Allianz Asset Management GmbH Acquires Shares of 116,323 PENN Entertainment, Inc. $PENN

Key Points

• Allianz Asset Management GmbH acquired 116,323 shares of PENN Entertainment, valued at approximately $2.08 million, during the second quarter, indicating growing institutional interest in the company.
• PENN Entertainment reported $0.10 EPS for the latest quarter, exceeding analysts' expectations, with a year-over-year revenue increase of 6.1%.
• Despite a positive earnings report, several analysts have recently downgraded PENN, leading to a consensus rating of "Hold" with a price target of $22.80.

Allianz Asset Management GmbH purchased a new position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 116,323 shares of the company's stock, valued at approximately $2,079,000. Allianz Asset Management GmbH owned 0.08% of PENN Entertainment as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Invesco Ltd. raised its holdings in shares of PENN Entertainment by 54.6% in the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock worth $97,905,000 after buying an additional 2,120,740 shares during the period. Invenomic Capital Management LP raised its holdings in shares of PENN Entertainment by 87.8% in the first quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company's stock worth $30,322,000 after buying an additional 869,347 shares during the period. Long Focus Capital Management LLC raised its holdings in shares of PENN Entertainment by 13.9% in the first quarter. Long Focus Capital Management LLC now owns 1,760,200 shares of the company's stock worth $28,709,000 after buying an additional 215,200 shares during the period. Assenagon Asset Management S.A. raised its holdings in shares of PENN Entertainment by 6,920.2% in the second quarter. Assenagon Asset Management S.A. now owns 906,234 shares of the company's stock worth $16,194,000 after buying an additional 893,325 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of PENN Entertainment by 15.9% in the first quarter. Jennison Associates LLC now owns 892,193 shares of the company's stock worth $14,552,000 after buying an additional 122,165 shares during the period. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Trading Down 1.6%

PENN opened at $17.72 on Friday. The stock's fifty day moving average is $18.83 and its two-hundred day moving average is $17.33. The company has a market capitalization of $2.59 billion, a P/E ratio of -31.64 and a beta of 1.60. PENN Entertainment, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08. 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 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.14. The business had revenue of $1.77 billion for the quarter, compared to analysts' expectations 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 revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.18) EPS. Analysts forecast that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wall Street Zen downgraded PENN Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Citigroup reiterated an "outperform" rating on shares of PENN Entertainment in a report on Friday, August 8th. Morgan Stanley restated a "sell" rating on shares of PENN Entertainment in a report on Friday, July 11th. Needham & Company LLC reduced their price objective on PENN Entertainment from $25.00 to $22.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Finally, Stifel Nicolaus raised their price objective on PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $22.80.

Insider Transactions at PENN Entertainment

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

PENN Entertainment Company 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.

Want to see what other hedge funds are holding PENN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PENN Entertainment, Inc. (NASDAQ:PENN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.