Advisors Asset Management Inc. Sells 55,079 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Advisors Asset Management Inc. lessened its stake in PennantPark Investment Co. (NASDAQ:PNNT) by 8.6% in the 4th quarter, HoldingsChannel reports. The fund owned 588,308 shares of the asset manager’s stock after selling 55,079 shares during the quarter. Advisors Asset Management Inc.’s holdings in PennantPark Investment were worth $4,165,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Sanctuary Advisors LLC acquired a new stake in shares of PennantPark Investment in the fourth quarter valued at approximately $71,000. Grimes & Company Inc. acquired a new stake in shares of PennantPark Investment in the 4th quarter valued at $443,000. Strategic Financial Concepts LLC bought a new stake in shares of PennantPark Investment during the fourth quarter worth $115,000. Janney Montgomery Scott LLC lifted its stake in shares of PennantPark Investment by 12.1% during the fourth quarter. Janney Montgomery Scott LLC now owns 130,907 shares of the asset manager’s stock valued at $927,000 after acquiring an additional 14,124 shares during the period. Finally, Verition Fund Management LLC bought a new position in PennantPark Investment in the third quarter valued at about $74,000. 26.62% of the stock is currently owned by institutional investors and hedge funds.

PennantPark Investment Stock Performance

Shares of PennantPark Investment stock opened at $7.11 on Friday. PennantPark Investment Co. has a 52 week low of $6.43 and a 52 week high of $8.04. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The stock has a market capitalization of $463.93 million, a price-to-earnings ratio of 27.33 and a beta of 1.45. The firm has a fifty day moving average of $7.09 and a two-hundred day moving average of $7.00.

PennantPark Investment Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.08 dividend. This represents a $0.96 annualized dividend and a yield of 13.51%. The ex-dividend date is Friday, March 14th. PennantPark Investment’s payout ratio is 369.23%.

Analyst Ratings Changes

Separately, LADENBURG THALM/SH SH cut PennantPark Investment from a “buy” rating to a “neutral” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $6.00.

About PennantPark Investment

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.