The Manufacturers Life Insurance Company Sells 97,802 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

The Manufacturers Life Insurance Company reduced its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 75.5% during the second quarter, Holdings Channel reports. The fund owned 31,748 shares of the company’s stock after selling 97,802 shares during the period. The Manufacturers Life Insurance Company’s holdings in PENN Entertainment were worth $614,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. DME Capital Management LP grew its position in PENN Entertainment by 11.9% during the second quarter. DME Capital Management LP now owns 5,095,340 shares of the company’s stock valued at $98,620,000 after acquiring an additional 540,630 shares during the last quarter. Earnest Partners LLC boosted its stake in shares of PENN Entertainment by 4.6% during the second quarter. Earnest Partners LLC now owns 4,117,946 shares of the company’s stock valued at $79,703,000 after purchasing an additional 179,813 shares during the period. Armistice Capital LLC boosted its stake in shares of PENN Entertainment by 91.9% during the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock valued at $51,156,000 after purchasing an additional 1,266,023 shares during the period. Bank of Montreal Can boosted its stake in shares of PENN Entertainment by 98.9% during the second quarter. Bank of Montreal Can now owns 50,331 shares of the company’s stock valued at $977,000 after purchasing an additional 25,027 shares during the period. Finally, Public Sector Pension Investment Board purchased a new stake in shares of PENN Entertainment during the second quarter valued at approximately $6,363,000. 91.69% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average cost of $18.44 per share, for a total transaction of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at $15,730,149.80. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director David A. Handler purchased 10,000 shares of PENN Entertainment stock in a transaction dated Tuesday, September 10th. The stock was purchased at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the acquisition, the director now directly owns 293,450 shares of the company’s stock, valued at $5,138,309.50. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jay A. Snowden purchased 54,200 shares of PENN Entertainment stock in a transaction dated Tuesday, September 3rd. The shares were bought at an average price of $18.44 per share, with a total value of $999,448.00. Following the completion of the acquisition, the chief executive officer now directly owns 853,045 shares of the company’s stock, valued at approximately $15,730,149.80. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 79,200 shares of company stock worth $1,450,548 over the last three months. 2.19% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on PENN. Susquehanna reissued a “positive” rating and set a $26.00 price objective on shares of PENN Entertainment in a research note on Friday, June 21st. Barclays increased their price objective on PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a research note on Friday, August 9th. Needham & Company LLC reissued a “buy” rating and set a $26.00 price objective on shares of PENN Entertainment in a research note on Tuesday, October 8th. Raymond James lowered PENN Entertainment from an “outperform” rating to a “market perform” rating in a research note on Tuesday, June 25th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $23.68.

PENN Entertainment Stock Performance

Shares of PENN Entertainment stock opened at $18.51 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The firm has a market capitalization of $2.82 billion, a P/E ratio of -2.48 and a beta of 2.10. The business has a fifty day simple moving average of $18.87 and a two-hundred day simple moving average of $18.06. PENN Entertainment, Inc. has a 12 month low of $13.50 and a 12 month high of $27.20.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, beating the consensus estimate 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%. The company’s revenue for the quarter was down .7% on a year-over-year basis. During the same quarter last year, the firm posted $0.48 earnings per share. On average, equities analysts forecast that PENN Entertainment, Inc. will post -1.32 earnings per share for the current fiscal year.

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.