Arizona State Retirement System Buys 1,707 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Arizona State Retirement System increased its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 4.3% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,433 shares of the company’s stock after buying an additional 1,707 shares during the quarter. Arizona State Retirement System’s holdings in PENN Entertainment were worth $676,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in PENN Entertainment by 38.7% during the first quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock valued at $43,000 after purchasing an additional 736 shares in the last quarter. Byrne Asset Management LLC lifted its holdings in PENN Entertainment by 201.1% during the first quarter. Byrne Asset Management LLC now owns 2,710 shares of the company’s stock valued at $44,000 after purchasing an additional 1,810 shares in the last quarter. CIBC Private Wealth Group LLC lifted its holdings in PENN Entertainment by 914.4% during the fourth quarter. CIBC Private Wealth Group LLC now owns 6,492 shares of the company’s stock valued at $119,000 after purchasing an additional 5,852 shares in the last quarter. KBC Group NV lifted its holdings in PENN Entertainment by 42.2% during the first quarter. KBC Group NV now owns 7,824 shares of the company’s stock valued at $128,000 after purchasing an additional 2,323 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in PENN Entertainment by 56.0% during the first quarter. Blue Trust Inc. now owns 8,839 shares of the company’s stock valued at $144,000 after purchasing an additional 3,174 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Stock Performance

PENN stock opened at $18.33 on Tuesday. The business has a 50 day moving average price of $16.71 and a 200 day moving average price of $17.62. PENN Entertainment, Inc. has a fifty-two week low of $13.25 and a fifty-two week high of $23.08. The company has a debt-to-equity ratio of 2.35, a quick ratio of 0.74 and a current ratio of 0.74.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The company had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.71 billion. PENN Entertainment had a negative return on equity of 5.75% and a negative net margin of 1.28%. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.76) earnings per share. As a group, research analysts predict that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

Insider Activity at PENN Entertainment

In other PENN Entertainment news, CEO Jay A. Snowden acquired 34,000 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were purchased at an average price of $14.70 per share, with a total value of $499,800.00. Following the completion of the acquisition, the chief executive officer directly owned 1,082,625 shares of the company’s stock, valued at approximately $15,914,587.50. The trade was a 3.24% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David A. Handler acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the acquisition, the director directly owned 322,941 shares of the company’s stock, valued at $4,789,215.03. This trade represents a 3.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.67% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Benchmark restated a “hold” rating on shares of PENN Entertainment in a research report on Monday, May 19th. Morgan Stanley reaffirmed a “sell” rating on shares of PENN Entertainment in a research note on Friday, July 11th. Canaccord Genuity Group decreased their price target on shares of PENN Entertainment from $28.00 to $26.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Stifel Nicolaus upped their price objective on shares of PENN Entertainment from $17.00 to $19.00 and gave the company a “hold” rating in a report on Friday, July 11th. Finally, Barclays cut their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating on the stock in a report on Friday. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, PENN Entertainment currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.18.

About PENN Entertainment

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.