PENN Entertainment, Inc. $PENN Position Decreased by Kettle Hill Capital Management LLC

Key Points

• Kettle Hill Capital Management LLC sold 81,687 shares of PENN Entertainment, Inc., reducing its stake by 4.5% to 1,720,100 shares, which now represents 7.7% of its portfolio.
• Institutional investors have been active, with Ancora Advisors LLC increasing its holdings by 208.8% and other funds, including Cubist Systematic Strategies LLC, making significant changes to their positions in PENN.
• PENN Entertainment's stock is currently rated as a "Moderate Buy" with an average target price of $23.25, despite mixed analyst ratings and a recent earnings report that exceeded expectations.

Kettle Hill Capital Management LLC reduced its stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 4.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,720,100 shares of the company's stock after selling 81,687 shares during the period. PENN Entertainment accounts for 7.7% of Kettle Hill Capital Management LLC's portfolio, making the stock its 2nd largest position. Kettle Hill Capital Management LLC owned approximately 1.14% of PENN Entertainment worth $28,055,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of PENN. Quarry LP bought a new position in PENN Entertainment in the first quarter worth about $30,000. GAMMA Investing LLC raised its stake in PENN Entertainment by 38.7% in the first 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 grew its holdings in PENN Entertainment by 201.1% in the first quarter. Byrne Asset Management LLC now owns 2,710 shares of the company's stock worth $44,000 after purchasing an additional 1,810 shares during the period. State of Wyoming purchased a new stake in PENN Entertainment in the first quarter worth about $46,000. Finally, Ancora Advisors LLC grew its holdings in PENN Entertainment by 208.8% in the first quarter. Ancora Advisors LLC now owns 6,855 shares of the company's stock worth $112,000 after purchasing an additional 4,635 shares during the period. 91.69% of the stock is owned by institutional investors.

Insider Transactions at PENN Entertainment

In related news, Director David A. Handler bought 20,000 shares of the company's stock in a transaction that occurred 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 completion of the acquisition, the director owned 342,941 shares of the company's stock, valued at $5,816,279.36. This trade represents a 6.19% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.67% of the company's stock.

PENN Entertainment Stock Up 4.2%

Shares of NASDAQ:PENN traded up $0.82 during trading on Friday, reaching $20.47. 4,451,542 shares of the stock traded hands, compared to its average volume of 3,263,174. The stock has a 50-day moving average of $18.51 and a two-hundred day moving average of $17.14. PENN Entertainment, Inc. has a 52-week low of $13.25 and a 52-week high of $23.08. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. The stock has a market cap of $2.99 billion, a P/E ratio of -36.55 and a beta of 1.41.

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Citizens Jmp upgraded shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective on the stock in a report on Thursday, June 26th. Barclays cut their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating on the stock in a report on Friday, July 18th. Benchmark restated a "hold" rating on shares of PENN Entertainment in a report on Monday, May 19th. Citigroup restated an "outperform" rating on shares of PENN Entertainment in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. started coverage on shares of PENN Entertainment in a report on Monday, June 23rd. They issued an "overweight" rating and a $24.00 price objective on the stock. Eleven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, PENN Entertainment has an average rating of "Moderate Buy" and a consensus price target of $23.25.

PENN Entertainment Company 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.