Sterneck Capital Management LLC trimmed its holdings in PennantPark Investment Corp. (NASDAQ:PNNT) by 27.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 85,950 shares of the asset manager’s stock after selling 32,640 shares during the period. Sterneck Capital Management LLC owned about 0.12% of PennantPark Investment worth $548,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also bought and sold shares of the business. Clearbridge Investments LLC raised its stake in PennantPark Investment by 976,414.0% in the third quarter. Clearbridge Investments LLC now owns 1,747,960 shares of the asset manager’s stock valued at $13,040,000 after buying an additional 1,747,781 shares during the period. Marshall Wace LLP bought a new position in shares of PennantPark Investment during the third quarter worth approximately $2,676,000. JPMorgan Chase & Co. increased its stake in shares of PennantPark Investment by 12.7% during the third quarter. JPMorgan Chase & Co. now owns 3,153,357 shares of the asset manager’s stock worth $23,524,000 after purchasing an additional 355,736 shares during the period. Advisors Capital Management LLC increased its stake in shares of PennantPark Investment by 60.3% during the fourth quarter. Advisors Capital Management LLC now owns 241,377 shares of the asset manager’s stock worth $1,538,000 after purchasing an additional 90,757 shares during the period. Finally, Mackenzie Financial Corp increased its stake in shares of PennantPark Investment by 73.1% during the third quarter. Mackenzie Financial Corp now owns 208,682 shares of the asset manager’s stock worth $1,557,000 after purchasing an additional 88,143 shares during the period. 42.44% of the stock is owned by hedge funds and other institutional investors.
NASDAQ PNNT opened at $7.05 on Thursday. The firm has a market cap of $487.52 million, a P/E ratio of 9.40 and a beta of 1.21. PennantPark Investment Corp. has a twelve month low of $6.21 and a twelve month high of $7.84. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.70 and a current ratio of 0.70.
PennantPark Investment (NASDAQ:PNNT) last announced its earnings results on Thursday, February 7th. The asset manager reported $0.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.02). The company had revenue of $27.38 million for the quarter, compared to analyst estimates of $28.38 million. PennantPark Investment had a return on equity of 8.21% and a net margin of 39.44%. On average, analysts forecast that PennantPark Investment Corp. will post 0.81 earnings per share for the current fiscal year.
A number of brokerages have recently weighed in on PNNT. Zacks Investment Research lowered PennantPark Investment from a “buy” rating to a “hold” rating in a research note on Wednesday. JPMorgan Chase & Co. lowered PennantPark Investment from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $7.50 to $7.00 in a research note on Wednesday, January 16th. Finally, BidaskClub upgraded PennantPark Investment from a “hold” rating to a “buy” rating in a research note on Wednesday, December 12th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $7.67.
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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