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

Hanlon Investment Management Inc. lifted its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 7.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 96,882 shares of the company’s stock after acquiring an additional 7,000 shares during the quarter. Hanlon Investment Management Inc.’s holdings in PENN Entertainment were worth $1,875,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Flight Deck Capital LP bought a new position in PENN Entertainment during the fourth quarter valued at $3,511,000. Contrarius Investment Management Ltd raised its position in shares of PENN Entertainment by 139.0% during the 4th quarter. Contrarius Investment Management Ltd now owns 892,394 shares of the company’s stock valued at $23,220,000 after buying an additional 518,995 shares in the last quarter. Seven Eight Capital LP lifted its holdings in shares of PENN Entertainment by 95.3% in the 4th quarter. Seven Eight Capital LP now owns 213,019 shares of the company’s stock valued at $5,543,000 after acquiring an additional 103,937 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of PENN Entertainment by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 14,729,920 shares of the company’s stock valued at $383,273,000 after acquiring an additional 97,945 shares during the last quarter. Finally, Gabelli Funds LLC grew its position in PENN Entertainment by 50.0% in the fourth quarter. Gabelli Funds LLC now owns 24,000 shares of the company’s stock worth $624,000 after acquiring an additional 8,000 shares in the last quarter. 91.69% of the stock is currently owned by hedge funds and other institutional investors.

PENN Entertainment Trading Down 4.1 %

PENN opened at $18.07 on Friday. PENN Entertainment, Inc. has a 52 week low of $13.50 and a 52 week high of $27.20. The company has a market capitalization of $2.75 billion, a P/E ratio of -2.43 and a beta of 2.10. The stock’s fifty day moving average is $19.03 and its two-hundred day moving average is $17.87. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.35.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) earnings per share 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 firm had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the previous year, the company posted $0.48 earnings per share. The firm’s quarterly revenue was down .7% on a year-over-year basis. Analysts forecast that PENN Entertainment, Inc. will post -1.32 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have issued reports on PENN. Morgan Stanley decreased their price objective on PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a research report on Wednesday. Susquehanna restated a “positive” rating and issued a $26.00 price target on shares of PENN Entertainment in a research report on Friday, June 21st. Truist Financial boosted their price objective on shares of PENN Entertainment from $23.00 to $25.00 and gave the company a “buy” rating in a research report on Friday, June 14th. Stifel Nicolaus raised their target price on shares of PENN Entertainment from $19.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a research note on Tuesday, June 4th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $23.77.

Insider Activity

In other PENN Entertainment news, CEO Jay A. Snowden acquired 54,200 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were purchased at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the purchase, the chief executive officer now owns 853,045 shares in the company, valued at $15,730,149.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 2.19% of the company’s stock.

PENN Entertainment Company 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.