PENN Entertainment, Inc. $PENN Shares Sold by Earnest Partners LLC

Earnest Partners LLC trimmed its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 1.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,934,772 shares of the company’s stock after selling 47,065 shares during the quarter. Earnest Partners LLC’s holdings in PENN Entertainment were worth $47,866,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Invesco Ltd. boosted its stake in PENN Entertainment by 54.6% during the 1st quarter. Invesco Ltd. now owns 6,002,749 shares of the company’s stock valued at $97,905,000 after acquiring an additional 2,120,740 shares during the last quarter. DME Capital Management LP boosted its stake in PENN Entertainment by 2.3% during the 4th quarter. DME Capital Management LP now owns 5,748,440 shares of the company’s stock valued at $113,934,000 after acquiring an additional 127,670 shares during the last quarter. Kettle Hill Capital Management LLC boosted its stake in PENN Entertainment by 43.1% during the 4th quarter. Kettle Hill Capital Management LLC now owns 1,801,787 shares of the company’s stock valued at $35,711,000 after acquiring an additional 542,585 shares during the last quarter. Man Group plc boosted its stake in PENN Entertainment by 25.0% during the 4th quarter. Man Group plc now owns 1,398,998 shares of the company’s stock valued at $27,728,000 after acquiring an additional 279,726 shares during the last quarter. Finally, Northern Trust Corp boosted its stake in PENN Entertainment by 19.4% during the 4th quarter. Northern Trust Corp now owns 1,043,383 shares of the company’s stock valued at $20,680,000 after acquiring an additional 169,518 shares during the last quarter. 91.69% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director David A. Handler bought 20,000 shares of the company’s stock in a transaction on Friday, August 8th. The shares were purchased at an average cost of $16.96 per share, with a total value of $339,200.00. Following the completion of the transaction, the director directly owned 342,941 shares of the company’s stock, valued at approximately $5,816,279.36. This represents a 6.19% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.67% of the stock is owned by corporate insiders.

PENN Entertainment Stock Performance

PENN Entertainment stock opened at $19.91 on Thursday. The company has a market cap of $2.91 billion, a PE ratio of -35.55 and a beta of 1.60. The company has a fifty day moving average price of $18.16 and a two-hundred day moving average price of $17.30. The company has a debt-to-equity ratio of 2.39, a current ratio of 0.79 and a quick ratio of 0.79. 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 quarterly earnings data on Thursday, August 7th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter in the previous year, the company posted ($0.18) earnings per share. The firm’s revenue was up 6.1% on a year-over-year basis. Research analysts expect that PENN Entertainment, Inc. will post -1.61 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Barclays reduced their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a research note on Friday, July 18th. Citigroup reiterated an “outperform” rating on shares of PENN Entertainment in a research note on Friday, August 8th. JMP Securities increased their price objective on shares of PENN Entertainment from $24.00 to $25.00 and gave the company a “market outperform” rating in a research note on Friday, August 8th. Morgan Stanley reaffirmed a “sell” rating on shares of PENN Entertainment in a report on Friday, July 11th. Finally, Citizens Jmp raised shares of PENN Entertainment from a “market perform” rating to an “outperform” rating and set a $24.00 price objective for the company in a report on Thursday, June 26th. Eleven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $23.25.

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.