Summit Securities Group LLC Invests $266,000 in PENN Entertainment, Inc. $PENN

Key Points

• Summit Securities Group LLC invested approximately $266,000 in PENN Entertainment, acquiring 16,316 shares during the first quarter.
• Insider buying was notable, with Director David A. Handler purchasing 20,000 shares for $339,200 and CEO Jay A. Snowden buying 34,000 shares worth $499,800.
• PENN Entertainment reported a quarterly revenue of $1.77 billion, exceeding analysts' expectations, with earnings per share of $0.10.

Summit Securities Group LLC bought a new stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 16,316 shares of the company's stock, valued at approximately $266,000.

Other institutional investors also recently modified their holdings of the company. Trek Financial LLC acquired a new position in PENN Entertainment in the first quarter valued at approximately $246,000. Raymond James Financial Inc. bought a new stake in shares of PENN Entertainment during the 4th quarter valued at $17,804,000. Principal Financial Group Inc. raised its position in shares of PENN Entertainment by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 742,899 shares of the company's stock valued at $12,117,000 after acquiring an additional 17,752 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of PENN Entertainment by 33.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 264,587 shares of the company's stock valued at $5,244,000 after purchasing an additional 65,596 shares during the period. Finally, LMR Partners LLP boosted its position in shares of PENN Entertainment by 608.9% in the 4th quarter. LMR Partners LLP now owns 41,026 shares of the company's stock worth $813,000 after purchasing an additional 35,239 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company's stock.

Insider Transactions at PENN Entertainment

In other news, CEO Jay A. Snowden acquired 34,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The stock was bought at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the transaction, the chief executive officer directly owned 1,082,625 shares of the company's stock, valued at approximately $15,914,587.50. This represents a 3.24% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Handler acquired 20,000 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were purchased at an average price of $16.96 per share, with a total value 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 represents a 6.19% increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 64,000 shares of company stock valued at $987,300. Corporate insiders own 2.67% of the company's stock.

PENN Entertainment Stock Up 0.8%

PENN stock traded up $0.15 during mid-day trading on Wednesday, hitting $18.67. 3,542,922 shares of the company were exchanged, compared to its average volume of 4,329,310. The company has a debt-to-equity ratio of 2.39, a quick ratio of 0.79 and a current ratio of 0.79. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08. The firm's 50 day simple moving average is $17.84 and its 200 day simple moving average is $17.35. The firm has a market cap of $2.73 billion, a P/E ratio of -33.34 and a beta of 1.60.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.10 earnings per share 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 during the quarter, compared to analysts' expectations of $1.73 billion. During the same quarter in the prior year, the company earned ($0.18) earnings per share. The business's quarterly revenue was up 6.1% compared to the same quarter last year. On average, sell-side analysts predict that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Citigroup reiterated an "outperform" rating on shares of PENN Entertainment in a report on Friday, August 8th. Citizens Jmp upgraded PENN Entertainment from a "market perform" rating to an "outperform" rating and set a $24.00 target price for the company in a research report on Thursday, June 26th. Mizuho lowered their price target on PENN Entertainment from $25.00 to $24.00 and set an "outperform" rating for the company in a research note on Monday, May 12th. Stifel Nicolaus lifted their price objective on shares of PENN Entertainment from $17.00 to $19.00 and gave the stock a "hold" rating in a research note on Friday, July 11th. Finally, Morgan Stanley restated a "sell" rating on shares of PENN Entertainment in a report on Friday, July 11th. Eleven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $23.25.

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.