Confluence Investment Management LLC Sells 341,343 Shares of PennantPark Investment Co. (NASDAQ:PNNT)

Confluence Investment Management LLC lowered its position in shares of PennantPark Investment Co. (NASDAQ:PNNT) by 53.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 299,967 shares of the asset manager’s stock after selling 341,343 shares during the quarter. Confluence Investment Management LLC’s holdings in PennantPark Investment were worth $2,265,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the company. Pacific Capital Wealth Advisors Inc. bought a new stake in shares of PennantPark Investment in the 4th quarter worth approximately $52,000. Cape Investment Advisory Inc. bought a new stake in shares of PennantPark Investment in the 4th quarter worth approximately $67,000. Parallel Advisors LLC raised its holdings in shares of PennantPark Investment by 20.0% in the 4th quarter. Parallel Advisors LLC now owns 12,519 shares of the asset manager’s stock worth $87,000 after purchasing an additional 2,087 shares during the period. Tucker Asset Management LLC bought a new stake in shares of PennantPark Investment in the 4th quarter worth approximately $90,000. Finally, Aigen Investment Management LP bought a new stake in shares of PennantPark Investment in the 4th quarter worth approximately $101,000. Institutional investors own 26.62% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Keefe, Bruyette & Woods raised shares of PennantPark Investment to a “hold” rating in a report on Friday, May 10th. Raymond James lowered shares of PennantPark Investment from an “outperform” rating to a “market perform” rating in a research note on Friday, May 10th. Finally, Compass Point reiterated a “sell” rating and issued a $6.50 price objective on shares of PennantPark Investment in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $6.88.

PennantPark Investment Price Performance

Shares of PNNT traded down $0.27 during mid-day trading on Friday, reaching $6.88. 649,098 shares of the stock traded hands, compared to its average volume of 654,371. The firm has a fifty day moving average price of $7.48 and a 200 day moving average price of $7.13. The company has a market cap of $448.75 million, a price-to-earnings ratio of 7.48 and a beta of 1.52. 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 Co. has a 1 year low of $6.01 and a 1 year high of $8.04.

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

PennantPark Investment Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a $0.08 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.96 dividend on an annualized basis and a yield of 13.95%. PennantPark Investment’s dividend payout ratio is presently 104.35%.

PennantPark Investment 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.