Fir Tree Capital Management LP Makes New Investment in PENN Entertainment, Inc. (NASDAQ:PENN)

Fir Tree Capital Management LP purchased a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENNGet Rating) in the first quarter, Holdings Channel.com reports. The firm purchased 745,300 shares of the company’s stock, valued at approximately $31,616,000. PENN Entertainment makes up about 0.9% of Fir Tree Capital Management LP’s investment portfolio, making the stock its 15th largest position.

A number of other institutional investors also recently bought and sold shares of PENN. Renaissance Technologies LLC lifted its holdings in shares of PENN Entertainment by 79.3% in the 1st quarter. Renaissance Technologies LLC now owns 1,789,038 shares of the company’s stock valued at $75,891,000 after purchasing an additional 791,500 shares during the last quarter. State Street Corp lifted its holdings in shares of PENN Entertainment by 14.7% in the 4th quarter. State Street Corp now owns 5,488,185 shares of the company’s stock valued at $284,562,000 after purchasing an additional 703,925 shares during the last quarter. 1832 Asset Management L.P. purchased a new stake in shares of PENN Entertainment in the 4th quarter valued at about $32,517,000. Federated Hermes Inc. lifted its holdings in shares of PENN Entertainment by 8,822.2% in the 1st quarter. Federated Hermes Inc. now owns 453,784 shares of the company’s stock valued at $19,250,000 after purchasing an additional 448,698 shares during the last quarter. Finally, Sei Investments Co. increased its position in PENN Entertainment by 65.7% in the 1st quarter. Sei Investments Co. now owns 757,869 shares of the company’s stock valued at $32,149,000 after acquiring an additional 300,401 shares during the period. 82.62% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Stock Performance

PENN Entertainment stock opened at $33.01 on Tuesday. The firm’s 50 day simple moving average is $33.27 and its 200-day simple moving average is $35.40. The company has a market cap of $5.23 billion, a P/E ratio of 27.06, a price-to-earnings-growth ratio of 20.71 and a beta of 2.24. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.90 and a quick ratio of 1.90. PENN Entertainment, Inc. has a fifty-two week low of $26.46 and a fifty-two week high of $81.66.

PENN Entertainment (NASDAQ:PENNGet Rating) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.35). PENN Entertainment had a net margin of 3.33% and a return on equity of 5.65%. The company had revenue of $1.63 billion for the quarter, compared to analysts’ expectations of $1.60 billion. During the same period in the previous year, the firm posted $1.17 earnings per share. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. As a group, equities research analysts predict that PENN Entertainment, Inc. will post 1.3 EPS for the current year.

Wall Street Analysts Forecast Growth

PENN has been the topic of several recent research reports. Credit Suisse Group dropped their price target on PENN Entertainment to $66.00 in a research report on Tuesday, August 9th. JMP Securities initiated coverage on PENN Entertainment in a research report on Tuesday, June 28th. They set an “outperform” rating and a $52.00 target price on the stock. Truist Financial dropped their target price on PENN Entertainment from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Wednesday, July 20th. Jefferies Financial Group upgraded PENN Entertainment from a “hold” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Wednesday, May 18th. Finally, Wells Fargo & Company dropped their target price on PENN Entertainment from $48.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Thursday, July 14th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, PENN Entertainment presently has an average rating of “Moderate Buy” and a consensus price target of $62.50.

Insider Activity at PENN Entertainment

In related news, Director Saul Reibstein sold 5,086 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $38.03, for a total transaction of $193,420.58. Following the transaction, the director now directly owns 34,663 shares of the company’s stock, valued at $1,318,233.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is currently owned by insiders.

PENN Entertainment Company Profile

(Get Rating)

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences in North America. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It 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.

Further Reading

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Institutional Ownership by Quarter for PENN Entertainment (NASDAQ:PENN)

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