LSV Asset Management Increases Stake in PennantPark Investment Corporation (PNNT)

LSV Asset Management lifted its stake in shares of PennantPark Investment Corporation (NASDAQ:PNNT) by 36.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,741,127 shares of the asset manager’s stock after purchasing an additional 738,141 shares during the period. LSV Asset Management’s holdings in PennantPark Investment Corporation were worth $20,256,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Signia Capital Management LLC lifted its position in shares of PennantPark Investment Corporation by 1.9% during the second quarter. Signia Capital Management LLC now owns 513,235 shares of the asset manager’s stock worth $3,793,000 after purchasing an additional 9,325 shares in the last quarter. Legal & General Group Plc lifted its position in shares of PennantPark Investment Corporation by 2.1% during the second quarter. Legal & General Group Plc now owns 178,616 shares of the asset manager’s stock worth $1,323,000 after purchasing an additional 3,668 shares in the last quarter. West Family Investments Inc. lifted its position in shares of PennantPark Investment Corporation by 8.3% during the second quarter. West Family Investments Inc. now owns 810,056 shares of the asset manager’s stock worth $5,779,000 after purchasing an additional 62,000 shares in the last quarter. Catalyst Capital Advisors LLC acquired a new position in shares of PennantPark Investment Corporation during the second quarter worth approximately $862,000. Finally, Trexquant Investment LP acquired a new position in shares of PennantPark Investment Corporation during the second quarter worth approximately $219,000. Institutional investors own 42.72% of the company’s stock.

PennantPark Investment Corporation (NASDAQ PNNT) opened at 7.51 on Wednesday. The company has a 50-day moving average of $7.55 and a 200 day moving average of $7.72. PennantPark Investment Corporation has a one year low of $6.86 and a one year high of $8.68.

PennantPark Investment Corporation (NASDAQ:PNNT) last posted its earnings results on Monday, August 7th. The asset manager reported $0.18 EPS for the quarter, missing the consensus estimate of $0.20 by ($0.02). PennantPark Investment Corporation had a return on equity of 9.11% and a net margin of 53.92%. The business had revenue of $31.10 million for the quarter, compared to analyst estimates of $31.09 million. During the same quarter in the prior year, the business earned $0.25 earnings per share. The firm’s quarterly revenue was down 12.4% on a year-over-year basis. Equities research analysts forecast that PennantPark Investment Corporation will post $0.83 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Wednesday, September 20th will be given a dividend of $0.18 per share. The ex-dividend date of this dividend is Tuesday, September 19th. This represents a $0.72 annualized dividend and a yield of 9.59%. PennantPark Investment Corporation’s dividend payout ratio is presently 74.23%.

In other PennantPark Investment Corporation news, Chairman Arthur H. Penn bought 32,000 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were acquired at an average cost of $7.72 per share, for a total transaction of $247,040.00. Following the transaction, the chairman now directly owns 183,400 shares in the company, valued at $1,415,848. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Chairman Arthur H. Penn bought 28,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 15th. The shares were acquired at an average price of $7.62 per share, for a total transaction of $213,360.00. Following the completion of the transaction, the chairman now owns 193,410 shares in the company, valued at $1,473,784.20. The disclosure for this purchase can be found here. 1.90% of the stock is owned by company insiders.

A number of equities analysts have recently issued reports on the stock. Keefe, Bruyette & Woods set a $9.00 target price on shares of PennantPark Investment Corporation and gave the stock a “hold” rating in a research report on Friday, August 25th. BidaskClub lowered shares of PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a report on Saturday, August 19th. J P Morgan Chase & Co upgraded shares of PennantPark Investment Corporation from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $8.00 to $8.50 in a report on Wednesday, August 9th. Zacks Investment Research lowered shares of PennantPark Investment Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Finally, Jefferies Group LLC restated a “hold” rating and issued a $8.00 price objective on shares of PennantPark Investment Corporation in a report on Friday, July 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company’s stock. PennantPark Investment Corporation has an average rating of “Hold” and a consensus target price of $8.25.

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PennantPark Investment Corporation Profile

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.

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

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