Cornerstone Wealth Management LLC Purchases 11,854 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Cornerstone Wealth Management LLC grew its position in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 10.5% in the 1st quarter, HoldingsChannel.com reports. The fund owned 124,941 shares of the asset manager’s stock after buying an additional 11,854 shares during the quarter. Cornerstone Wealth Management LLC’s holdings in PennantPark Investment were worth $860,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. LSV Asset Management raised its stake in shares of PennantPark Investment by 1.3% during the fourth quarter. LSV Asset Management now owns 2,129,963 shares of the asset manager’s stock valued at $14,718,000 after acquiring an additional 28,226 shares during the last quarter. Confluence Investment Management LLC purchased a new position in shares of PennantPark Investment during the first quarter valued at about $4,412,000. Hennion & Walsh Asset Management Inc. increased its position in shares of PennantPark Investment by 36.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 578,450 shares of the asset manager’s stock valued at $3,980,000 after buying an additional 154,594 shares during the period. Condor Capital Management increased its position in shares of PennantPark Investment by 11.2% during the fourth quarter. Condor Capital Management now owns 271,621 shares of the asset manager’s stock valued at $1,877,000 after buying an additional 27,436 shares during the period. Finally, NewEdge Wealth LLC purchased a new position in shares of PennantPark Investment during the fourth quarter valued at about $1,869,000. 26.62% of the stock is owned by institutional investors.

Analysts Set New Price Targets

PNNT has been the topic of several research analyst reports. Raymond James cut shares of PennantPark Investment from an “outperform” rating to a “market perform” rating in a research report on Friday, May 10th. Keefe, Bruyette & Woods upgraded shares of PennantPark Investment to a “hold” rating in a report on Friday, May 10th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat, PennantPark Investment presently has a consensus rating of “Hold” and an average price target of $6.94.

PennantPark Investment Stock Up 0.7 %

PNNT traded up $0.05 during midday trading on Thursday, reaching $7.67. The company’s stock had a trading volume of 269,098 shares, compared to its average volume of 382,776. The stock’s 50-day moving average is $7.41 and its 200-day moving average is $7.05. The firm has a market capitalization of $500.24 million, a price-to-earnings ratio of 8.35 and a beta of 1.52. PennantPark Investment Co. has a 1 year low of $5.89 and a 1 year high of $7.77. The company has a current ratio of 0.63, a quick ratio of 0.63 and a debt-to-equity ratio of 1.40.

PennantPark Investment (NASDAQ:PNNT) last issued its earnings results on Wednesday, May 8th. The asset manager reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). The firm had revenue of $35.98 million during the quarter, compared to the consensus estimate of $36.22 million. PennantPark Investment had a return on equity of 13.65% and a net margin of 40.14%. As a group, research analysts expect that PennantPark Investment Co. will post 0.92 EPS for the current year.

PennantPark Investment Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be paid a $0.08 dividend. The ex-dividend date is Monday, July 15th. This represents a $0.96 annualized dividend and a dividend yield of 12.52%. PennantPark Investment’s dividend payout ratio is presently 104.35%.

PennantPark Investment Company Profile

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.