Garner Asset Management Corp Acquires 9,610 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Garner Asset Management Corp boosted its stake in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 9.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 106,614 shares of the asset manager’s stock after acquiring an additional 9,610 shares during the quarter. Garner Asset Management Corp owned approximately 0.16% of PennantPark Investment worth $805,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Confluence Investment Management LLC acquired a new stake in shares of PennantPark Investment in the first quarter valued at approximately $4,412,000. Truvestments Capital LLC bought a new position in PennantPark Investment in the first quarter valued at about $1,941,000. Legacy Capital Wealth Partners LLC bought a new stake in PennantPark Investment during the 2nd quarter worth about $1,785,000. Condor Capital Management boosted its stake 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 valued at $3,920,000 after purchasing an additional 233,685 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of PennantPark Investment by 36.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 578,450 shares of the asset manager’s stock worth $3,980,000 after buying an additional 154,594 shares during the period. Institutional investors and hedge funds own 26.62% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on PNNT. StockNews.com lowered shares of PennantPark Investment from a “hold” rating to a “sell” rating in a report on Friday, August 9th. Compass Point raised 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.

PennantPark Investment Stock Up 0.4 %

Shares of NASDAQ:PNNT opened at $6.99 on Thursday. The company has a 50 day moving average price of $7.09 and a two-hundred day moving average price of $7.15. The company has a market capitalization of $455.60 million, a PE ratio of 7.59 and a beta of 1.52. PennantPark Investment Co. has a 52 week low of $6.01 and a 52 week high of $8.04. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.90 and a current ratio of 0.90.

PennantPark Investment (NASDAQ:PNNT) last announced its earnings results on Wednesday, August 7th. The asset manager reported $0.24 EPS for the quarter, topping the consensus estimate of $0.22 by $0.02. PennantPark Investment had a net margin of 30.24% and a return on equity of 12.29%. The firm had revenue of $37.00 million for the quarter, compared to the consensus estimate of $36.31 million. Analysts forecast that PennantPark Investment Co. will post 0.93 earnings per share for the current year.

PennantPark Investment Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 16th will be paid a $0.08 dividend. The ex-dividend date is Monday, September 16th. This represents a $0.96 annualized dividend and a dividend yield of 13.74%. PennantPark Investment’s dividend payout ratio is presently 104.35%.

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.