Texas Permanent School Fund Corp Acquires 38,275 Shares of PENN Entertainment, Inc. $PENN

Texas Permanent School Fund Corp lifted its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 55.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 107,498 shares of the company’s stock after buying an additional 38,275 shares during the quarter. Texas Permanent School Fund Corp’s holdings in PENN Entertainment were worth $1,921,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PENN. State of Wyoming grew its stake in shares of PENN Entertainment by 498.0% during the second quarter. State of Wyoming now owns 16,870 shares of the company’s stock valued at $301,000 after buying an additional 14,049 shares during the last quarter. Hudson Bay Capital Management LP lifted its stake in shares of PENN Entertainment by 18.0% in the 2nd quarter. Hudson Bay Capital Management LP now owns 2,029,843 shares of the company’s stock valued at $36,273,000 after acquiring an additional 308,998 shares during the last quarter. Caxton Associates LLP boosted its holdings in PENN Entertainment by 119.0% during the 2nd quarter. Caxton Associates LLP now owns 33,059 shares of the company’s stock valued at $591,000 after acquiring an additional 17,963 shares during the period. Public Sector Pension Investment Board boosted its holdings in PENN Entertainment by 4.5% during the 2nd quarter. Public Sector Pension Investment Board now owns 496,063 shares of the company’s stock valued at $8,865,000 after acquiring an additional 21,522 shares during the period. Finally, Tidal Investments LLC grew its position in PENN Entertainment by 8.1% during the 2nd quarter. Tidal Investments LLC now owns 19,689 shares of the company’s stock worth $352,000 after acquiring an additional 1,483 shares during the last quarter. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Stock Performance

NASDAQ:PENN opened at $14.56 on Monday. The company has a quick ratio of 0.75, a current ratio of 0.75 and a debt-to-equity ratio of 3.65. The firm’s fifty day simple moving average is $15.32 and its 200 day simple moving average is $17.28. The stock has a market cap of $1.94 billion, a P/E ratio of -2.29 and a beta of 1.40. PENN Entertainment, Inc. has a twelve month low of $13.24 and a twelve month high of $23.08.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.12). PENN Entertainment had a negative return on equity of 4.59% and a negative net margin of 13.24%.The company had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.73 billion. During the same quarter last year, the company posted ($0.24) earnings per share. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. As a group, research analysts predict that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Analysts Set New Price Targets

Several analysts have weighed in on PENN shares. Citigroup reiterated a “market outperform” rating on shares of PENN Entertainment in a research report on Monday, December 1st. Stifel Nicolaus raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and lifted their target price for the stock from $19.00 to $21.00 in a research note on Friday, November 7th. Needham & Company LLC reissued a “hold” rating on shares of PENN Entertainment in a research report on Friday, November 7th. Wells Fargo & Company began coverage on shares of PENN Entertainment in a report on Tuesday, November 18th. They issued an “underweight” rating and a $15.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a research report on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, PENN Entertainment currently has an average rating of “Hold” and an average target price of $21.56.

Insider Activity at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 34,700 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The stock was bought at an average cost of $14.32 per share, with a total value of $496,904.00. Following the completion of the purchase, the chief executive officer directly owned 1,117,325 shares in the company, valued at approximately $16,000,094. This represents a 3.21% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Felicia Hendrix acquired 7,315 shares of the business’s stock in a transaction on Friday, November 21st. The shares were purchased at an average cost of $13.79 per share, for a total transaction of $100,873.85. Following the completion of the transaction, the chief financial officer owned 119,448 shares in the company, valued at approximately $1,647,187.92. This represents a 6.52% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 62,015 shares of company stock valued at $882,778 in the last three months. Corporate insiders own 2.67% of the company’s stock.

About PENN Entertainment

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.