Brokerages Set PennantPark Investment Co. (NASDAQ:PNNT) Price Target at $5.75

Shares of PennantPark Investment Co. (NASDAQ:PNNT) have received a consensus recommendation of “Hold” from the five brokerages that are covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 12 month target price among analysts that have issued ratings on the stock in the last year is $5.75.

Separately, Keefe, Bruyette & Woods reduced their price objective on shares of PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating for the company in a research note on Friday, February 13th.

PennantPark Investment Trading Up 2.2%

NASDAQ PNNT opened at $4.47 on Tuesday. The stock has a market capitalization of $291.55 million, a P/E ratio of 17.17 and a beta of 0.65. PennantPark Investment has a 52-week low of $4.29 and a 52-week high of $7.53. The firm has a 50-day moving average price of $5.09 and a 200 day moving average price of $5.87. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 1.56.

PennantPark Investment Announces Dividend

The business also recently announced a special dividend, which was paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th were issued a $0.04 dividend. The ex-dividend date of this dividend was Monday, March 16th. This represents a yield of 1,033.0%. PennantPark Investment’s dividend payout ratio (DPR) is 123.08%.

Insider Activity

In other news, CFO Richard T. Allorto, Jr. purchased 15,000 shares of the firm’s stock in a transaction dated Wednesday, March 11th. The shares were acquired at an average price of $4.88 per share, with a total value of $73,200.00. Following the purchase, the chief financial officer directly owned 30,000 shares of the company’s stock, valued at $146,400. The trade was a 100.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On PennantPark Investment

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd grew its position in shares of PennantPark Investment by 127,180.0% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock valued at $38,000 after purchasing an additional 6,359 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of PennantPark Investment during the 4th quarter worth approximately $187,000. Sunbelt Securities Inc. raised its position in shares of PennantPark Investment by 68.6% during the 4th quarter. Sunbelt Securities Inc. now owns 175,787 shares of the asset manager’s stock worth $1,048,000 after purchasing an additional 71,542 shares during the last quarter. XTX Topco Ltd purchased a new stake in PennantPark Investment in the 4th quarter valued at approximately $682,000. Finally, Tudor Investment Corp ET AL purchased a new stake in PennantPark Investment in the 4th quarter valued at approximately $117,000. 26.62% of the stock is owned by hedge funds and other institutional investors.

PennantPark Investment Company Profile

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.