Charles Schwab Investment Management Inc. Acquires 146,645 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Charles Schwab Investment Management Inc. raised its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 12.9% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,282,024 shares of the company's stock after purchasing an additional 146,645 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.84% of PENN Entertainment worth $24,179,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in PENN. Driehaus Capital Management LLC bought a new position in PENN Entertainment in the second quarter worth about $4,535,000. Cetera Advisors LLC lifted its stake in shares of PENN Entertainment by 184.3% in the 1st quarter. Cetera Advisors LLC now owns 60,708 shares of the company's stock valued at $1,105,000 after purchasing an additional 39,356 shares during the period. Public Sector Pension Investment Board purchased a new position in shares of PENN Entertainment in the 2nd quarter valued at approximately $6,363,000. GAMMA Investing LLC grew its stake in PENN Entertainment by 233.6% in the second quarter. GAMMA Investing LLC now owns 1,441 shares of the company's stock worth $28,000 after purchasing an additional 1,009 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in PENN Entertainment by 1,051.0% during the third quarter. Assenagon Asset Management S.A. now owns 1,421,471 shares of the company's stock valued at $26,809,000 after buying an additional 1,297,976 shares during the period. 91.69% of the stock is currently owned by institutional investors.

PENN Entertainment Price Performance

NASDAQ:PENN traded down $0.46 during trading hours on Friday, hitting $20.74. 2,373,788 shares of the stock traded hands, compared to its average volume of 4,890,646. The company has a market cap of $3.17 billion, a price-to-earnings ratio of -5.85 and a beta of 2.08. PENN Entertainment, Inc. has a 1 year low of $13.50 and a 1 year high of $27.20. The stock has a 50 day moving average price of $19.82 and a 200 day moving average price of $18.96. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 2.34.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $1.64 billion for the quarter, compared to analysts' expectations of $1.65 billion. During the same quarter 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. Sell-side analysts forecast that PENN Entertainment, Inc. will post -1.53 EPS for the current fiscal year.

Insider Buying and Selling

In other PENN Entertainment news, Director David A. Handler acquired 10,000 shares of the company's stock in a transaction on Tuesday, September 10th. The stock was acquired at an average cost of $17.51 per share, with a total value of $175,100.00. Following the purchase, the director now directly owns 293,450 shares of the company's stock, valued at approximately $5,138,309.50. This represents a 3.53 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.19% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on PENN shares. Bank of America assumed coverage on shares of PENN Entertainment in a research note on Wednesday, November 13th. They issued a "neutral" rating and a $22.00 price target for the company. JMP Securities reissued a "market perform" rating on shares of PENN Entertainment in a research report on Friday, October 4th. Susquehanna reduced their price objective on PENN Entertainment from $26.00 to $25.00 and set a "positive" rating for the company in a research report on Monday, November 4th. Stifel Nicolaus raised their price target on PENN Entertainment from $19.00 to $20.00 and gave the company a "hold" rating in a report on Friday, August 9th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $26.00 price target on shares of PENN Entertainment in a research note on Friday, November 8th. 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 company. According to MarketBeat, PENN Entertainment has a consensus rating of "Hold" and an average 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.