Strs Ohio Acquires New Holdings in PENN Entertainment, Inc. $PENN

Key Points

• Strs Ohio has acquired a new position in PENN Entertainment, purchasing 82,523 shares valued at approximately $1.35 million in the first quarter of 2023.
• PENN Entertainment's recent earnings report showed a quarterly revenue of $1.77 billion, reflecting a 6.1% increase year-over-year, and the company outperformed earnings expectations by reporting $0.10 EPS.
• Analysts maintain a consensus rating of "Moderate Buy" for PENN Entertainment, with an average target price set at $23.25, despite various rating adjustments from different firms.

Strs Ohio purchased a new stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 82,523 shares of the company's stock, valued at approximately $1,346,000. Strs Ohio owned about 0.05% of PENN Entertainment as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Invesco Ltd. raised its stake in PENN Entertainment by 54.6% during the first quarter. Invesco Ltd. now owns 6,002,749 shares of the company's stock worth $97,905,000 after buying an additional 2,120,740 shares during the last quarter. Invenomic Capital Management LP grew its holdings in PENN Entertainment by 87.8% in the first quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company's stock worth $30,322,000 after purchasing an additional 869,347 shares during the period. Long Focus Capital Management LLC grew its holdings in shares of PENN Entertainment by 13.9% during the first quarter. Long Focus Capital Management LLC now owns 1,760,200 shares of the company's stock valued at $28,709,000 after buying an additional 215,200 shares during the last quarter. Jennison Associates LLC grew its holdings in shares of PENN Entertainment by 15.9% during the first quarter. Jennison Associates LLC now owns 892,193 shares of the company's stock valued at $14,552,000 after buying an additional 122,165 shares during the last quarter. Finally, Kodai Capital Management LP grew its holdings in shares of PENN Entertainment by 21.8% during the first quarter. Kodai Capital Management LP now owns 846,333 shares of the company's stock valued at $13,804,000 after buying an additional 151,417 shares during the last quarter. Institutional investors own 91.69% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on PENN shares. 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 report on Thursday, June 26th. Susquehanna reiterated a "positive" rating and set a $25.00 price objective (up from $24.00) on shares of PENN Entertainment in a report on Tuesday, June 10th. JMP Securities lifted their price objective on shares of PENN Entertainment from $24.00 to $25.00 and gave the company a "market outperform" rating in a report on Friday, August 8th. Barclays cut their price target 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. Finally, Stifel Nicolaus boosted their price target on shares of PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a report on Friday, July 11th. Eleven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $23.25.

Insider Activity

In other PENN Entertainment news, Director David A. Handler purchased 20,000 shares of the stock in a transaction dated Friday, August 8th. The shares were bought at an average price of $16.96 per share, with a total value of $339,200.00. Following the completion of the transaction, the director directly owned 342,941 shares in the company, valued at approximately $5,816,279.36. This trade represents a 6.19% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.67% of the stock is currently owned by company insiders.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN traded down $0.12 during midday trading on Friday, hitting $19.09. The company's stock had a trading volume of 4,629,445 shares, compared to its average volume of 4,195,044. The stock has a fifty day moving average price of $18.70 and a 200 day moving average price of $17.11. PENN Entertainment, Inc. has a one year low of $13.25 and a one year high of $23.08. 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 $2.79 billion, a price-to-earnings ratio of -34.09 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 earnings per share (EPS) for the quarter, beating 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 4.36%. The company had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the previous year, the firm posted ($0.18) earnings per share. The company's quarterly revenue was up 6.1% compared to the same quarter last year. On average, research analysts forecast that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

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.