PENN Entertainment, Inc. $PENN Stake Lowered by Hedges Asset Management LLC

Key Points

• Hedges Asset Management LLC has reduced its stake in PENN Entertainment by 9.3%, owning 186,050 shares after selling 19,100 shares recently, making it their 6th largest position.
• PENN Entertainment reported a quarterly earnings per share of $0.10, beating estimates, with revenue of $1.77 billion, and experienced a year-over-year increase of 6.1%.
• Insider trading activity includes Director David A. Handler's purchase of 20,000 shares at an average price of $16.96, raising his stake in the company by 6.19%.

Hedges Asset Management LLC trimmed its holdings in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 9.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 186,050 shares of the company's stock after selling 19,100 shares during the quarter. PENN Entertainment comprises approximately 2.7% of Hedges Asset Management LLC's portfolio, making the stock its 6th biggest position. Hedges Asset Management LLC owned approximately 0.12% of PENN Entertainment worth $3,325,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PENN. Strs Ohio acquired a new position in shares of PENN Entertainment in the 1st quarter valued at $1,346,000. SCS Capital Management LLC acquired a new position in PENN Entertainment in the first quarter valued at $200,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of PENN Entertainment by 30.2% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 344,565 shares of the company's stock worth $5,620,000 after purchasing an additional 79,978 shares during the last quarter. Caxton Associates LLP acquired a new stake in shares of PENN Entertainment during the first quarter worth about $246,000. Finally, Sender Co & Partners Inc. lifted its holdings in shares of PENN Entertainment by 155.4% in the 1st quarter. Sender Co & Partners Inc. now owns 86,880 shares of the company's stock valued at $1,417,000 after purchasing an additional 52,869 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Stock Performance

PENN traded down $0.17 during trading on Friday, hitting $19.04. The stock had a trading volume of 1,027,126 shares, compared to its average volume of 4,174,426. The firm has a market capitalization of $2.78 billion, a P/E ratio of -34.08 and a beta of 1.41. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. PENN Entertainment, Inc. has a twelve month low of $13.25 and a twelve month high of $23.08. The company's 50-day moving average price is $18.70 and its 200 day moving average price is $17.11.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results 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 business had revenue of $1.77 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.18) earnings per share. On average, equities research analysts forecast that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Insider Transactions at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler bought 20,000 shares of the company's stock in a transaction on Friday, August 8th. The shares were bought 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 of the company's stock, valued at approximately $5,816,279.36. This trade represents a 6.19% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.67% of the company's stock.

Wall Street Analysts Forecast Growth

PENN has been the topic of a number of research reports. Citigroup restated an "outperform" rating on shares of PENN Entertainment in a research note on Friday, August 8th. Barclays lowered their target price 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. Susquehanna reiterated a "positive" rating and issued a $25.00 price target (up previously from $24.00) on shares of PENN Entertainment in a research report on Tuesday, June 10th. JPMorgan Chase & Co. initiated coverage on shares of PENN Entertainment in a research report on Monday, June 23rd. They set an "overweight" rating and a $24.00 price objective on the stock. Finally, JMP Securities lifted their price objective on shares of PENN Entertainment from $24.00 to $25.00 and gave the company a "market outperform" rating in a research note on Friday, August 8th. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, PENN Entertainment presently has a consensus rating of "Moderate Buy" and an average target price 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.