Arrowstreet Capital Limited Partnership Makes New $40.21 Million Investment in PENN Entertainment, Inc. $PENN

Arrowstreet Capital Limited Partnership bought a new stake in PENN Entertainment, Inc. (NASDAQ:PENN) during the 2nd quarter, HoldingsChannel reports. The fund bought 2,250,340 shares of the company’s stock, valued at approximately $40,214,000.

A number of other institutional investors and hedge funds have also made changes to their positions in PENN. Quantbot Technologies LP lifted its position in PENN Entertainment by 78.4% in the second quarter. Quantbot Technologies LP now owns 134,013 shares of the company’s stock valued at $2,395,000 after purchasing an additional 58,907 shares during the period. Norges Bank purchased a new position in shares of PENN Entertainment during the 2nd quarter worth approximately $39,737,000. Grantham Mayo Van Otterloo & Co. LLC acquired a new stake in shares of PENN Entertainment in the 2nd quarter valued at approximately $949,000. State Board of Administration of Florida Retirement System boosted its stake in shares of PENN Entertainment by 0.7% in the second quarter. State Board of Administration of Florida Retirement System now owns 173,825 shares of the company’s stock valued at $3,106,000 after buying an additional 1,230 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in PENN Entertainment by 6.7% during the second quarter. Russell Investments Group Ltd. now owns 64,280 shares of the company’s stock worth $1,150,000 after acquiring an additional 4,011 shares during the period. 91.69% of the stock is currently owned by institutional investors and hedge funds.

PENN Entertainment Price Performance

PENN stock opened at $13.82 on Friday. PENN Entertainment, Inc. has a 1 year low of $13.24 and a 1 year high of $23.08. The company has a debt-to-equity ratio of 3.65, a quick ratio of 0.75 and a current ratio of 0.75. The stock’s 50 day moving average price is $16.15 and its 200 day moving average price is $17.31. The firm has a market cap of $1.84 billion, a P/E ratio of -2.18 and a beta of 1.40.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). PENN Entertainment had a negative net margin of 13.24% and a negative return on equity of 4.59%. The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the company posted ($0.24) EPS. PENN Entertainment’s quarterly revenue was up 4.8% compared to the same quarter last year. On average, sell-side analysts expect that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Insider Activity

In other news, Director David A. Handler purchased 20,000 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were bought at an average cost of $14.25 per share, with a total value of $285,000.00. Following the purchase, the director directly owned 362,941 shares of the company’s stock, valued at approximately $5,171,909.25. This trade represents a 5.83% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Felicia Hendrix bought 7,315 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The shares were purchased at an average price of $13.79 per share, for a total transaction of $100,873.85. Following the transaction, the chief financial officer owned 119,448 shares of the company’s stock, valued at $1,647,187.92. The trade was a 6.52% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 62,015 shares of company stock valued at $882,778 in the last 90 days. Company insiders own 2.67% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on PENN. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Monday. Wells Fargo & Company assumed coverage on shares of PENN Entertainment in a research note on Tuesday, November 18th. They issued an “underweight” rating and a $15.00 price objective for the company. Wall Street Zen lowered shares of PENN Entertainment from a “hold” rating to a “sell” rating in a research report on Saturday, August 9th. JMP Securities increased their target price on shares of PENN Entertainment from $24.00 to $25.00 and gave the company a “market outperform” rating in a report on Friday, August 8th. Finally, Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and upped their price target for the stock from $19.00 to $21.00 in a report on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, PENN Entertainment has an average rating of “Hold” and a consensus price target of $21.56.

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.