Rhumbline Advisers Cuts Stake in PENN Entertainment, Inc. (NASDAQ:PENN)

Rhumbline Advisers lessened its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 27.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 299,603 shares of the company’s stock after selling 114,090 shares during the quarter. Rhumbline Advisers owned about 0.20% of PENN Entertainment worth $5,799,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of PENN Entertainment by 233.6% in the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $28,000 after buying an additional 1,009 shares during the last quarter. Neo Ivy Capital Management purchased a new stake in PENN Entertainment during the fourth quarter valued at $40,000. J.Safra Asset Management Corp purchased a new stake in PENN Entertainment during the second quarter valued at $83,000. TFO Wealth Partners LLC raised its stake in PENN Entertainment by 123,033.3% during the fourth quarter. TFO Wealth Partners LLC now owns 3,694 shares of the company’s stock valued at $96,000 after purchasing an additional 3,691 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in PENN Entertainment by 18.3% during the second quarter. Blue Trust Inc. now owns 10,060 shares of the company’s stock valued at $183,000 after purchasing an additional 1,555 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Morgan Stanley cut their price objective on shares of PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 4th. Craig Hallum raised shares of PENN Entertainment from a “hold” rating to a “buy” rating and increased their price objective for the company from $20.00 to $30.00 in a research report on Friday, June 21st. Stifel Nicolaus increased their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their price target on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, Truist Financial raised their price objective on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $23.77.

Insider Buying and Selling at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. The purchase was disclosed in a filing with the SEC, which is available through this link. In related news, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The shares were acquired at an average price of $18.44 per share, for a total transaction of $999,448.00. Following the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, Director David A. Handler purchased 10,000 shares of PENN Entertainment 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 acquisition, the director now owns 293,450 shares in the company, valued at $5,138,309.50. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 79,200 shares of company stock worth $1,450,548. Corporate insiders own 2.19% of the company’s stock.

PENN Entertainment Trading Up 8.4 %

Shares of PENN stock opened at $19.90 on Friday. The stock’s fifty day moving average is $18.96 and its two-hundred day moving average is $17.91. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a market capitalization of $3.04 billion, a P/E ratio of -2.67 and a beta of 2.10. PENN Entertainment, Inc. has a fifty-two week low of $13.50 and a fifty-two week high of $27.20.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09. The company had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The firm’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 EPS. Research analysts expect that PENN Entertainment, Inc. will post -1.41 earnings per share for the current fiscal year.

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.