Bank of New York Mellon Corp Sells 58,953 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Bank of New York Mellon Corp trimmed its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 6.2% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 886,090 shares of the company's stock after selling 58,953 shares during the period. Bank of New York Mellon Corp owned approximately 0.58% of PENN Entertainment worth $14,452,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. DME Capital Management LP increased its stake in shares of PENN Entertainment by 2.3% in the fourth quarter. DME Capital Management LP now owns 5,748,440 shares of the company's stock worth $113,934,000 after purchasing an additional 127,670 shares in the last quarter. Invesco Ltd. increased its stake in shares of PENN Entertainment by 28.0% in the fourth quarter. Invesco Ltd. now owns 3,882,009 shares of the company's stock worth $76,941,000 after purchasing an additional 848,066 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of PENN Entertainment by 6.5% in the fourth quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock worth $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 fourth quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company's stock worth $35,711,000 after purchasing an additional 542,585 shares in the last quarter. Finally, Long Focus Capital Management LLC increased its stake in shares of PENN Entertainment by 3.0% in the fourth quarter. Long Focus Capital Management LLC now owns 1,545,000 shares of the company's stock worth $30,622,000 after purchasing an additional 45,000 shares in the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Jay A. Snowden bought 34,000 shares of the stock in a transaction dated Thursday, May 22nd. The stock was 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 of the company's stock, valued at $15,914,587.50. The trade was a 3.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David A. Handler bought 10,000 shares of the stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average price of $14.83 per share, with a total value of $148,300.00. Following the acquisition, the director directly owned 322,941 shares in the company, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their position. The disclosure for this purchase can be found here. 2.67% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PENN. Citizens Jmp raised shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective for the company in a research note on Thursday, June 26th. Benchmark restated a "hold" rating on shares of PENN Entertainment in a research report on Monday, May 19th. JPMorgan Chase & Co. started coverage on shares of PENN Entertainment in a research report on Monday, June 23rd. They set an "overweight" rating and a $24.00 target price for the company. Truist Financial dropped their target price on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating for the company in a research report on Wednesday, April 23rd. Finally, Morgan Stanley restated a "sell" rating on shares of PENN Entertainment in a research report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, PENN Entertainment presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.18.

PENN Entertainment Price Performance

PENN stock traded down $0.30 during trading on Tuesday, hitting $18.04. 808,550 shares of the company's stock traded hands, compared to its average volume of 3,811,713. PENN Entertainment, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.74 and a current ratio of 0.74. The business has a fifty day simple moving average of $16.71 and a 200 day simple moving average of $17.62. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of -29.09 and a beta of 1.61.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. PENN Entertainment had a negative net margin of 1.28% and a negative return on equity of 5.75%. The business's revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.76) EPS. As a group, research analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

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.