Garner Asset Management Corp Sells 2,288 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Garner Asset Management Corp trimmed its holdings in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 2.1% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 104,326 shares of the asset manager’s stock after selling 2,288 shares during the quarter. Garner Asset Management Corp’s holdings in PennantPark Investment were worth $729,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Cetera Advisors LLC bought a new stake in PennantPark Investment during the first quarter valued at approximately $748,000. Condor Capital Management boosted its position in shares of PennantPark Investment by 81.9% in the second quarter. Condor Capital Management now owns 519,177 shares of the asset manager’s stock worth $3,920,000 after purchasing an additional 233,685 shares during the period. International Assets Investment Management LLC boosted its position in shares of PennantPark Investment by 599.0% in the third quarter. International Assets Investment Management LLC now owns 219,137 shares of the asset manager’s stock worth $1,532,000 after purchasing an additional 187,787 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in shares of PennantPark Investment by 6.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 60,529 shares of the asset manager’s stock worth $416,000 after purchasing an additional 3,402 shares during the period. Finally, Hennion & Walsh Asset Management Inc. boosted its position in shares of PennantPark Investment by 14.4% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 661,933 shares of the asset manager’s stock worth $4,998,000 after purchasing an additional 83,483 shares during the period. 26.62% of the stock is currently owned by institutional investors.

PennantPark Investment Price Performance

PNNT stock opened at $6.98 on Friday. PennantPark Investment Co. has a one year low of $6.31 and a one year high of $8.04. The company’s fifty day moving average price is $6.96 and its 200-day moving average price is $7.18. The company has a debt-to-equity ratio of 1.54, a quick ratio of 0.90 and a current ratio of 0.90. The company has a market capitalization of $455.77 million, a PE ratio of 10.58 and a beta of 1.52.

PennantPark Investment Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be issued a $0.08 dividend. This represents a $0.96 annualized dividend and a dividend yield of 13.75%. The ex-dividend date is Friday, November 15th. PennantPark Investment’s dividend payout ratio (DPR) is presently 145.45%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on PNNT shares. Compass Point upgraded shares of PennantPark Investment from a “sell” rating to a “neutral” rating and set a $6.00 price target for the company in a research report on Monday, September 9th. StockNews.com lowered shares of PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Friday, August 9th.

PennantPark Investment Profile

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.