Invesco Ltd. Grows Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Invesco Ltd. grew its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 54.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,002,749 shares of the company’s stock after acquiring an additional 2,120,740 shares during the period. Invesco Ltd. owned about 3.98% of PENN Entertainment worth $97,905,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC raised its stake in shares of PENN Entertainment by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock valued at $43,000 after acquiring an additional 736 shares during the period. Byrne Asset Management LLC raised its stake in shares of PENN Entertainment by 201.1% in the 1st quarter. Byrne Asset Management LLC now owns 2,710 shares of the company’s stock valued at $44,000 after acquiring an additional 1,810 shares during the period. Signaturefd LLC raised its stake in shares of PENN Entertainment by 1,371.6% in the 1st quarter. Signaturefd LLC now owns 7,211 shares of the company’s stock valued at $118,000 after acquiring an additional 6,721 shares during the period. KBC Group NV raised its stake in shares of PENN Entertainment by 42.2% in the 1st quarter. KBC Group NV now owns 7,824 shares of the company’s stock valued at $128,000 after acquiring an additional 2,323 shares during the period. Finally, Blue Trust Inc. raised its stake in shares of PENN Entertainment by 56.0% in the 1st quarter. Blue Trust Inc. now owns 8,839 shares of the company’s stock valued at $144,000 after acquiring an additional 3,174 shares during the period. 91.69% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at PENN Entertainment

In related news, Director David A. Handler acquired 20,000 shares of PENN Entertainment stock in a transaction dated Friday, August 8th. The stock was acquired at an average price of $16.96 per share, for a total transaction of $339,200.00. Following the transaction, the director owned 342,941 shares of the company’s stock, valued at $5,816,279.36. This represents a 6.19% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jay A. Snowden acquired 34,000 shares of PENN Entertainment stock in a transaction dated Thursday, May 22nd. The shares were bought at an average price of $14.70 per share, with a total value of $499,800.00. Following the transaction, the chief executive officer directly owned 1,082,625 shares in the company, valued at approximately $15,914,587.50. The trade was a 3.24% increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 64,000 shares of company stock valued at $987,300 in the last 90 days. Insiders own 2.67% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on PENN shares. JMP Securities lifted their price objective 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. Citigroup restated an “outperform” rating on shares of PENN Entertainment in a report on Friday, August 8th. Stifel Nicolaus lifted their price objective on shares of PENN Entertainment from $17.00 to $19.00 and gave the company a “hold” rating in a report on Friday, July 11th. Needham & Company LLC dropped their price objective on shares of PENN Entertainment from $25.00 to $22.00 and set a “buy” rating for the company in a report on Friday, August 8th. Finally, Barclays dropped their price objective on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a report on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $23.25.

PENN Entertainment Stock Up 1.4%

Shares of NASDAQ:PENN opened at $18.24 on Friday. The company has a market capitalization of $2.66 billion, a PE ratio of -32.57 and a beta of 1.60. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39. PENN Entertainment, Inc. has a twelve month low of $13.25 and a twelve month high of $23.08. The firm has a 50 day simple moving average of $17.73 and a 200-day simple moving average of $17.39.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.14. The business had revenue of $1.77 billion during the quarter, compared to the consensus estimate of $1.73 billion. PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The company’s revenue was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.18) EPS. On average, equities analysts predict that PENN Entertainment, Inc. will post -1.61 EPS 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.