Federated Hermes Inc. Trims Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Federated Hermes Inc. cut its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 10.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,920 shares of the company’s stock after selling 2,236 shares during the quarter. Federated Hermes Inc.’s holdings in PENN Entertainment were worth $492,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PENN. Kettle Hill Capital Management LLC purchased a new stake in shares of PENN Entertainment during the 3rd quarter worth approximately $19,792,000. Assenagon Asset Management S.A. boosted its position in shares of PENN Entertainment by 443.6% in the third quarter. Assenagon Asset Management S.A. now owns 714,900 shares of the company’s stock worth $16,407,000 after acquiring an additional 583,388 shares during the last quarter. Source Financial Advisors LLC grew its stake in shares of PENN Entertainment by 1,061.1% during the 3rd quarter. Source Financial Advisors LLC now owns 322,633 shares of the company’s stock valued at $7,404,000 after buying an additional 294,845 shares during the period. Earnest Partners LLC grew its position in PENN Entertainment by 11.1% during the third quarter. Earnest Partners LLC now owns 2,718,095 shares of the company’s stock valued at $62,380,000 after acquiring an additional 271,254 shares during the period. Finally, Sei Investments Co. grew its holdings in shares of PENN Entertainment by 13.9% during the 3rd quarter. Sei Investments Co. now owns 1,372,982 shares of the company’s stock worth $31,510,000 after purchasing an additional 167,445 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN opened at $15.13 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 1.60. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $29.38. The stock has a market capitalization of $2.30 billion, a price-to-earnings ratio of -4.16 and a beta of 2.06. The stock’s fifty day simple moving average is $17.44 and its 200 day simple moving average is $21.16.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, February 15th. The company reported ($1.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($1.18). PENN Entertainment had a positive return on equity of 1.31% and a negative net margin of 7.70%. The firm had revenue of $1.40 billion during the quarter, compared to analyst estimates of $1.54 billion. As a group, sell-side analysts forecast that PENN Entertainment, Inc. will post -0.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have recently issued reports on PENN. Macquarie lowered their target price on PENN Entertainment from $35.00 to $33.00 and set an “outperform” rating for the company in a research note on Friday, February 16th. Truist Financial upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Tuesday, April 23rd. Stifel Nicolaus dropped their price target on PENN Entertainment from $27.00 to $23.00 and set a “hold” rating on the stock in a research report on Friday, February 16th. Canaccord Genuity Group cut their price objective on shares of PENN Entertainment from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Finally, Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Friday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $26.93.

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.