Earnest Partners LLC Buys 151,025 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Earnest Partners LLC raised its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 4.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,938,133 shares of the company’s stock after buying an additional 151,025 shares during the quarter. Earnest Partners LLC owned about 2.58% of PENN Entertainment worth $71,713,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in PENN Entertainment in the fourth quarter worth approximately $42,758,000. ING Groep NV bought a new position in PENN Entertainment in the fourth quarter valued at about $32,556,000. Sei Investments Co. boosted its position in PENN Entertainment by 52.8% in the fourth quarter. Sei Investments Co. now owns 2,098,203 shares of the company’s stock worth $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 in the 4th quarter worth approximately $16,341,000. 91.69% of the stock is owned by institutional investors.

PENN Entertainment Stock Down 0.5 %

Shares of NASDAQ:PENN traded down $0.09 during trading on Monday, hitting $19.62. 3,964,290 shares of the company’s stock traded hands, compared to its average volume of 6,073,409. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 2.33. PENN Entertainment, Inc. has a 52 week low of $13.50 and a 52 week high of $29.38. The company has a 50-day moving average price of $18.16 and a 200-day moving average price of $18.56. The company has a market cap of $2.99 billion, a price-to-earnings ratio of -2.63 and a beta of 2.11.

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

Insiders Place Their Bets

In other PENN Entertainment news, Director David A. Handler acquired 40,000 shares of PENN Entertainment stock in a transaction on Wednesday, May 29th. The stock was purchased at an average price of $14.94 per share, for a total transaction of $597,600.00. Following the purchase, the director now directly owns 283,450 shares of the company’s stock, valued at $4,234,743. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, Director David A. Handler bought 20,000 shares of the stock in a transaction dated Monday, May 6th. The stock was bought at an average price of $15.37 per share, for a total transaction of $307,400.00. Following the purchase, the director now directly owns 243,450 shares in the company, valued at approximately $3,741,826.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David A. Handler purchased 40,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average price of $14.94 per share, for a total transaction of $597,600.00. Following the purchase, 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 three months, insiders have purchased 76,157 shares of company stock valued at $1,154,949. 2.19% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms recently issued reports on PENN. Truist Financial increased their target price on shares of PENN Entertainment from $23.00 to $25.00 and gave the stock a “buy” rating in a report on Friday, June 14th. Susquehanna restated a “positive” rating and set a $26.00 target price on shares of PENN Entertainment in a research note on Friday, June 21st. Raymond James downgraded shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. JMP Securities reiterated a “market perform” rating on shares of PENN Entertainment in a research report on Tuesday, June 4th. Finally, Mizuho upped their price objective on PENN Entertainment from $29.00 to $32.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, PENN Entertainment currently has a consensus rating of “Hold” and a consensus target price of $25.03.

PENN Entertainment 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.