Clearbridge Investments LLC Has $4.49 Million Stock Position in PennantPark Investment Corp. (NASDAQ:PNNT)
Clearbridge Investments LLC lowered its stake in PennantPark Investment Corp. (NASDAQ:PNNT) by 0.7% during the first quarter, Holdings Channel.com reports. The fund owned 1,734,110 shares of the asset manager’s stock after selling 12,925 shares during the period. Clearbridge Investments LLC’s holdings in PennantPark Investment were worth $4,491,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. B. Riley Wealth Management Inc. increased its position in shares of PennantPark Investment by 11.7% in the fourth quarter. B. Riley Wealth Management Inc. now owns 480,941 shares of the asset manager’s stock valued at $3,141,000 after acquiring an additional 50,243 shares during the last quarter. Aigen Investment Management LP acquired a new stake in shares of PennantPark Investment in the first quarter valued at about $167,000. Ladenburg Thalmann Financial Services Inc. increased its position in shares of PennantPark Investment by 119.1% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 119,513 shares of the asset manager’s stock valued at $781,000 after acquiring an additional 64,970 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of PennantPark Investment in the first quarter valued at about $85,000. Finally, M&T Bank Corp increased its position in shares of PennantPark Investment by 29.2% in the first quarter. M&T Bank Corp now owns 68,107 shares of the asset manager’s stock valued at $178,000 after acquiring an additional 15,403 shares during the last quarter. 38.12% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts recently issued reports on PNNT shares. TheStreet downgraded PennantPark Investment from a “c” rating to a “d+” rating in a research report on Thursday, May 28th. BidaskClub downgraded PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Friday, March 13th. ValuEngine downgraded PennantPark Investment from a “sell” rating to a “strong sell” rating in a research report on Thursday, April 2nd. Finally, Zacks Investment Research downgraded PennantPark Investment from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Three investment analysts have rated the stock with a sell rating and one has assigned a hold rating to the company. The stock has a consensus rating of “Sell” and a consensus price target of $4.63.
PennantPark Investment (NASDAQ:PNNT) last announced its quarterly earnings results on Monday, May 11th. The asset manager reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.01). PennantPark Investment had a positive return on equity of 7.35% and a negative net margin of 24.82%. The business had revenue of $27.54 million for the quarter, compared to analyst estimates of $27.62 million. As a group, research analysts anticipate that PennantPark Investment Corp. will post 0.61 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Wednesday, June 17th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 14.55%. The ex-dividend date of this dividend is Tuesday, June 16th. PennantPark Investment’s dividend payout ratio is presently 72.73%.
PennantPark Investment Company Profile
PennantPark Investment Corporation 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 building and real estate, hotels and gaming, electronics, healthcare, education and childcare, financial services, printing and publishing, consumer products, business services, energy and utilities, distribution, oil and gas, media, environmental services, aerospace and defense, manufacturing industries and retail.
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