Advisors Asset Management Inc. Sells 55,079 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Advisors Asset Management Inc. cut its stake in PennantPark Investment Co. (NASDAQ:PNNT - Free Report) by 8.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 588,308 shares of the asset manager's stock after selling 55,079 shares during the period. Advisors Asset Management Inc. owned about 0.90% of PennantPark Investment worth $4,165,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of PNNT. Raymond James Financial Inc. acquired a new stake in PennantPark Investment during the 4th quarter valued at $632,000. Grimes & Company Inc. acquired a new stake in shares of PennantPark Investment in the fourth quarter valued at $443,000. Truvestments Capital LLC increased its stake in shares of PennantPark Investment by 16.4% in the third quarter. Truvestments Capital LLC now owns 361,893 shares of the asset manager's stock valued at $2,530,000 after buying an additional 50,907 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of PennantPark Investment in the third quarter valued at about $173,000. Finally, Sterneck Capital Management LLC lifted its position in PennantPark Investment by 44.0% during the 4th quarter. Sterneck Capital Management LLC now owns 67,932 shares of the asset manager's stock worth $481,000 after buying an additional 20,770 shares in the last quarter. Institutional investors own 26.62% of the company's stock.

PennantPark Investment Trading Up 0.3 %

PNNT traded up $0.02 during trading on Tuesday, reaching $7.13. 250,524 shares of the company's stock were exchanged, compared to its average volume of 475,540. The company's fifty day moving average price is $7.09 and its 200-day moving average price is $7.00. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47. The firm has a market capitalization of $465.56 million, a PE ratio of 27.42 and a beta of 1.45. PennantPark Investment Co. has a fifty-two week low of $6.43 and a fifty-two week high of $8.04.

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PennantPark Investment Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Friday, March 14th will be paid a $0.08 dividend. This represents a $0.96 annualized dividend and a yield of 13.46%. The ex-dividend date is Friday, March 14th. PennantPark Investment's payout ratio is 369.23%.

Analysts Set New Price Targets

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

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.