Legacy Capital Wealth Partners LLC Decreases Stake in PennantPark Investment Co. (NASDAQ:PNNT)

Legacy Capital Wealth Partners LLC reduced its position in PennantPark Investment Co. (NASDAQ:PNNT) by 8.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 220,538 shares of the asset manager’s stock after selling 19,662 shares during the period. Legacy Capital Wealth Partners LLC’s holdings in PennantPark Investment were worth $1,561,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Kovack Advisors Inc. lifted its position in shares of PennantPark Investment by 4.6% in the third quarter. Kovack Advisors Inc. now owns 45,350 shares of the asset manager’s stock worth $317,000 after buying an additional 2,000 shares in the last quarter. Confluence Investment Management LLC lifted its position in shares of PennantPark Investment by 0.9% in the third quarter. Confluence Investment Management LLC now owns 302,530 shares of the asset manager’s stock worth $2,115,000 after buying an additional 2,563 shares in the last quarter. Cornerstone Wealth Management LLC lifted its position in shares of PennantPark Investment by 2.8% in the fourth quarter. Cornerstone Wealth Management LLC now owns 118,991 shares of the asset manager’s stock worth $842,000 after buying an additional 3,210 shares in the last quarter. Verition Fund Management LLC purchased a new stake in shares of PennantPark Investment in the third quarter worth about $74,000. Finally, EMC Capital Management lifted its position in shares of PennantPark Investment by 58.4% in the fourth quarter. EMC Capital Management now owns 31,789 shares of the asset manager’s stock worth $225,000 after buying an additional 11,721 shares in the last quarter. 26.62% of the stock is currently owned by hedge funds and other institutional investors.

PennantPark Investment Trading Up 0.3 %

Shares of PNNT stock opened at $7.22 on Friday. PennantPark Investment Co. has a 1 year low of $6.43 and a 1 year high of $8.04. The company has a debt-to-equity ratio of 1.56, a current ratio of 0.51 and a quick ratio of 0.51. The stock’s 50 day simple moving average is $7.03 and its two-hundred day simple moving average is $6.98. The company has a market cap of $471.14 million, a PE ratio of 7.75 and a beta of 1.47.

PennantPark Investment Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $0.96 dividend on an annualized basis and a yield of 13.31%. PennantPark Investment’s dividend payout ratio (DPR) is presently 564.74%.

Analyst Ratings Changes

Separately, LADENBURG THALM/SH SH downgraded PennantPark Investment from a “buy” rating to a “neutral” rating in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $6.00.

About PennantPark Investment

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.