Arrowstreet Capital Limited Partnership Makes New $40.21 Million Investment in PENN Entertainment, Inc. $PENN

Arrowstreet Capital Limited Partnership acquired a new stake in PENN Entertainment, Inc. (NASDAQ:PENN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,250,340 shares of the company’s stock, valued at approximately $40,214,000. Arrowstreet Capital Limited Partnership owned approximately 1.54% of PENN Entertainment at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Cetera Investment Advisers grew its position in PENN Entertainment by 9.4% in the 1st quarter. Cetera Investment Advisers now owns 70,894 shares of the company’s stock valued at $1,156,000 after acquiring an additional 6,101 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PENN Entertainment by 9.2% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,971 shares of the company’s stock valued at $456,000 after purchasing an additional 2,346 shares during the period. Headlands Technologies LLC grew its holdings in shares of PENN Entertainment by 101.0% in the first quarter. Headlands Technologies LLC now owns 78,358 shares of the company’s stock valued at $1,278,000 after purchasing an additional 39,365 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of PENN Entertainment by 4.7% in the first quarter. Deutsche Bank AG now owns 58,125 shares of the company’s stock valued at $948,000 after purchasing an additional 2,584 shares in the last quarter. Finally, Swiss National Bank increased its stake in PENN Entertainment by 4.0% during the 1st quarter. Swiss National Bank now owns 280,084 shares of the company’s stock worth $4,568,000 after buying an additional 10,800 shares during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

Analyst Upgrades and Downgrades

PENN has been the subject of several recent research reports. Needham & Company LLC restated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of PENN Entertainment in a report on Monday. Citigroup reissued a “market outperform” rating on shares of PENN Entertainment in a research note on Monday. Citizens Jmp reduced their price target on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating on the stock in a research report on Friday, November 7th. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on PENN Entertainment from $19.00 to $17.00 and set a “hold” rating for the company in a research report on Friday, November 7th. Ten analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, PENN Entertainment presently has a consensus rating of “Hold” and an average price target of $21.56.

PENN Entertainment Price Performance

Shares of PENN opened at $13.82 on Friday. The company has a debt-to-equity ratio of 3.65, a current ratio of 0.75 and a quick ratio of 0.75. PENN Entertainment, Inc. has a 1-year low of $13.24 and a 1-year high of $23.08. The stock has a market cap of $1.84 billion, a PE ratio of -2.18 and a beta of 1.40. The firm has a fifty day moving average price of $16.15 and a 200 day moving average price of $17.31.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). The firm had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.73 billion. PENN Entertainment had a negative return on equity of 4.59% and a negative net margin of 13.24%.The company’s quarterly revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.24) EPS. As a group, sell-side analysts anticipate that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Insider Buying and Selling at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler bought 20,000 shares of the firm’s stock in a transaction dated Monday, November 17th. The stock was acquired at an average price of $14.25 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the director owned 362,941 shares of the company’s stock, valued at approximately $5,171,909.25. This represents a 5.83% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Felicia Hendrix purchased 7,315 shares of the company’s stock in a transaction that occurred on Friday, November 21st. The stock was bought at an average price of $13.79 per share, for a total transaction of $100,873.85. Following the transaction, the chief financial officer directly owned 119,448 shares in the company, valued at $1,647,187.92. This trade represents a 6.52% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 62,015 shares of company stock valued at $882,778. 2.67% of the stock is currently owned by insiders.

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.