Mckinley Capital Management LLC Delaware Grows Position in PennantPark Investment Corp. (NASDAQ:PNNT)

Mckinley Capital Management LLC Delaware lifted its position in PennantPark Investment Corp. (NASDAQ:PNNT) by 0.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 305,603 shares of the asset manager’s stock after purchasing an additional 2,414 shares during the quarter. Mckinley Capital Management LLC Delaware owned about 0.45% of PennantPark Investment worth $2,112,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. grew its holdings in PennantPark Investment by 12.7% in the third quarter. JPMorgan Chase & Co. now owns 3,153,357 shares of the asset manager’s stock valued at $23,524,000 after purchasing an additional 355,736 shares during the period. Clearbridge Investments LLC lifted its position in PennantPark Investment by 976,414.0% during the third quarter. Clearbridge Investments LLC now owns 1,747,960 shares of the asset manager’s stock worth $13,040,000 after buying an additional 1,747,781 shares in the last quarter. West Family Investments Inc. lifted its position in PennantPark Investment by 13.4% during the fourth quarter. West Family Investments Inc. now owns 1,030,880 shares of the asset manager’s stock worth $6,589,000 after buying an additional 122,166 shares in the last quarter. Confluence Investment Management LLC lifted its position in PennantPark Investment by 14.6% during the first quarter. Confluence Investment Management LLC now owns 926,026 shares of the asset manager’s stock worth $6,399,000 after buying an additional 117,764 shares in the last quarter. Finally, Relative Value Partners Group LLC lifted its position in PennantPark Investment by 2.7% during the fourth quarter. Relative Value Partners Group LLC now owns 731,389 shares of the asset manager’s stock worth $4,791,000 after buying an additional 19,539 shares in the last quarter. Hedge funds and other institutional investors own 44.22% of the company’s stock.

A number of brokerages recently commented on PNNT. BidaskClub downgraded PennantPark Investment from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Zacks Investment Research upgraded PennantPark Investment from a “hold” rating to a “buy” rating and set a $8.00 price objective on the stock in a research report on Thursday, May 2nd. LADENBURG THALM/SH SH downgraded PennantPark Investment from a “buy” rating to a “neutral” rating in a research report on Monday, May 13th. Compass Point downgraded PennantPark Investment from a “buy” rating to a “neutral” rating and reduced their target price for the company from $8.50 to $7.00 in a research report on Friday, May 3rd. Finally, Raymond James initiated coverage on PennantPark Investment in a research report on Monday, April 29th. They issued an “outperform” rating and a $8.00 target price on the stock. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $7.60.

In related news, Chairman Arthur H. Penn bought 16,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was purchased at an average cost of $6.52 per share, with a total value of $104,320.00. Following the purchase, the chairman now directly owns 193,410 shares of the company’s stock, valued at approximately $1,261,033.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Arthur H. Penn bought 15,000 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were bought at an average cost of $6.58 per share, with a total value of $98,700.00. Following the completion of the purchase, the chairman now directly owns 193,410 shares in the company, valued at $1,272,637.80. The disclosure for this purchase can be found here. 2.00% of the stock is currently owned by insiders.

Shares of PNNT stock traded down $0.08 on Wednesday, hitting $6.61. The stock had a trading volume of 189,773 shares, compared to its average volume of 279,589. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $443.17 million, a PE ratio of 8.81 and a beta of 1.21. PennantPark Investment Corp. has a 1 year low of $6.21 and a 1 year high of $7.84.

PennantPark Investment (NASDAQ:PNNT) last posted its quarterly earnings data on Thursday, May 9th. The asset manager reported $0.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.01). The firm had revenue of $28.69 million during the quarter, compared to analysts’ expectations of $28.89 million. PennantPark Investment had a net margin of 28.97% and a return on equity of 7.94%. Research analysts predict that PennantPark Investment Corp. will post 0.74 EPS for the current fiscal year.

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PennantPark Investment 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.

Further Reading: Moving Average Convergence Divergence (MACD)

Institutional Ownership by Quarter for PennantPark Investment (NASDAQ:PNNT)

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