Hedges Asset Management LLC Has $3.33 Million Stock Position in PENN Entertainment, Inc. $PENN

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

Other hedge funds also recently modified their holdings of the company. Quarry LP bought a new stake in PENN Entertainment during the first quarter worth about $30,000. GAMMA Investing LLC raised its holdings in shares of PENN Entertainment by 38.7% during the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company's stock worth $43,000 after buying an additional 736 shares in the last quarter. Byrne Asset Management LLC lifted its position in shares of PENN Entertainment by 201.1% during the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock worth $44,000 after buying an additional 1,810 shares during the last quarter. State of Wyoming acquired a new stake in PENN Entertainment in the first quarter valued at about $46,000. Finally, Ancora Advisors LLC boosted its stake in shares of PENN Entertainment by 208.8% in the 1st quarter. Ancora Advisors LLC now owns 6,855 shares of the company's stock valued at $112,000 after purchasing an additional 4,635 shares in the last quarter. Institutional investors own 91.69% of the company's stock.

Insiders Place Their Bets

In other news, Director David A. Handler acquired 20,000 shares of the business's stock in a transaction on Friday, August 8th. The shares were purchased at an average cost of $16.96 per share, with a total value of $339,200.00. Following the acquisition, the director directly 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.67% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. JMP Securities increased 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. Benchmark reaffirmed a "hold" rating on shares of PENN Entertainment in a research note on Monday, May 19th. Barclays cut 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. Citigroup restated an "outperform" rating on shares of PENN Entertainment in a research report on Friday, August 8th. Finally, Wall Street Zen lowered shares of PENN Entertainment from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Eleven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.25.

PENN Entertainment Stock Up 0.5%

Shares of NASDAQ:PENN traded up $0.09 during midday trading on Tuesday, hitting $18.92. 4,048,050 shares of the company's stock were exchanged, compared to its average volume of 3,001,025. 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 12 month low of $13.25 and a 12 month high of $23.08. The company has a market cap of $2.76 billion, a PE ratio of -33.79 and a beta of 1.41. The stock has a 50 day moving average price of $18.69 and a 200-day moving average price of $17.11.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.10 EPS for the quarter, topping analysts' consensus estimates of ($0.04) by $0.14. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.The firm had revenue of $1.77 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the company posted ($0.18) EPS. The company's revenue for the quarter was up 6.1% on a year-over-year basis. On average, sell-side analysts anticipate that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

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.