Louisiana State Employees Retirement System Grows Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Louisiana State Employees Retirement System boosted its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 75.3% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 75,200 shares of the company’s stock after purchasing an additional 32,300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in PENN Entertainment were worth $1,455,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in PENN Entertainment by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 14,789,817 shares of the company’s stock valued at $269,323,000 after purchasing an additional 59,897 shares during the last quarter. Earnest Partners LLC increased its position in shares of PENN Entertainment by 4.0% during the first quarter. Earnest Partners LLC now owns 3,938,133 shares of the company’s stock valued at $71,713,000 after acquiring an additional 151,025 shares in the last quarter. Sei Investments Co. increased its position in shares of PENN Entertainment by 13.1% during the first quarter. Sei Investments Co. now owns 2,372,277 shares of the company’s stock valued at $43,199,000 after acquiring an additional 274,074 shares in the last quarter. Invenomic Capital Management LP raised its holdings in PENN Entertainment by 71.9% in the 1st quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock worth $34,313,000 after acquiring an additional 787,968 shares during the last quarter. Finally, Norges Bank bought a new position in PENN Entertainment in the 4th quarter valued at approximately $42,758,000. Institutional investors own 91.69% of the company’s stock.

Insider Activity

In other news, Director David A. Handler acquired 40,000 shares of PENN Entertainment stock in a transaction on Wednesday, May 29th. The shares were bought at an average cost of $14.94 per share, for a total transaction of $597,600.00. Following the acquisition, the director now directly owns 283,450 shares of the company’s stock, valued at approximately $4,234,743. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.19% of the company’s stock.

PENN Entertainment Trading Up 0.5 %

Shares of PENN stock opened at $19.57 on Monday. The company has a market cap of $2.98 billion, a PE ratio of -2.63 and a beta of 2.11. The stock’s 50 day simple moving average is $19.06 and its two-hundred day simple moving average is $18.01. PENN Entertainment, Inc. has a 1 year low of $13.50 and a 1 year high of $27.20. The company has a debt-to-equity ratio of 2.35, a current ratio of 1.03 and a quick ratio of 1.03.

PENN Entertainment (NASDAQ:PENN) last announced its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.09. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the business earned $0.48 earnings per share. The company’s revenue for the quarter was down .7% compared to the same quarter last year. Research analysts predict that PENN Entertainment, Inc. will post -1.32 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Truist Financial increased their price objective on PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a report on Friday, May 3rd. Craig Hallum upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and raised their target price for the stock from $20.00 to $30.00 in a report on Friday, June 21st. Barclays increased their target price on PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Finally, Raymond James downgraded shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and a consensus target price of $23.83.

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.