Maryland State Retirement & Pension System Trims Stock Holdings in PENN Entertainment, Inc. $PENN

Maryland State Retirement & Pension System lowered its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 1.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 51,325 shares of the company’s stock after selling 904 shares during the period. Maryland State Retirement & Pension System’s holdings in PENN Entertainment were worth $917,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PENN. Parallel Advisors LLC lifted its stake in PENN Entertainment by 152.2% in the second quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock valued at $25,000 after buying an additional 843 shares during the last quarter. Quarry LP purchased a new stake in PENN Entertainment in the first quarter valued at approximately $30,000. GAMMA Investing LLC lifted its stake in PENN Entertainment by 38.7% in the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock valued at $43,000 after buying an additional 736 shares during the last quarter. Byrne Asset Management LLC lifted its stake in PENN Entertainment by 201.1% in the first quarter. Byrne Asset Management LLC now owns 2,710 shares of the company’s stock valued at $44,000 after buying an additional 1,810 shares during the last quarter. Finally, State of Wyoming purchased a new stake in PENN Entertainment in the first quarter valued at approximately $46,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler acquired 20,000 shares of the company’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 directly owned 342,941 shares of the company’s stock, valued at approximately $5,816,279.36. The trade was a 6.19% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 2.67% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PENN. Weiss Ratings reiterated a “sell (e+)” rating on shares of PENN Entertainment in a research note on Saturday, September 27th. Needham & Company LLC reduced their price objective on PENN Entertainment from $25.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, August 8th. Stifel Nicolaus boosted their price objective on PENN Entertainment from $17.00 to $19.00 and gave the company a “hold” rating in a research note on Friday, July 11th. JPMorgan Chase & Co. started coverage on PENN Entertainment in a report on Monday, June 23rd. They issued an “overweight” rating and a $24.00 target price on the stock. Finally, Morgan Stanley reissued a “sell” rating on shares of PENN Entertainment in a report on Friday, July 11th. Ten research analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $22.80.

PENN Entertainment Trading Down 3.8%

NASDAQ:PENN opened at $16.24 on Monday. The firm has a market cap of $2.37 billion, a P/E ratio of -29.00 and a beta of 1.60. 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 stock’s 50 day simple moving average is $18.87 and its 200-day simple moving average is $17.24. PENN Entertainment, Inc. has a 12-month low of $13.25 and a 12-month high of $23.08.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, August 7th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.14. PENN Entertainment had a negative return on equity of 4.36% and a negative net margin of 1.12%.The business 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 company posted ($0.18) earnings per share. The company’s revenue for the quarter was up 6.1% compared to the same quarter last year. Equities analysts anticipate that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

About PENN Entertainment

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.