PENN Entertainment, Inc. (NASDAQ:PENN) Stake Lowered by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 6.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 886,090 shares of the company's stock after selling 58,953 shares during the period. Bank of New York Mellon Corp owned about 0.58% of PENN Entertainment worth $14,452,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. GAMMA Investing LLC raised its holdings in shares of PENN Entertainment by 38.7% in the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock valued at $43,000 after buying an additional 736 shares during the last quarter. Byrne Asset Management LLC lifted its stake in PENN Entertainment by 201.1% in the first quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock valued at $44,000 after acquiring an additional 1,810 shares during the last quarter. Lee Danner & Bass Inc. acquired a new stake in PENN Entertainment during the 4th quarter valued at $92,000. CIBC Private Wealth Group LLC lifted its holdings in PENN Entertainment by 914.4% during the 4th quarter. CIBC Private Wealth Group LLC now owns 6,492 shares of the company's stock valued at $119,000 after purchasing an additional 5,852 shares during the last quarter. Finally, KBC Group NV increased its position in PENN Entertainment by 42.2% during the first quarter. KBC Group NV now owns 7,824 shares of the company's stock worth $128,000 after acquiring an additional 2,323 shares during the period. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Trading Up 1.1%

Shares of PENN stock traded up $0.20 on Wednesday, hitting $18.60. The stock had a trading volume of 2,993,077 shares, compared to its average volume of 3,822,574. PENN Entertainment, Inc. has a 1 year low of $13.25 and a 1 year high of $23.08. The firm has a market capitalization of $2.81 billion, a P/E ratio of -30.00 and a beta of 1.61. The company has a debt-to-equity ratio of 2.35, a current ratio of 0.74 and a quick ratio of 0.74. The company's 50 day moving average price is $16.85 and its 200-day moving average price is $17.63.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.04. The business had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.71 billion. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The business's quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the previous year, the business earned ($0.76) EPS. Analysts anticipate that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Insider Activity at PENN Entertainment

In related news, CEO Jay A. Snowden bought 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, for a total transaction of $499,800.00. Following the acquisition, the chief executive officer owned 1,082,625 shares in the company, valued at $15,914,587.50. This represents a 3.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David A. Handler acquired 10,000 shares of the firm's stock in a transaction dated Thursday, May 22nd. The shares were acquired at an average price of $14.83 per share, for a total transaction of $148,300.00. Following the acquisition, the director directly owned 322,941 shares of the company's stock, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 2.67% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PENN shares. Stifel Nicolaus upped their price objective on PENN Entertainment from $17.00 to $19.00 and gave the company a "hold" rating in a research note on Friday, July 11th. Susquehanna reissued a "positive" rating and issued a $25.00 price target (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. JPMorgan Chase & Co. assumed coverage on PENN Entertainment in a research report on Monday, June 23rd. They set an "overweight" rating and a $24.00 price target on the stock. JMP Securities raised PENN Entertainment from a "market perform" rating to a "market outperform" rating and set a $24.00 price objective for the company in a report on Thursday, June 26th. Finally, Mizuho lowered their price objective on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a research report on Monday, May 12th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.18.

About PENN Entertainment

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.