Public Sector Pension Investment Board Acquires 101,765 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Key Points

• Public Sector Pension Investment Board increased its stake in PENN Entertainment by 27.3%, acquiring 101,765 additional shares, making its total ownership approximately 474,541 shares valued at $7.74 million.
• Several institutional investors have significantly boosted their holdings in PENN Entertainment, with Invesco Ltd. increasing its stake by 54.6% and now owning around 6 million shares worth nearly $98 million.
• Analysts have set varied price targets for PENN Entertainment, with consensus indicating a "Hold" rating and a target price of $23.25, reflecting differing opinions on the stock's potential performance.

Public Sector Pension Investment Board lifted its stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 27.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 474,541 shares of the company's stock after purchasing an additional 101,765 shares during the period. Public Sector Pension Investment Board owned 0.31% of PENN Entertainment worth $7,740,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Invesco Ltd. grew its holdings in PENN Entertainment by 54.6% during the 1st quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock worth $97,905,000 after acquiring an additional 2,120,740 shares during the period. DME Capital Management LP grew its holdings in PENN Entertainment by 2.3% during the 4th quarter. DME Capital Management LP now owns 5,748,440 shares of the company's stock worth $113,934,000 after acquiring an additional 127,670 shares during the period. Kettle Hill Capital Management LLC grew its holdings in PENN Entertainment by 43.1% during the 4th quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company's stock worth $35,711,000 after acquiring an additional 542,585 shares during the period. Long Focus Capital Management LLC grew its holdings in PENN Entertainment by 3.0% during the 4th quarter. Long Focus Capital Management LLC now owns 1,545,000 shares of the company's stock worth $30,622,000 after acquiring an additional 45,000 shares during the period. Finally, Man Group plc grew its holdings in PENN Entertainment by 25.0% during the 4th quarter. Man Group plc now owns 1,398,998 shares of the company's stock worth $27,728,000 after acquiring an additional 279,726 shares during the period. Institutional investors and hedge funds own 91.69% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PENN. Susquehanna reissued a "positive" rating and set a $25.00 price target (up from $24.00) on shares of PENN Entertainment in a research report on Tuesday, June 10th. Stifel Nicolaus lifted their price target on shares of PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a research report on Friday, July 11th. Morgan Stanley reaffirmed a "sell" rating on shares of PENN Entertainment in a research report on Friday, July 11th. Wall Street Zen cut shares of PENN Entertainment from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Finally, Mizuho cut their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating on the stock in a research report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, PENN Entertainment currently has a consensus rating of "Hold" and a consensus price target of $23.25.

PENN Entertainment Stock Performance

NASDAQ PENN traded up $0.26 during trading on Friday, reaching $18.24. The company's stock had a trading volume of 5,141,935 shares, compared to its average volume of 3,723,119. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of -32.57 and a beta of 1.60. PENN Entertainment, Inc. has a 12 month low of $13.25 and a 12 month high of $23.08. The firm has a 50 day moving average price of $17.73 and a 200 day moving average price of $17.37.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping 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 company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the prior year, the firm posted ($0.18) EPS. The firm's quarterly revenue was up 6.1% on a year-over-year basis. As a group, equities analysts anticipate that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Insider Activity at PENN Entertainment

In related news, CEO Jay A. Snowden acquired 34,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was acquired at an average price of $14.70 per share, with a total value of $499,800.00. Following the purchase, the chief executive officer directly owned 1,082,625 shares in the company, valued at approximately $15,914,587.50. This trade represents a 3.24% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director David A. Handler acquired 20,000 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was bought at an average cost of $16.96 per share, with a total value of $339,200.00. Following the purchase, the director owned 342,941 shares in the company, valued at $5,816,279.36. The trade was a 6.19% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders purchased 64,000 shares of company stock valued at $987,300. 2.67% of the stock is owned by insiders.

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.