PENN Entertainment, Inc. (NASDAQ:PENN) Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 28.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 381,480 shares of the company’s stock after selling 151,773 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in PENN Entertainment were worth $7,195,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its position in PENN Entertainment by 233.6% in the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock valued at $28,000 after purchasing an additional 1,009 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of PENN Entertainment in the third quarter valued at about $45,000. Quest Partners LLC purchased a new stake in shares of PENN Entertainment during the 3rd quarter valued at about $56,000. International Assets Investment Management LLC lifted its position in PENN Entertainment by 1,634.8% during the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company’s stock worth $61,000 after acquiring an additional 3,057 shares in the last quarter. Finally, J.Safra Asset Management Corp purchased a new position in PENN Entertainment in the 2nd quarter worth approximately $83,000. 91.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Macquarie boosted their target price on shares of PENN Entertainment from $26.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, November 8th. Craig Hallum reiterated a “buy” rating and issued a $30.00 price objective on shares of PENN Entertainment in a report on Tuesday, October 8th. Stifel Nicolaus upped their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Mizuho dropped their target price on PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research report on Tuesday, October 22nd. Finally, Morgan Stanley reduced their price target on PENN Entertainment from $20.00 to $19.00 and set an “equal weight” rating for the company in a report on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, PENN Entertainment has a consensus rating of “Hold” and an average price target of $23.29.

Insiders Place Their Bets

In related news, Director Anuj Dhanda bought 15,000 shares of the business’s stock in a transaction on Friday, September 6th. The shares were bought at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the completion of the purchase, the director now owns 31,523 shares of the company’s stock, valued at $580,023.20. This represents a 90.78 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Handler purchased 10,000 shares of the stock in a transaction dated Tuesday, September 10th. The shares were purchased at an average price of $17.51 per share, with a total value of $175,100.00. Following the transaction, the director now directly owns 293,450 shares of the company’s stock, valued at approximately $5,138,309.50. The trade was a 3.53 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 79,200 shares of company stock valued at $1,450,548 over the last quarter. Insiders own 2.19% of the company’s stock.

PENN Entertainment Stock Performance

Shares of PENN opened at $20.52 on Friday. The stock has a market capitalization of $3.13 billion, a PE ratio of -5.78 and a beta of 2.09. The business’s fifty day moving average price is $19.45 and its 200 day moving average price is $18.59. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. PENN Entertainment, Inc. has a 12-month low of $13.50 and a 12-month high of $27.20.

PENN Entertainment (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period last year, the firm posted $1.21 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. Equities research analysts forecast that PENN Entertainment, Inc. will post -1.53 EPS for the current year.

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.