Earnest Partners LLC Sells 1,167,317 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Earnest Partners LLC cut its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 28.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 2,981,837 shares of the company's stock after selling 1,167,317 shares during the quarter. Earnest Partners LLC owned 1.95% of PENN Entertainment worth $59,100,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the company. Invesco Ltd. grew its holdings in PENN Entertainment by 28.0% during the 4th quarter. Invesco Ltd. now owns 3,882,009 shares of the company's stock valued at $76,941,000 after buying an additional 848,066 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of PENN Entertainment by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 2,500,342 shares of the company's stock valued at $49,572,000 after acquiring an additional 152,791 shares during the last quarter. Contrarius Group Holdings Ltd purchased a new stake in PENN Entertainment during the 4th quarter worth about $34,994,000. Long Focus Capital Management LLC raised its stake in PENN Entertainment by 3.0% in the 4th quarter. Long Focus Capital Management LLC now owns 1,545,000 shares of the company's stock valued at $30,622,000 after purchasing an additional 45,000 shares during the last quarter. Finally, Norges Bank purchased a new position in PENN Entertainment in the 4th quarter valued at about $27,901,000. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PENN has been the subject of a number of recent research reports. StockNews.com upgraded shares of PENN Entertainment from a "sell" rating to a "hold" rating in a report on Monday, March 3rd. JMP Securities reiterated a "market perform" rating on shares of PENN Entertainment in a report on Thursday, January 16th. Truist Financial decreased their price objective on PENN Entertainment from $23.00 to $20.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Macquarie reiterated an "outperform" rating and issued a $26.00 target price on shares of PENN Entertainment in a research note on Friday, February 28th. Finally, Mizuho raised their price target on PENN Entertainment from $24.00 to $25.00 and gave the stock an "outperform" rating in a research note on Tuesday, March 4th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, PENN Entertainment has a consensus rating of "Hold" and an average target price of $22.77.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN traded down $0.49 during trading hours on Wednesday, hitting $15.22. 2,513,436 shares of the company's stock were exchanged, compared to its average volume of 4,442,586. The company's 50-day moving average price is $16.77 and its 200-day moving average price is $18.95. PENN Entertainment, Inc. has a 1-year low of $13.25 and a 1-year high of $23.08. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of -4.29, a PEG ratio of 1.55 and a beta of 1.96. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94.

PENN Entertainment Company 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.