage on PennantPark Investment in a research note on Friday, July 9th. They issued a “market perform” rating and a $7.50 target price on the stock. Finally, TheStreet raised PennantPark Investment from a “c” rating to a “b-” rating in a research note on Wednesday, September 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.25.

About PennantPark Investment

PennantPark Investment Corporation is a publicly listed business development firm specializing in direct and mezzanine investments in middle market companies. It invests in the form of mezzanine debt, senior secured loans, and equity investments. The firm invests in equity securities and debt transactions through preferred stock, common stock, warrants, options, subordinated loans, mezzanine loans, and senior secured loans.

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Institutional Ownership by Quarter for PennantPark Investment (NASDAQ:PNNT)

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