Benchstone Capital Management LP Sells 755,035 Shares of PENN Entertainment, Inc. $PENN

Key Points

• Benchstone Capital Management LP significantly reduced its stake in PENN Entertainment by 90.1%, leaving it with only 83,168 shares after selling 755,035 shares in the first quarter.
• Institutional investors now own 91.69% of PENN's stock, with notable increases from firms such as Long Focus Capital Management and Kodai Capital Management.
• PENN Entertainment recently reported a quarterly earnings beat with $0.10 earnings per share, surpassing estimates, while its revenue increased by 6.1% year-over-year to $1.77 billion.

Benchstone Capital Management LP trimmed its holdings in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 90.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,168 shares of the company's stock after selling 755,035 shares during the period. Benchstone Capital Management LP owned 0.06% of PENN Entertainment worth $1,356,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PENN. Invesco Ltd. raised its position in shares of PENN Entertainment by 54.6% in the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock valued at $97,905,000 after buying an additional 2,120,740 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of PENN Entertainment by 2,612.0% in the first quarter. Victory Capital Management Inc. now owns 773,938 shares of the company's stock valued at $12,623,000 after buying an additional 745,400 shares in the last quarter. Kettle Hill Capital Management LLC raised its position in shares of PENN Entertainment by 43.1% in the fourth quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company's stock valued at $35,711,000 after buying an additional 542,585 shares in the last quarter. Trexquant Investment LP acquired a new stake in shares of PENN Entertainment in the first quarter valued at approximately $5,800,000. Finally, Man Group plc raised its position in shares of PENN Entertainment by 25.0% in the fourth quarter. Man Group plc now owns 1,398,998 shares of the company's stock valued at $27,728,000 after buying an additional 279,726 shares in the last quarter. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on PENN shares. Susquehanna reiterated a "positive" rating and issued a $25.00 price target (up from $24.00) on shares of PENN Entertainment in a research report on Tuesday, June 10th. Citizens Jmp upgraded shares of PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 price objective for the company in a research report on Thursday, June 26th. Stifel Nicolaus boosted their price objective on shares of PENN Entertainment from $17.00 to $19.00 and gave the company a "hold" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. started coverage on shares of PENN Entertainment in a research report on Monday, June 23rd. They set an "overweight" rating and a $24.00 price objective for the company. Finally, Canaccord Genuity Group lowered their price objective on shares of PENN Entertainment from $28.00 to $26.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Eleven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, PENN Entertainment has a consensus rating of "Moderate Buy" and a consensus target price of $23.25.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN traded down $0.26 during trading on Tuesday, hitting $19.97. 2,440,918 shares of the company were exchanged, compared to its average volume of 3,738,577. The business's 50 day moving average is $18.39 and its 200-day moving average is $17.22. The company has a market capitalization of $2.92 billion, a P/E ratio of -35.66 and a beta of 1.41. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 2.39. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.14. The company had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The company's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.18) earnings per share. Equities analysts forecast that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Insider Activity

In related news, Director David A. Handler purchased 20,000 shares of the stock in a transaction dated Friday, August 8th. The stock was bought at an average cost 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 approximately $5,816,279.36. This represents a 6.19% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.67% of the company's stock.

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.