Algert Global LLC Purchases 43,920 Shares of PENN Entertainment, Inc. $PENN

Key Points

• Algert Global LLC increased its stake in PENN Entertainment by 102.5%, holding 86,786 shares valued at approximately $1.42 million after purchasing an additional 43,920 shares.
• Multiple hedge funds, including Invesco Ltd. and Victory Capital Management Inc., have significantly increased their positions in PENN, contributing to the institutional ownership rate of 91.69% in the company.
• PENN Entertainment's stock has a consensus rating of Moderate Buy with a target price of $23.25, following a mixed bag of recent research reports from analysts.

Algert Global LLC grew its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 102.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 86,786 shares of the company's stock after acquiring an additional 43,920 shares during the period. Algert Global LLC owned about 0.06% of PENN Entertainment worth $1,415,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PENN. Invesco Ltd. raised its position in PENN Entertainment by 54.6% during the 1st quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock worth $97,905,000 after purchasing an additional 2,120,740 shares during the last quarter. DME Capital Management LP grew its position in shares of PENN Entertainment by 2.3% in the 4th quarter. DME Capital Management LP now owns 5,748,440 shares of the company's stock valued at $113,934,000 after buying an additional 127,670 shares during the last quarter. Kettle Hill Capital Management LLC grew its position 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 buying an additional 542,585 shares during the last quarter. Man Group plc grew its position in shares of PENN Entertainment by 25.0% in the 4th quarter. Man Group plc now owns 1,398,998 shares of the company's stock valued at $27,728,000 after buying an additional 279,726 shares during the last quarter. Finally, Northern Trust Corp grew its position in shares of PENN Entertainment by 19.4% in the 4th quarter. Northern Trust Corp now owns 1,043,383 shares of the company's stock valued at $20,680,000 after buying an additional 169,518 shares during the last quarter. Institutional investors own 91.69% of the company's stock.

Insider Buying and Selling

In other PENN Entertainment news, Director David A. Handler purchased 20,000 shares of the firm's stock in a transaction on Friday, August 8th. The stock was acquired at an average price of $16.96 per share, for a total transaction of $339,200.00. Following the purchase, the director owned 342,941 shares of the company's stock, valued at $5,816,279.36. This trade represents a 6.19% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.67% of the company's stock.

PENN Entertainment Stock Up 1.2%

PENN stock traded up $0.25 during midday trading on Wednesday, reaching $19.92. 1,556,321 shares of the company's stock traded hands, compared to its average volume of 4,287,187. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -35.56 and a beta of 1.60. The firm's fifty day moving average price is $18.10 and its 200-day moving average price is $17.29. 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, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.10 EPS for the quarter, beating analysts' consensus estimates of ($0.04) by $0.14. The business had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.73 billion. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. PENN Entertainment's quarterly revenue was up 6.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.18) EPS. As a group, sell-side analysts forecast that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on PENN shares. Morgan Stanley restated a "sell" rating on shares of PENN Entertainment in a research report on Friday, July 11th. Benchmark restated a "hold" rating on shares of PENN Entertainment in a research report on Monday, May 19th. Barclays dropped their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating on the stock in a research report on Friday, July 18th. Canaccord Genuity Group dropped their price target on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Finally, JMP Securities boosted their price target on shares of PENN Entertainment from $24.00 to $25.00 and gave the stock a "market outperform" rating in a research report on Friday, August 8th. Eleven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $23.25.

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.