State of New Jersey Common Pension Fund D Takes $1.92 Million Position in PENN Entertainment, Inc. (NASDAQ:PENN)

State of New Jersey Common Pension Fund D bought a new stake in PENN Entertainment, Inc. (NASDAQ:PENN) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 101,879 shares of the company’s stock, valued at approximately $1,921,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in PENN Entertainment by 233.6% in the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after acquiring an additional 1,009 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new position in PENN Entertainment in the third quarter valued at about $45,000. International Assets Investment Management LLC boosted its holdings in PENN Entertainment by 1,634.8% in the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock valued at $61,000 after acquiring an additional 3,057 shares during the last quarter. J.Safra Asset Management Corp bought a new position in PENN Entertainment in the second quarter valued at about $83,000. Finally, Quarry LP boosted its holdings in PENN Entertainment by 76.7% in the second 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 currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Anuj Dhanda acquired 15,000 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were bought at an average price of $18.40 per share, for a total transaction of $276,000.00. Following the purchase, the director now directly owns 31,523 shares in the company, valued at approximately $580,023.20. This trade represents a 90.78 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Handler acquired 10,000 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were bought at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the purchase, the director now owns 293,450 shares in the company, valued at approximately $5,138,309.50. This represents a 3.53 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 79,200 shares of company stock valued at $1,450,548 in the last quarter. 2.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

PENN has been the topic of several recent research reports. Barclays decreased their price target on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Mizuho reduced their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. Benchmark restated a “hold” rating on shares of PENN Entertainment in a report on Friday, November 8th. Stifel Nicolaus raised their target price on PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Macquarie raised their target price on PENN Entertainment from $26.00 to $27.00 and gave the stock an “outperform” rating in a report on Friday, November 8th. One equities research 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $23.29.

PENN Entertainment Stock Down 0.8 %

Shares of PENN Entertainment stock opened at $20.78 on Monday. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $27.20. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. The business’s 50 day simple moving average is $19.26 and its 200 day simple moving average is $18.48. The firm has a market cap of $3.17 billion, a PE ratio of -5.85 and a beta of 2.09.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The firm had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the prior year, the firm posted $1.21 EPS. The business’s revenue was up 1.2% on a year-over-year basis. On average, analysts predict that PENN Entertainment, Inc. will post -1.53 earnings per share for the current fiscal 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.