Grimes & Company Inc. Takes $443,000 Position in PennantPark Investment Co. (NASDAQ:PNNT)

Grimes & Company Inc. purchased a new position in PennantPark Investment Co. (NASDAQ:PNNT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 62,577 shares of the asset manager's stock, valued at approximately $443,000. Grimes & Company Inc. owned approximately 0.10% of PennantPark Investment at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Verition Fund Management LLC bought a new stake in PennantPark Investment in the 3rd quarter worth approximately $74,000. Quantbot Technologies LP purchased a new position in shares of PennantPark Investment in the third quarter valued at $133,000. Paloma Partners Management Co bought a new stake in PennantPark Investment in the third quarter worth $173,000. Kovack Advisors Inc. raised its stake in PennantPark Investment by 4.6% during the third quarter. Kovack Advisors Inc. now owns 45,350 shares of the asset manager's stock valued at $317,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Founders Financial Alliance LLC lifted its position in PennantPark Investment by 28.0% during the second quarter. Founders Financial Alliance LLC now owns 47,259 shares of the asset manager's stock valued at $357,000 after purchasing an additional 10,339 shares during the last quarter. 26.62% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, LADENBURG THALM/SH SH downgraded shares of PennantPark Investment from a "buy" rating to a "neutral" rating in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $6.00.

PennantPark Investment Trading Down 0.1 %

Shares of NASDAQ PNNT traded down $0.01 during trading hours on Friday, hitting $6.99. 599,952 shares of the company traded hands, compared to its average volume of 475,788. The stock has a market capitalization of $456.09 million, a price-to-earnings ratio of 41.09 and a beta of 1.47. The company's 50 day moving average price is $6.96 and its 200 day moving average price is $7.00. PennantPark Investment Co. has a 12 month low of $6.43 and a 12 month high of $8.04. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 1.56.

PennantPark Investment Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a $0.08 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $0.96 annualized dividend and a dividend yield of 13.74%. PennantPark Investment's dividend payout ratio (DPR) is presently 564.71%.

PennantPark Investment Company 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.