Connor Clark & Lunn Investment Management Ltd. Decreases Stake in PENN Entertainment, Inc. (NASDAQ:PENN)

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 28.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 381,480 shares of the company’s stock after selling 151,773 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.25% of PENN Entertainment worth $7,195,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PENN. Driehaus Capital Management LLC acquired a new position in shares of PENN Entertainment during the 2nd quarter worth $4,535,000. Virtu Financial LLC purchased a new position in PENN Entertainment in the first quarter valued at about $1,098,000. Cetera Advisors LLC increased its holdings in PENN Entertainment by 184.3% in the first quarter. Cetera Advisors LLC now owns 60,708 shares of the company’s stock valued at $1,105,000 after buying an additional 39,356 shares in the last quarter. Axxcess Wealth Management LLC boosted its stake in shares of PENN Entertainment by 300.5% during the 1st quarter. Axxcess Wealth Management LLC now owns 36,975 shares of the company’s stock worth $673,000 after acquiring an additional 27,743 shares in the last quarter. Finally, Public Sector Pension Investment Board acquired a new stake in shares of PENN Entertainment in the 2nd quarter worth approximately $6,363,000. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Stock Up 1.5 %

PENN stock opened at $20.52 on Friday. The company has a 50 day moving average price of $19.45 and a two-hundred day moving average price of $18.59. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. The stock has a market capitalization of $3.13 billion, a P/E ratio of -5.78 and a beta of 2.09. PENN Entertainment, Inc. has a one year low of $13.50 and a one year high of $27.20.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.04. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The business had revenue of $1.64 billion during the quarter, compared to the consensus estimate of $1.65 billion. During the same quarter in the previous year, the business earned $1.21 earnings per share. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, sell-side analysts expect that PENN Entertainment, Inc. will post -1.53 EPS for the current year.

Insider Activity

In other news, Director David A. Handler bought 10,000 shares of PENN Entertainment stock in a transaction that occurred on Tuesday, September 10th. The shares were purchased at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the acquisition, the director now owns 293,450 shares of the company’s stock, valued at $5,138,309.50. The trade was a 3.53 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Anuj Dhanda purchased 15,000 shares of the stock in a transaction on Friday, September 6th. The shares were purchased at an average cost of $18.40 per share, with a total value of $276,000.00. Following the transaction, the director now owns 31,523 shares of the company’s stock, valued at $580,023.20. This trade represents a 90.78 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased a total of 79,200 shares of company stock valued at $1,450,548 in the last 90 days. 2.19% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently issued reports on PENN. Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a report on Friday, November 8th. Craig Hallum reaffirmed a “buy” rating and set a $30.00 price target on shares of PENN Entertainment in a research note on Tuesday, October 8th. Macquarie increased their price objective on shares of PENN Entertainment from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Friday, November 8th. Mizuho cut their target price on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating for the company in a research report on Tuesday, October 22nd. Finally, JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, PENN Entertainment currently has an average rating of “Hold” and a consensus price target of $23.29.

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.