Connor Clark & Lunn Investment Management Ltd. Sells 164,657 Shares of PENN Entertainment, Inc. $PENN

Key Points

• Connor Clark & Lunn Investment Management Ltd. drastically reduced its stake in PENN Entertainment, selling 164,657 shares and holding just 14,720 shares valued at $240,000 at the end of the recent quarter.
• The company reported quarterly earnings of $0.10 per share, surpassing analyst expectations, with revenue of $1.77 billion, marking a 6.1% increase year-over-year.
• Institutional investors own approximately 91.69% of PENN's stock, indicating strong institutional confidence, while the stock's average rating is classified as a "Moderate Buy."

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 91.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 14,720 shares of the company's stock after selling 164,657 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in PENN Entertainment were worth $240,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Swiss National Bank boosted its holdings in PENN Entertainment by 4.0% in the 1st quarter. Swiss National Bank now owns 280,084 shares of the company's stock worth $4,568,000 after buying an additional 10,800 shares during the period. Deutsche Bank AG boosted its holdings in PENN Entertainment by 4.7% in the 1st quarter. Deutsche Bank AG now owns 58,125 shares of the company's stock worth $948,000 after buying an additional 2,584 shares during the period. Headlands Technologies LLC boosted its holdings in PENN Entertainment by 101.0% in the 1st quarter. Headlands Technologies LLC now owns 78,358 shares of the company's stock worth $1,278,000 after buying an additional 39,365 shares during the period. Federated Hermes Inc. boosted its holdings in PENN Entertainment by 1.6% in the 1st quarter. Federated Hermes Inc. now owns 578,059 shares of the company's stock worth $9,428,000 after buying an additional 8,920 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in PENN Entertainment by 9.2% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,971 shares of the company's stock worth $456,000 after buying an additional 2,346 shares during the period. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Stock Up 0.8%

Shares of NASDAQ:PENN opened at $18.67 on Thursday. The firm has a fifty day moving average price of $17.84 and a two-hundred day moving average price of $17.35. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79. PENN Entertainment, Inc. has a one year low of $13.25 and a one year high of $23.08. The company has a market cap of $2.73 billion, a price-to-earnings ratio of -33.34 and a beta of 1.60.

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

Wall Street Analyst Weigh In

Several research firms recently commented on PENN. Citigroup reaffirmed an "outperform" rating on shares of PENN Entertainment in a report on Friday, August 8th. Susquehanna reaffirmed a "positive" rating and issued a $25.00 price objective (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. Barclays cut their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a report on Friday, July 18th. Truist Financial cut their price target on shares of PENN Entertainment from $23.00 to $20.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Finally, Benchmark reissued a "hold" rating on shares of PENN Entertainment in a report on Monday, May 19th. Eleven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $23.25.

Insider Buying and Selling at PENN Entertainment

In related news, Director David A. Handler acquired 20,000 shares of the stock in a transaction dated Friday, August 8th. The shares were purchased at an average price of $16.96 per share, for a total transaction of $339,200.00. Following the transaction, the director owned 342,941 shares in the company, valued at $5,816,279.36. This represents a 6.19% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 2.67% of the company's stock.

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.

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