Amalgamated Bank Decreases Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Amalgamated Bank lessened its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 29.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 46,995 shares of the company’s stock after selling 20,031 shares during the period. Amalgamated Bank’s holdings in PENN Entertainment were worth $886,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in PENN. GAMMA Investing LLC increased its holdings in PENN Entertainment by 233.6% during 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. DekaBank Deutsche Girozentrale bought a new position in PENN Entertainment during the third quarter worth about $45,000. International Assets Investment Management LLC boosted its position in PENN Entertainment by 1,634.8% during the third quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after purchasing an additional 3,057 shares during the period. J.Safra Asset Management Corp bought a new position in PENN Entertainment during the second quarter worth about $83,000. Finally, Quarry LP boosted its position in PENN Entertainment by 76.7% during the second quarter. Quarry LP now owns 4,291 shares of the company’s stock worth $83,000 after purchasing an additional 1,862 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insider Activity

In other news, CEO Jay A. Snowden purchased 54,200 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The stock was bought at an average cost 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 of the company’s stock, valued at $15,730,149.80. This represents a 6.78 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director David A. Handler purchased 10,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were purchased at an average price of $17.51 per share, with a total value of $175,100.00. Following the completion of the acquisition, the director now directly owns 293,450 shares in the company, valued at $5,138,309.50. The trade was a 3.53 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 79,200 shares of company stock valued at $1,450,548. Corporate insiders own 2.19% of the company’s stock.

PENN Entertainment Price Performance

Shares of PENN Entertainment stock opened at $20.94 on Friday. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $27.20. The stock has a market capitalization of $3.20 billion, a price-to-earnings ratio of -5.94 and a beta of 2.09. The company has a fifty day moving average of $19.17 and a 200-day moving average of $18.42. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same quarter in the prior year, the company earned $1.21 EPS. The firm’s revenue was up 1.2% on a year-over-year basis. Equities research analysts expect that PENN Entertainment, Inc. will post -1.5 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Susquehanna cut their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company increased their target price on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 17th. Stifel Nicolaus increased their target price on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a research report on Friday, August 9th. Craig Hallum restated a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a research report on Tuesday, October 8th. Finally, Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 8th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $23.29.

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.