UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Stake in PENN Entertainment, Inc. (NASDAQ:PENN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 33.0% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 264,587 shares of the company’s stock after buying an additional 65,596 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in PENN Entertainment were worth $5,244,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of PENN. Contrarius Group Holdings Ltd bought a new position in shares of PENN Entertainment in the 4th quarter worth approximately $34,994,000. Norges Bank bought a new position in shares of PENN Entertainment in the 4th quarter worth approximately $27,901,000. Raymond James Financial Inc. bought a new position in shares of PENN Entertainment in the 4th quarter worth approximately $17,804,000. Invesco Ltd. raised its position in shares of PENN Entertainment by 28.0% in the 4th quarter. Invesco Ltd. now owns 3,882,009 shares of the company’s stock worth $76,941,000 after acquiring an additional 848,066 shares in the last quarter. Finally, Benchstone Capital Management LP bought a new position in shares of PENN Entertainment in the 4th quarter worth approximately $16,613,000. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Analyst Upgrades and Downgrades

PENN has been the subject of several research reports. Wells Fargo & Company increased their target price on PENN Entertainment from $20.00 to $24.00 and gave the stock an “equal weight” rating in a research report on Monday, March 3rd. Macquarie reaffirmed an “outperform” rating and set a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, February 28th. Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research report on Monday, May 19th. Morgan Stanley reduced their price objective on PENN Entertainment from $17.50 to $16.50 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Finally, Susquehanna reduced their price objective on PENN Entertainment from $26.00 to $23.00 and set a “positive” rating for the company in a research report on Tuesday, April 15th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $23.10.

Insiders Place Their Bets

In other news, Director David A. Handler purchased 10,000 shares of the company’s stock in a transaction dated Thursday, May 22nd. The shares were purchased at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the purchase, the director now directly owns 322,941 shares in the company, valued at approximately $4,789,215.03. This represents a 3.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jay A. Snowden purchased 34,000 shares of the company’s stock in a transaction dated Thursday, May 22nd. The stock was purchased at an average price of $14.70 per share, for a total transaction of $499,800.00. Following the completion of the purchase, the chief executive officer now owns 1,082,625 shares in the company, valued at approximately $15,914,587.50. The trade was a 3.24% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.19% of the company’s stock.

PENN Entertainment Stock Down 0.3%

PENN Entertainment stock opened at $14.78 on Tuesday. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -4.16, a PEG ratio of 1.55 and a beta of 1.81. The stock has a fifty day simple moving average of $15.29 and a two-hundred day simple moving average of $18.23. PENN Entertainment, Inc. has a 12 month low of $13.25 and a 12 month high of $23.08. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34.

PENN Entertainment (NASDAQ:PENN) last posted its earnings results on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $1.67 billion during the quarter, compared to analyst estimates of $1.71 billion. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.76) EPS. Equities analysts predict that PENN Entertainment, Inc. will post -1.61 EPS for the current fiscal year.

About PENN Entertainment

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.