Bamco Inc. NY Reduces Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Bamco Inc. NY lessened its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 93.1% during the first quarter, Holdings Channel reports. The institutional investor owned 353,399 shares of the company’s stock after selling 4,789,345 shares during the quarter. Bamco Inc. NY’s holdings in PENN Entertainment were worth $6,435,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new position in PENN Entertainment in the 4th quarter worth about $42,758,000. ING Groep NV bought a new position in shares of PENN Entertainment during the 4th quarter valued at about $32,556,000. Sei Investments Co. increased its position in shares of PENN Entertainment by 52.8% during the 4th quarter. Sei Investments Co. now owns 2,098,203 shares of the company’s stock valued at $54,595,000 after purchasing an additional 725,221 shares during the last quarter. National Bank of Canada FI increased its position in shares of PENN Entertainment by 284.6% during the 1st quarter. National Bank of Canada FI now owns 968,514 shares of the company’s stock valued at $17,637,000 after purchasing an additional 716,686 shares during the last quarter. Finally, Wellington Management Group LLP bought a new position in shares of PENN Entertainment during the 4th quarter valued at about $16,341,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insider Transactions at PENN Entertainment

In other news, Director David A. Handler bought 40,000 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The stock was purchased at an average price of $14.94 per share, with a total value of $597,600.00. Following the transaction, the director now owns 283,450 shares of the company’s stock, valued at $4,234,743. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director David A. Handler acquired 20,000 shares of PENN Entertainment stock in a transaction that occurred on Monday, May 6th. The stock was bought at an average price of $15.37 per share, with a total value of $307,400.00. Following the transaction, the director now directly owns 243,450 shares in the company, valued at $3,741,826.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David A. Handler acquired 40,000 shares of PENN Entertainment stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average cost of $14.94 per share, with a total value of $597,600.00. Following the transaction, the director now owns 283,450 shares in the company, valued at $4,234,743. The disclosure for this purchase can be found here. In the last quarter, insiders bought 76,157 shares of company stock valued at $1,154,949. Corporate insiders own 2.19% of the company’s stock.

PENN Entertainment Trading Up 1.9 %

NASDAQ PENN traded up $0.37 on Monday, hitting $20.08. The company’s stock had a trading volume of 1,775,511 shares, compared to its average volume of 6,058,209. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $29.38. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.33. The company’s 50-day simple moving average is $18.16 and its 200 day simple moving average is $18.56. The firm has a market cap of $3.06 billion, a P/E ratio of -2.65 and a beta of 2.11.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, May 2nd. The company reported ($0.79) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.20). PENN Entertainment had a negative return on equity of 3.53% and a negative net margin of 17.77%. The firm had revenue of $1.61 billion during the quarter, compared to the consensus estimate of $1.63 billion. Research analysts predict that PENN Entertainment, Inc. will post -1.35 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PENN has been the topic of several recent research reports. Susquehanna reiterated a “positive” rating and set a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, June 21st. Barclays reduced their price objective on PENN Entertainment from $26.00 to $22.00 and set an “overweight” rating on the stock in a research report on Friday, May 3rd. Morgan Stanley increased their target price on PENN Entertainment from $20.00 to $21.00 and gave the company an “equal weight” rating in a report on Friday, July 12th. Raymond James cut PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Finally, Benchmark restated a “hold” rating on shares of PENN Entertainment in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $25.03.

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.