PennantPark Investment (NASDAQ:PNNT) CFO Richard Allorto, Jr. Buys 15,000 Shares of Stock

PennantPark Investment Co. (NASDAQ:PNNT) CFO Richard Allorto, Jr. bought 15,000 shares of the company’s stock in a transaction on Wednesday, March 11th. The shares were bought at an average cost of $4.88 per share, for a total transaction of $73,200.00. Following the transaction, the chief financial officer directly owned 30,000 shares in the company, valued at approximately $146,400. This represents a 100.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

PennantPark Investment Stock Up 0.5%

Shares of NASDAQ:PNNT traded up $0.03 on Friday, reaching $4.68. The company had a trading volume of 395,099 shares, compared to its average volume of 742,536. The firm has a market capitalization of $305.26 million, a PE ratio of 17.98 and a beta of 0.65. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 1.56. PennantPark Investment Co. has a 52-week low of $4.64 and a 52-week high of $7.53. The firm’s 50 day simple moving average is $5.52 and its 200-day simple moving average is $6.13.

PennantPark Investment Dividend Announcement

The company also recently announced a special dividend, which will be paid on Wednesday, April 1st. Shareholders of record on Monday, March 16th will be issued a $0.04 dividend. The ex-dividend date is Monday, March 16th. This represents a yield of 984.0%. PennantPark Investment’s payout ratio is currently 123.08%.

Hedge Funds Weigh In On PennantPark Investment

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its position in PennantPark Investment by 127,180.0% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 6,364 shares of the asset manager’s stock worth $38,000 after purchasing an additional 6,359 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of PennantPark Investment in the fourth quarter worth $187,000. Sunbelt Securities Inc. lifted its stake in shares of PennantPark Investment by 68.6% during the fourth quarter. Sunbelt Securities Inc. now owns 175,787 shares of the asset manager’s stock worth $1,048,000 after buying an additional 71,542 shares during the period. XTX Topco Ltd purchased a new stake in shares of PennantPark Investment during the fourth quarter valued at $682,000. Finally, Tudor Investment Corp ET AL purchased a new stake in shares of PennantPark Investment during the fourth quarter valued at $117,000. 26.62% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on PNNT shares. Compass Point raised shares of PennantPark Investment from a “sell” rating to a “neutral” rating and cut their price objective for the stock from $5.75 to $5.50 in a research report on Wednesday, December 3rd. Truist Financial decreased their target price on shares of PennantPark Investment from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, November 26th. JPMorgan Chase & Co. lowered their target price on shares of PennantPark Investment from $6.50 to $5.50 and set a “neutral” rating for the company in a research note on Wednesday, November 26th. Finally, Keefe, Bruyette & Woods reduced their price target on PennantPark Investment from $5.50 to $5.00 and set an “underperform” rating on the stock in a research report on Friday, February 13th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $5.75.

About PennantPark Investment

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.