Hanlon Investment Management Inc. Buys 7,000 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Hanlon Investment Management Inc. increased its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 7.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,882 shares of the company’s stock after purchasing an additional 7,000 shares during the period. Hanlon Investment Management Inc. owned approximately 0.06% of PENN Entertainment worth $1,875,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Foundry Partners LLC purchased a new position in PENN Entertainment in the second quarter worth about $548,000. Arizona State Retirement System increased its position in shares of PENN Entertainment by 2.5% during the second quarter. Arizona State Retirement System now owns 38,403 shares of the company’s stock valued at $743,000 after acquiring an additional 944 shares in the last quarter. Hodges Capital Management Inc. purchased a new position in PENN Entertainment in the 2nd quarter worth approximately $387,000. Acorn Financial Advisory Services Inc. ADV lifted its position in PENN Entertainment by 8.7% in the 2nd quarter. Acorn Financial Advisory Services Inc. ADV now owns 90,076 shares of the company’s stock valued at $1,743,000 after acquiring an additional 7,178 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in PENN Entertainment during the 2nd quarter valued at $282,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Stock Performance

Shares of NASDAQ PENN opened at $18.07 on Friday. The stock has a market cap of $2.75 billion, a PE ratio of -2.43 and a beta of 2.10. PENN Entertainment, Inc. has a 1 year low of $13.50 and a 1 year high of $27.20. The firm has a fifty day moving average price of $19.03 and a 200-day moving average price of $17.87. 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 issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.09. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. PENN Entertainment’s revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.48 EPS. Equities analysts anticipate that PENN Entertainment, Inc. will post -1.32 earnings per share for the current fiscal year.

Insider Activity at PENN Entertainment

In other PENN Entertainment news, CEO Jay A. Snowden purchased 54,200 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the purchase, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.19% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

PENN has been the subject of several recent analyst reports. Craig Hallum upgraded PENN Entertainment from a “hold” rating to a “buy” rating and boosted their price target for the stock from $20.00 to $30.00 in a research note on Friday, June 21st. Truist Financial upped their target price on shares of PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Morgan Stanley dropped their price target on shares of PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday. Bank of America cut shares of PENN Entertainment from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $28.00 to $17.50 in a report on Monday, May 13th. Finally, Barclays raised their target price on shares of PENN Entertainment from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $23.77.

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.