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Maryland State Retirement & Pension System cut its position in PENN Entertainment, Inc. (NASDAQ:PENN – Free Report) by 11.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,229 shares of the company’s stock after selling 6,469 shares during the quarter. Maryland State Retirement & Pension System’s holdings in PENN Entertainment were worth $852,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in PENN. DME Capital Management LP increased its stake in PENN Entertainment by 2.3% in the fourth quarter. DME Capital Management LP now owns 5,748,440 shares of the company’s stock valued at $113,934,000 after acquiring an additional 127,670 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of PENN Entertainment by 28.0% in the 4th quarter. Invesco Ltd. now owns 3,882,009 shares of the company’s stock valued at $76,941,000 after purchasing an additional 848,066 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of PENN Entertainment by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company’s stock valued at $49,572,000 after purchasing an additional 152,791 shares in the last quarter. Kettle Hill Capital Management LLC increased its stake in shares of PENN Entertainment by 43.1% in the 4th quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company’s stock valued at $35,711,000 after purchasing an additional 542,585 shares during the last quarter. Finally, Long Focus Capital Management LLC raised its holdings in shares of PENN Entertainment by 3.0% during the 4th quarter. Long Focus Capital Management LLC now owns 1,545,000 shares of the company’s stock worth $30,622,000 after buying an additional 45,000 shares in the last quarter. Institutional investors own 91.69% of the company’s stock.
Analyst Ratings Changes
PENN has been the subject of several recent analyst reports. Barclays dropped their price objective on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Friday, July 18th. JMP Securities boosted their target price on PENN Entertainment from $24.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Wall Street Zen cut shares of PENN Entertainment from a “hold” rating to a “sell” rating in a report on Saturday. Mizuho decreased their price target on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Monday, May 12th. Finally, Needham & Company LLC lowered their price objective on shares of PENN Entertainment from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $23.25.
Read Our Latest Stock Report on PENN
PENN Entertainment Stock Performance
Shares of PENN Entertainment stock opened at $17.09 on Wednesday. The stock has a market cap of $2.50 billion, a price-to-earnings ratio of -30.52 and a beta of 1.60. PENN Entertainment, Inc. has a twelve month low of $13.25 and a twelve month high of $23.08. The company’s fifty day moving average is $17.58 and its 200 day moving average is $17.42. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 2.39.
PENN Entertainment (NASDAQ:PENN – Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.14. The firm had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.73 billion. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.18) EPS. Sell-side analysts forecast that PENN Entertainment, Inc. will post -1.61 EPS for the current year.
Insider Buying and Selling
In related news, Director David A. Handler bought 20,000 shares of PENN Entertainment stock in a transaction that occurred on Friday, August 8th. The shares were acquired at an average cost of $16.96 per share, for a total transaction of $339,200.00. Following the completion of the acquisition, the director directly owned 342,941 shares of the company’s stock, valued at approximately $5,816,279.36. The trade was a 6.19% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Jay A. Snowden purchased 34,000 shares of the stock in a transaction on Thursday, May 22nd. The shares were purchased at an average price of $14.70 per share, with a total value of $499,800.00. Following the acquisition, the chief executive officer owned 1,082,625 shares in the company, valued at approximately $15,914,587.50. The trade was a 3.24% increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 64,000 shares of company stock worth $987,300. 2.67% of the stock is owned by insiders.
PENN Entertainment Profile
PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L’Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.
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