The Oregon Public Employees Retirement Fund reduced its holding in shares of PENN Entertainment, Inc. (NASDAQ:PENN – get rating) by 3.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,801 shares of the company’s capital stock after selling 510 shares during the period. The Oregon Public Employees Retirement Fund’s holdings at PENN Entertainment were worth $389,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the business. M&T Bank Corp increased its holdings in PENN Entertainment by 11.3% in the first quarter. M&T Bank Corp now owns 6,776 shares of the company worth $286,000 after purchasing an additional 690 shares last quarter. Banque Pictet & Cie SA purchased a new position in PENN Entertainment in the first quarter for approximately $1,666,000. HighTower Advisors LLC increased its stake in PENN Entertainment by 12.6% in the first quarter. HighTower Advisors LLC now owns 60,091 shares of the company worth $2,538,000 after purchasing an additional 6,740 shares last quarter. Teacher Retirement System of Texas increased its holdings in PENN Entertainment by 5.6% in the first quarter. Teacher Retirement System of Texas now owns 34,894 shares of the company worth $1,480,000 after purchasing an additional 1,838 shares last quarter. Finally, Banque Cantonale Vaudoise increased its stake in PENN Entertainment by 127.1% in the first quarter. Banque Cantonale Vaudoise now owns 5,522 shares of the company worth $235,000 after purchasing an additional 3,090 shares last quarter. Institutional investors own 82.62% of the company’s shares.
Insiders place their bets
In other PENN Entertainment news, Director saul reibstein sold 5,086 shares of capital stock in a transaction dated Monday, August 15. The shares were sold at an average price of $38.03, for a total transaction of $193,420.58. Following the completion of the transaction, the director now owns 34,663 shares of the company, valued at $1,318,233.89. The sale was disclosed in a document filed with the Securities and Exchange Commission, which is available via the SEC website. The members of the company own 1.50% of the shares of the company.
Changes in analyst ratings
Several brokerage houses have issued reports on PENN. Canaccord Genuity Group began coverage of PENN Entertainment in a report on Thursday, October 6. They issued a “buy” rating and a $50.00 price target on the stock. JMP Securities took over coverage of PENN Entertainment in a report on Tuesday, June 28. They issued an “outperform” rating and a $52.00 price target on the stock. Canaccord Genuity Group began coverage of PENN Entertainment in a report on Thursday, October 6. They set a “buy” rating for the company. Barclays raised its price target on PENN Entertainment from $37.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, August 5. Finally, Credit Suisse Group cut its price target on PENN Entertainment stock to $66.00 in a report on Tuesday, August 9. Six equity research analysts have rated the stock a hold rating and thirteen have given the company a buy rating. According to MarketBeat, the company currently has an average “Moderate Buy” rating and a consensus price target of $60.25.
Price performance of PENN Entertainment
PENN opened at $28.12 on Thursday. The company has a market capitalization of $4.46 billion, a P/E ratio of 23.05, a PEG ratio of 1.59, and a beta of 2.18. The company has a 50-day moving average of $31.14 and a 200-day moving average of $32.61. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.90, and a current ratio of 1.90. PENN Entertainment, Inc. has a fifty-two week minimum of $25.49 and a fifty-two week maximum of $81.56.
PENN Entertainment (NASDAQ:PENN – get rating) last issued its earnings results on Thursday, August 4. The company reported earnings per share of $0.15 for the quarter, below analyst consensus estimates of $0.51 ($0.36). The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.6 billion. PENN Entertainment had a return on equity of 5.65% and a net margin of 3.33%. PENN Entertainment’s revenue for the quarter increased 5.4% compared to the same quarter last year. During the same quarter of the previous year, the company earned $1.17 EPS. On average, research analysts expect PENN Entertainment, Inc. to post 1.28 EPS for the current year.
About PENN Entertainment
PENN Entertainment, Inc, along with its subsidiaries, offers integrated entertainment, sports content and casino gaming experiences in North America. The company operates through five segments: Northeast, South, West, Midwest and Interactive. Operates 44 properties in 20 states; online sports betting in 13 jurisdictions; and iCasino in five under a portfolio of brands, including Hollywood Casino, L’Auberge, Barstool Sportsbook and theScore Bet.
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