ING Groep NV Sells 440,300 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

ING Groep NV lessened its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 88.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 59,700 shares of the company's stock after selling 440,300 shares during the period. ING Groep NV's holdings in PENN Entertainment were worth $974,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Alliancebernstein L.P. raised its holdings in PENN Entertainment by 23.8% during the 4th quarter. Alliancebernstein L.P. now owns 44,469 shares of the company's stock valued at $881,000 after acquiring an additional 8,545 shares during the period. Geode Capital Management LLC raised its stake in shares of PENN Entertainment by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock valued at $49,572,000 after purchasing an additional 152,791 shares during the period. Russell Investments Group Ltd. lifted its holdings in PENN Entertainment by 5.0% during the 4th quarter. Russell Investments Group Ltd. now owns 43,716 shares of the company's stock worth $864,000 after purchasing an additional 2,072 shares in the last quarter. Federated Hermes Inc. bought a new position in PENN Entertainment in the 4th quarter worth about $11,280,000. Finally, Bank of Montreal Can boosted its stake in PENN Entertainment by 13.9% in the 4th quarter. Bank of Montreal Can now owns 26,226 shares of the company's stock worth $520,000 after purchasing an additional 3,201 shares during the period. Institutional investors own 91.69% of the company's stock.

Insider Transactions at PENN Entertainment

In related news, Director David A. Handler purchased 10,000 shares of PENN Entertainment stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the transaction, the director directly owned 322,941 shares in the company, valued at $4,789,215.03. The trade was a 3.20% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jay A. Snowden acquired 34,000 shares of the stock in a transaction on Thursday, May 22nd. The stock was bought at an average price of $14.70 per share, with a total value of $499,800.00. Following the transaction, the chief executive officer directly owned 1,082,625 shares of the company's stock, valued at approximately $15,914,587.50. The trade was a 3.24% increase in their position. The disclosure for this purchase can be found here. Insiders own 2.67% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PENN. Truist Financial decreased their price target on PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a research report on Wednesday, April 23rd. Citizens Jmp raised shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 target price on the stock in a report on Thursday, June 26th. Morgan Stanley reiterated a "sell" rating on shares of PENN Entertainment in a research note on Friday, July 11th. Barclays reduced their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating for the company in a research report on Friday, July 18th. Finally, Benchmark reiterated a "hold" rating on shares of PENN Entertainment in a research report on Monday, May 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, PENN Entertainment has an average rating of "Moderate Buy" and a consensus price target of $23.06.

PENN Entertainment Trading Up 0.2%

Shares of PENN traded up $0.04 during mid-day trading on Friday, reaching $16.96. The company's stock had a trading volume of 4,811,918 shares, compared to its average volume of 3,793,136. PENN Entertainment, Inc. has a 52 week low of $13.25 and a 52 week high of $23.08. The stock has a market cap of $2.56 billion, a PE ratio of -30.29 and a beta of 1.60. The company's fifty day moving average price is $17.51 and its two-hundred day moving average price is $17.48. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 2.35.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.14. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.37%. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same period in the previous year, the firm posted ($0.18) earnings per share. The firm's revenue for the quarter was up 6.1% on a year-over-year basis. On average, analysts predict that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

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.