Northwestern Mutual Wealth Management Co. Cuts Position in PennantPark Investment Co. $PNNT

Northwestern Mutual Wealth Management Co. lessened its holdings in PennantPark Investment Co. (NASDAQ:PNNT) by 35.5% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 7,275 shares of the asset manager’s stock after selling 4,000 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in PennantPark Investment were worth $51,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Millennium Management LLC purchased a new stake in shares of PennantPark Investment during the fourth quarter valued at approximately $3,097,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of PennantPark Investment during the fourth quarter valued at approximately $2,470,000. Two Sigma Investments LP grew its holdings in shares of PennantPark Investment by 24.2% during the fourth quarter. Two Sigma Investments LP now owns 914,375 shares of the asset manager’s stock valued at $6,474,000 after buying an additional 178,423 shares during the last quarter. Two Sigma Advisers LP grew its holdings in shares of PennantPark Investment by 10.7% during the fourth quarter. Two Sigma Advisers LP now owns 1,318,818 shares of the asset manager’s stock valued at $9,337,000 after buying an additional 127,100 shares during the last quarter. Finally, Sunbelt Securities Inc. grew its holdings in shares of PennantPark Investment by 309.8% during the first quarter. Sunbelt Securities Inc. now owns 72,025 shares of the asset manager’s stock valued at $506,000 after buying an additional 54,448 shares during the last quarter. Hedge funds and other institutional investors own 26.62% of the company’s stock.

PennantPark Investment Trading Down 0.3%

Shares of PNNT stock opened at $7.22 on Friday. PennantPark Investment Co. has a 12-month low of $5.72 and a 12-month high of $7.53. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. The firm’s 50 day moving average is $7.18 and its 200 day moving average is $6.89. The stock has a market capitalization of $471.11 million, a P/E ratio of 27.75 and a beta of 1.04.

PennantPark Investment Announces Dividend

The firm also recently declared a monthly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Friday, August 15th were given a $0.08 dividend. The ex-dividend date was Friday, August 15th. This represents a c) annualized dividend and a yield of 13.3%. PennantPark Investment’s dividend payout ratio (DPR) is presently 457.14%.

Analysts Set New Price Targets

PNNT has been the topic of a number of recent analyst reports. LADENBURG THALM/SH SH upgraded shares of PennantPark Investment to a “hold” rating in a report on Wednesday, May 14th. Compass Point reiterated a “sell” rating and set a $5.75 price target (down previously from $6.00) on shares of PennantPark Investment in a report on Wednesday, May 21st. Keefe, Bruyette & Woods reiterated an “underperform” rating and set a $6.25 price target (down previously from $6.50) on shares of PennantPark Investment in a report on Wednesday, August 13th. JPMorgan Chase & Co. increased their price target on shares of PennantPark Investment from $6.50 to $7.00 and gave the company a “neutral” rating in a report on Thursday, August 14th. Finally, Wall Street Zen upgraded shares of PennantPark Investment from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. Two analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, PennantPark Investment has a consensus rating of “Reduce” and a consensus target price of $6.33.

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.