Strs Ohio Increases Position in PENN Entertainment, Inc. $PENN

Strs Ohio boosted its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 365.5% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 252,705 shares of the company’s stock after acquiring an additional 198,417 shares during the period. Strs Ohio’s holdings in PENN Entertainment were worth $4,867,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Hill Path Capital LP acquired a new stake in shares of PENN Entertainment during the second quarter worth $62,595,000. Arrowstreet Capital Limited Partnership purchased a new stake in PENN Entertainment in the 2nd quarter valued at about $40,214,000. Norges Bank acquired a new position in shares of PENN Entertainment during the 2nd quarter valued at about $39,737,000. Hennessy Advisors Inc. purchased a new stake in PENN Entertainment in the third quarter valued at approximately $40,537,000. Finally, Bridgeway Capital Management LLC purchased a new stake in PENN Entertainment in the second quarter valued at approximately $18,702,000. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PENN shares. Morgan Stanley decreased their price target on shares of PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating on the stock in a report on Friday, January 16th. Citizens Jmp lowered their price target on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a research report on Friday, November 7th. Stifel Nicolaus upgraded PENN Entertainment from a “hold” rating to a “buy” rating and upped their price target for the stock from $19.00 to $21.00 in a research note on Friday, November 7th. Citigroup reaffirmed a “market outperform” rating on shares of PENN Entertainment in a research note on Monday, December 1st. Finally, Needham & Company LLC reiterated a “hold” rating on shares of PENN Entertainment in a report on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $21.13.

Insiders Place Their Bets

In related news, CFO Felicia Hendrix purchased 7,315 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was acquired at an average price of $13.79 per share, for a total transaction of $100,873.85. Following the completion of the purchase, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Handler acquired 20,000 shares of PENN Entertainment stock in a transaction on Monday, November 17th. The shares were bought at an average price of $14.25 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the director directly owned 362,941 shares in the company, valued at $5,171,909.25. The trade was a 5.83% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased 62,015 shares of company stock valued at $882,778 over the last 90 days. 2.67% of the stock is owned by company insiders.

PENN Entertainment Price Performance

PENN opened at $14.13 on Tuesday. PENN Entertainment, Inc. has a twelve month low of $13.24 and a twelve month high of $23.08. The company has a current ratio of 0.75, a quick ratio of 0.75 and a debt-to-equity ratio of 3.65. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of -2.23, a PEG ratio of 0.48 and a beta of 1.34. The company has a fifty day simple moving average of $14.34 and a 200 day simple moving average of $16.74.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.12). PENN Entertainment had a negative net margin of 13.24% and a negative return on equity of 4.59%. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same quarter in the prior year, the business earned ($0.24) earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis. Equities research analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

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.