Earnest Partners LLC Grows Stake in PENN Entertainment, Inc. (NASDAQ:PENN)

Earnest Partners LLC lifted its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 4.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,938,133 shares of the company’s stock after acquiring an additional 151,025 shares during the period. Earnest Partners LLC’s holdings in PENN Entertainment were worth $71,713,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Harbor Investment Advisory LLC purchased a new stake in shares of PENN Entertainment during the 4th quarter worth approximately $32,000. Lindbrook Capital LLC lifted its position in PENN Entertainment by 57.1% in the fourth quarter. Lindbrook Capital LLC now owns 1,521 shares of the company’s stock valued at $40,000 after acquiring an additional 553 shares during the last quarter. Neo Ivy Capital Management acquired a new position in PENN Entertainment in the fourth quarter valued at $40,000. Rakuten Securities Inc. acquired a new position in PENN Entertainment in the fourth quarter valued at $78,000. Finally, TFO Wealth Partners LLC increased its position in shares of PENN Entertainment by 123,033.3% during the fourth quarter. TFO Wealth Partners LLC now owns 3,694 shares of the company’s stock worth $96,000 after purchasing an additional 3,691 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insider Activity at PENN Entertainment

In other PENN Entertainment news, CFO Felicia Hendrix acquired 16,157 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The shares were purchased at an average price of $15.47 per share, for a total transaction of $249,948.79. Following the completion of the purchase, the chief financial officer now directly owns 68,596 shares in the company, valued at $1,061,180.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director David A. Handler bought 40,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The stock was purchased at an average price of $14.94 per share, for a total transaction of $597,600.00. Following the transaction, the director now owns 283,450 shares in the company, valued at $4,234,743. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Felicia Hendrix purchased 16,157 shares of the company’s stock in a transaction on Monday, May 6th. The stock was purchased at an average price of $15.47 per share, for a total transaction of $249,948.79. Following the purchase, the chief financial officer now directly owns 68,596 shares of the company’s stock, valued at approximately $1,061,180.12. The disclosure for this purchase can be found here. Insiders bought a total of 76,157 shares of company stock valued at $1,154,949 over the last three months. 2.19% of the stock is owned by insiders.

PENN Entertainment Trading Down 0.5 %

Shares of PENN stock traded down $0.09 during mid-day trading on Monday, reaching $19.62. The company’s stock had a trading volume of 3,964,290 shares, compared to its average volume of 6,073,409. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 2.33. The firm has a market capitalization of $2.99 billion, a PE ratio of -2.63 and a beta of 2.11. The company’s 50 day simple moving average is $18.16 and its 200-day simple moving average is $18.56. PENN Entertainment, Inc. has a 12-month low of $13.50 and a 12-month high of $29.38.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, May 2nd. The company reported ($0.79) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative return on equity of 3.53% and a negative net margin of 17.77%. The company had revenue of $1.61 billion for the quarter, compared to analyst estimates of $1.63 billion. On average, research analysts predict that PENN Entertainment, Inc. will post -1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have commented on PENN shares. Truist Financial lifted their price target on PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Barclays dropped their price objective on PENN Entertainment from $26.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday, May 3rd. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research report on Tuesday, June 4th. Needham & Company LLC reissued a “buy” rating and issued a $26.00 price objective on shares of PENN Entertainment in a research note on Wednesday, May 15th. Finally, Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $25.03.

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.