PENN Entertainment, Inc. $PENN Shares Sold by Hennessy Advisors Inc.

Key Points

• Hennessy Advisors trimmed its stake in PENN Entertainment by 5.3%, selling 111,100 shares and leaving it with 1,993,600 shares (about 1.50% of PENN, valued at ~$29.4M), making PENN its 29th largest holding.
• PENN beat quarterly estimates with EPS of $0.07 (vs. -$0.23 est.) and revenue of $1.81B (vs. $1.76B est.), with revenue up 8.2% year-over-year despite a negative net margin of 12.11%.
• Analysts are mixed: the consensus rating is a "Hold" with an average price target of $19.80 (8 Buys, 7 Holds, 1 Sell); notable moves include Barclays raising its target to $23 (overweight) and Benchmark upgrading to a buy with a $21 target.

Hennessy Advisors Inc. lessened its stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,993,600 shares of the company's stock after selling 111,100 shares during the quarter. PENN Entertainment makes up approximately 1.0% of Hennessy Advisors Inc.'s holdings, making the stock its 29th biggest holding. Hennessy Advisors Inc. owned about 1.50% of PENN Entertainment worth $29,406,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Cloud Capital Management LLC bought a new position in PENN Entertainment in the 3rd quarter worth about $54,000. Triumph Capital Management bought a new position in PENN Entertainment in the 3rd quarter worth about $54,000. GAMMA Investing LLC grew its position in PENN Entertainment by 22.4% in the 3rd quarter. GAMMA Investing LLC now owns 3,042 shares of the company's stock worth $59,000 after purchasing an additional 556 shares during the last quarter. Jones Financial Companies Lllp grew its position in PENN Entertainment by 33.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 3,273 shares of the company's stock worth $65,000 after purchasing an additional 825 shares during the last quarter. Finally, Advisory Services Network LLC bought a new position in PENN Entertainment in the 3rd quarter worth about $122,000. Institutional investors own 91.69% of the company's stock.

Analysts Set New Price Targets

PENN has been the subject of several recent analyst reports. Barclays upped their target price on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an "overweight" rating in a research report on Thursday. Wall Street Zen upgraded shares of PENN Entertainment from a "strong sell" rating to a "hold" rating in a report on Monday, March 2nd. Jefferies Financial Group reissued a "hold" rating and set a $17.00 target price on shares of PENN Entertainment in a research note on Wednesday, December 24th. Susquehanna cut their target price on shares of PENN Entertainment from $20.00 to $17.00 and set a "positive" rating for the company in a research note on Wednesday, February 11th. Finally, Benchmark raised shares of PENN Entertainment from a "hold" rating to a "buy" rating and set a $21.00 target price for the company in a research note on Thursday, March 5th. Eight investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $19.80.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN opened at $15.85 on Monday. The company has a debt-to-equity ratio of 3.92, a quick ratio of 0.79 and a current ratio of 0.79. The company has a market cap of $2.12 billion, a PE ratio of -2.63, a price-to-earnings-growth ratio of 0.51 and a beta of 1.32. PENN Entertainment, Inc. has a 52 week low of $11.65 and a 52 week high of $20.60. The firm has a 50 day simple moving average of $14.28 and a 200 day simple moving average of $14.77.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.07 EPS for the quarter, beating the consensus estimate of ($0.23) by $0.30. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.76 billion. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The firm's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.44) EPS. As a group, research analysts expect that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

PENN Entertainment Company 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.

Want to see what other hedge funds are holding PENN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for PENN Entertainment, Inc. (NASDAQ:PENN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.