Invenomic Capital Management LP Cuts Stock Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

Invenomic Capital Management LP lessened its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 16.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,147,490 shares of the company’s stock after selling 221,862 shares during the quarter. Invenomic Capital Management LP’s holdings in PENN Entertainment were worth $21,642,000 at the end of the most recent reporting period.

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

PENN Entertainment Trading Up 0.4 %

Shares of PENN stock opened at $22.44 on Tuesday. PENN Entertainment, Inc. has a twelve month low of $13.50 and a twelve month high of $27.20. The firm has a 50-day moving average price of $19.66 and a 200 day moving average price of $18.89. 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 (NASDAQ:PENN) last released its earnings results on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $1.64 billion during the quarter, compared to analysts’ expectations of $1.65 billion. During the same period in the previous year, the company earned $1.21 EPS. PENN Entertainment’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities research analysts expect that PENN Entertainment, Inc. will post -1.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director David A. Handler acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were bought at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the acquisition, the director now directly owns 293,450 shares in the company, valued at $5,138,309.50. This trade represents a 3.53 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Anuj Dhanda bought 15,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The shares were purchased at an average price of $18.40 per share, with a total value of $276,000.00. Following the acquisition, the director now directly owns 31,523 shares in the company, valued at approximately $580,023.20. This trade represents a 90.78 % increase in their position. The disclosure for this purchase can be found here. 2.19% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

PENN has been the subject of several research reports. Barclays dropped their price target on shares of PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Susquehanna reduced their price target on PENN Entertainment from $26.00 to $25.00 and set a “positive” rating on the stock in a research report on Monday, November 4th. Wells Fargo & Company upped their target price on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 17th. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 8th. Finally, Mizuho reduced their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $23.29.

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.