Envestnet Asset Management Inc. Buys 167,164 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Envestnet Asset Management Inc. grew its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 62.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 434,571 shares of the company’s stock after buying an additional 167,164 shares during the quarter. Envestnet Asset Management Inc. owned 0.29% of PENN Entertainment worth $8,411,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. VitalStone Financial LLC purchased a new stake in PENN Entertainment during the second quarter valued at approximately $336,000. United Services Automobile Association lifted its position in PENN Entertainment by 6.3% during the second quarter. United Services Automobile Association now owns 12,009 shares of the company’s stock valued at $232,000 after purchasing an additional 712 shares during the period. Oak Thistle LLC purchased a new stake in PENN Entertainment in the second quarter valued at $421,000. Hanlon Investment Management Inc. grew its position in PENN Entertainment by 7.8% during the 2nd quarter. Hanlon Investment Management Inc. now owns 96,882 shares of the company’s stock worth $1,875,000 after purchasing an additional 7,000 shares during the period. Finally, Foundry Partners LLC purchased a new position in PENN Entertainment during the second quarter valued at approximately $548,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Stock Up 1.3 %

PENN stock opened at $19.28 on Friday. The company’s 50 day moving average is $18.88 and its two-hundred day moving average is $18.00. PENN Entertainment, Inc. has a twelve month low of $13.50 and a twelve month high of $27.20. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The stock has a market cap of $2.94 billion, a P/E ratio of -2.58 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.09. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same period last year, the firm posted $0.48 earnings per share. The company’s revenue for the quarter was down .7% compared to the same quarter last year. Research analysts expect that PENN Entertainment, Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Buying and Selling at PENN Entertainment

In related news, CEO Jay A. Snowden purchased 54,200 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares in the company, valued at $15,730,149.80. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. In other PENN Entertainment news, CEO Jay A. Snowden acquired 54,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were purchased at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David A. Handler acquired 10,000 shares of PENN Entertainment stock in a transaction that occurred on Tuesday, September 10th. The stock was bought at an average price of $17.51 per share, with a total value of $175,100.00. Following the purchase, the director now directly owns 293,450 shares of the company’s stock, valued at $5,138,309.50. The disclosure for this purchase can be found here. Insiders purchased a total of 79,200 shares of company stock valued at $1,450,548 in the last ninety days. Insiders own 2.19% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Barclays increased their target price on PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Friday, August 9th. Susquehanna reissued a “positive” rating and set a $26.00 target price on shares of PENN Entertainment in a research note on Friday, June 21st. Needham & Company LLC reiterated a “buy” rating and set a $26.00 price target on shares of PENN Entertainment in a report on Thursday, August 8th. Raymond James downgraded shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Finally, Craig Hallum upgraded PENN Entertainment from a “hold” rating to a “buy” rating and raised their target price for the company from $20.00 to $30.00 in a report on Friday, June 21st. 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 company presently has a consensus rating of “Hold” and an average price target of $23.77.

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.