Hedges Asset Management LLC Decreases Stock Position in PENN Entertainment, Inc. (NASDAQ:PENN)

by · The Markets Daily

Hedges Asset Management LLC reduced its position in PENN Entertainment, Inc. (NASDAQ:PENN – Free Report) by 1.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200,250 shares of the company’s stock after selling 2,700 shares during the quarter. PENN Entertainment makes up about 2.5% of Hedges Asset Management LLC’s investment portfolio, making the stock its 7th largest holding. Hedges Asset Management LLC owned approximately 0.13% of PENN Entertainment worth $3,777,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC grew its holdings in PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after buying an additional 1,009 shares in the last quarter. DekaBank Deutsche Girozentrale purchased a new position in PENN Entertainment during the 3rd quarter valued at approximately $45,000. International Assets Investment Management LLC increased its stake in PENN Entertainment by 1,634.8% in the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after acquiring an additional 3,057 shares during the last quarter. J.Safra Asset Management Corp bought a new stake in PENN Entertainment in the 2nd quarter worth approximately $83,000. Finally, Quarry LP boosted its position in shares of PENN Entertainment by 76.7% during the 2nd quarter. Quarry LP now owns 4,291 shares of the company’s stock valued at $83,000 after acquiring an additional 1,862 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at PENN Entertainment

In other news, CEO Jay A. Snowden bought 54,200 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the transaction, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director David A. Handler acquired 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was purchased at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the transaction, the director now owns 293,450 shares in the company, valued at approximately $5,138,309.50. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Jay A. Snowden purchased 54,200 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average price of $18.44 per share, with a total value of $999,448.00. Following the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at approximately $15,730,149.80. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 79,200 shares of company stock valued at $1,450,548. 2.19% of the stock is owned by corporate insiders.

PENN Entertainment Stock Performance

PENN opened at $19.91 on Monday. The stock has a market cap of $3.04 billion, a P/E ratio of -2.67 and a beta of 2.10. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03. The firm has a fifty day moving average price of $18.93 and a 200 day moving average price of $18.13. PENN Entertainment, Inc. has a 1 year low of $13.50 and a 1 year high of $27.20.

PENN Entertainment (NASDAQ:PENN – Get Free Report) last announced its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, topping the consensus estimate of ($0.27) by $0.09. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the company posted $0.48 EPS. The business’s quarterly revenue was down .7% on a year-over-year basis. Equities research analysts anticipate that PENN Entertainment, Inc. will post -1.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Stifel Nicolaus lifted their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a research note on Friday, August 9th. Craig Hallum restated a “buy” rating and set a $30.00 price objective on shares of PENN Entertainment in a research report on Tuesday, October 8th. Needham & Company LLC reiterated a “buy” rating and issued a $26.00 target price on shares of PENN Entertainment in a report on Tuesday, October 8th. Wells Fargo & Company raised their price target on PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Finally, Truist Financial dropped their price target on shares of PENN Entertainment from $25.00 to $23.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, PENN Entertainment presently has an average rating of “Hold” and a consensus target price of $22.96.

Check Out Our Latest Analysis on PENN

PENN Entertainment Company Profile

(Free Report)

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.

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