L & S Advisors Inc Makes New Investment in PENN Entertainment, Inc. (NASDAQ:PENN)

L & S Advisors Inc bought a new position in PENN Entertainment, Inc. (NASDAQ:PENN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 100,103 shares of the company’s stock, valued at approximately $1,937,000. L & S Advisors Inc owned about 0.07% of PENN Entertainment at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on PENN. Deutsche Bank Aktiengesellschaft boosted their price target on PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Needham & Company LLC restated a “buy” rating and issued a $26.00 price target on shares of PENN Entertainment in a research report on Thursday, August 8th. Stifel Nicolaus raised their price target on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a research note on Friday, August 9th. Susquehanna reissued a “positive” rating and issued a $26.00 price objective on shares of PENN Entertainment in a research note on Friday, June 21st. Finally, Macquarie reaffirmed an “outperform” rating and set a $26.00 target price on shares of PENN Entertainment in a research report on Friday, August 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, PENN Entertainment has an average rating of “Hold” and a consensus price target of $23.77.

Insiders Place Their Bets

In other news, CEO Jay A. Snowden acquired 54,200 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was purchased at an average price 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 in the company, valued at approximately $15,730,149.80. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other PENN Entertainment news, CEO Jay A. Snowden acquired 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Anuj Dhanda bought 15,000 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was acquired at an average price of $18.40 per share, for a total transaction of $276,000.00. Following the acquisition, the director now directly owns 31,523 shares in the company, valued at $580,023.20. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 79,200 shares of company stock worth $1,450,548. Corporate insiders own 2.19% of the company’s stock.

PENN Entertainment Price Performance

Shares of PENN opened at $20.02 on Tuesday. The firm has a market cap of $3.06 billion, a PE ratio of -2.69 and a beta of 2.10. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $27.20. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.03 and a current ratio of 1.03. The business’s 50 day moving average price is $18.96 and its two-hundred day moving average price is $17.93.

PENN Entertainment (NASDAQ:PENN) last announced 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. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The business’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.48 earnings per share. On average, equities analysts anticipate that PENN Entertainment, Inc. will post -1.41 EPS for the current year.

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.