PennantPark Investment (NASDAQ:PNNT) Share Price Breaks Above Fifty Day Moving Average – Time to Sell?

PennantPark Investment Co. (NASDAQ:PNNT) shares crossed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $3.29 and traded as high as $3.44. PennantPark Investment shares last traded at $3.3610, with a volume of 1,608,271 shares.

PennantPark Investment Trading Up 3.1%

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 cap of $219.46 million, a P/E ratio of 12.93 and a beta of 0.65. The firm has a 50 day simple moving average of $3.29 and a 200 day simple moving average of $4.04.

PennantPark Investment Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Friday, November 13th will be given a $0.04 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 14.3%. The ex-dividend date is Friday, November 13th. PennantPark Investment’s dividend payout ratio (DPR) is 300.00%.

Hedge Funds Weigh In On PennantPark Investment

Several hedge funds have recently bought and sold shares of PNNT. Legal & General Group Plc purchased a new stake in PennantPark Investment in the 2nd quarter worth approximately $1,864,000. NewEdge Wealth LLC purchased a new position in shares of PennantPark Investment during the 2nd quarter valued at $1,068,000. Bank of America Corp DE bought a new position in shares of PennantPark Investment in the second quarter worth $1,065,000. Sunbelt Securities Inc. increased its holdings in shares of PennantPark Investment by 69.6% in the first quarter. Sunbelt Securities Inc. now owns 298,217 shares of the asset manager’s stock worth $1,339,000 after purchasing an additional 122,430 shares during the period. Finally, AlphaCentric Advisors LLC increased its holdings in shares of PennantPark Investment by 8.0% in the third quarter. AlphaCentric Advisors LLC now owns 270,000 shares of the asset manager’s stock worth $891,000 after purchasing an additional 20,000 shares during the period. Hedge funds and other institutional investors own 26.62% of the company’s stock.

About PennantPark Investment

PennantPark Investment Corporation (NASDAQ: PNNT) is a business development company that provides financing to middle-market businesses. The company primarily invests in privately negotiated transactions involving established companies, seeking to generate income and, to a lesser extent, capital appreciation.

Its investment portfolio generally includes senior secured loans, subordinated debt and equity investments. PennantPark Investment may provide financing for acquisitions, recapitalizations, refinancing, growth initiatives and other corporate purposes.