Ieq Capital LLC Makes New $3.19 Million Investment in PENN Entertainment, Inc. $PENN

Key Points

• Ieq Capital LLC purchased 149,355 shares of PENN Entertainment worth approximately $3.19 million, giving it a 0.11% stake. Institutional investors and hedge funds collectively own 91.69% of the company.
• PENN reported quarterly EPS of $0.44, exceeding estimates of $0.37, while revenue reached $1.86 billion, up 5.2% year over year.
• Analysts maintain a generally positive outlook, with 12 Buy, seven Hold and one Sell rating; the average price target is $23.53 versus the stock’s $18.26 opening price.

Ieq Capital LLC purchased a new stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 149,355 shares of the company's stock, valued at approximately $3,190,000. Ieq Capital LLC owned about 0.11% of PENN Entertainment at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in PENN Entertainment during the second quarter valued at approximately $410,579,000. Shapiro Capital Management LLC raised its holdings in PENN Entertainment by 6.6% in the third quarter. Shapiro Capital Management LLC now owns 6,856,778 shares of the company's stock worth $132,062,000 after purchasing an additional 425,190 shares during the period. Bank of America Corp DE boosted its position in shares of PENN Entertainment by 57.9% during the first quarter. Bank of America Corp DE now owns 4,351,310 shares of the company's stock worth $65,400,000 after purchasing an additional 1,595,502 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of PENN Entertainment by 74.7% during the third quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company's stock worth $75,697,000 after purchasing an additional 1,679,953 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in shares of PENN Entertainment by 824.3% in the 4th quarter. AQR Capital Management LLC now owns 3,499,700 shares of the company's stock valued at $51,341,000 after buying an additional 3,121,051 shares during the period. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Price Performance

Shares of NASDAQ PENN opened at $18.26 on Tuesday. The company has a fifty day moving average price of $20.40 and a 200 day moving average price of $17.39. The firm has a market cap of $2.45 billion, a PE ratio of -2.87, a PEG ratio of 0.48 and a beta of 1.43. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.79. PENN Entertainment, Inc. has a 1-year low of $11.65 and a 1-year high of $22.36.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.07. The firm had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%.The company's revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.12) EPS. Research analysts predict that PENN Entertainment, Inc. will post 1.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PENN shares. JPMorgan Chase & Co. raised their price objective on PENN Entertainment from $23.00 to $26.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Citigroup restated a "market outperform" rating on shares of PENN Entertainment in a report on Tuesday, August 18th. Susquehanna raised their price target on PENN Entertainment from $24.00 to $28.00 and gave the stock a "positive" rating in a research report on Wednesday, July 1st. Weiss Ratings reiterated a "sell (d-)" rating on shares of PENN Entertainment in a report on Wednesday, June 24th. Finally, Mizuho set a $28.00 price objective on PENN Entertainment in a research report on Friday, August 7th. Twelve equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, PENN Entertainment has an average rating of "Moderate Buy" and an average target price of $23.53.

PENN Entertainment Profile

PENN Entertainment, Inc NASDAQ: PENN is a leading operator of gaming and racing facilities in the United States. The company's business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company's portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.

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