Connor Clark & Lunn Investment Management Ltd. Sells 151,773 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Connor Clark & Lunn Investment Management Ltd. decreased its stake in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 28.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 approximately 0.25% of PENN Entertainment worth $7,195,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

Several equities analysts have recently weighed in on PENN shares. Stifel Nicolaus increased their price objective on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a "hold" rating in a research report on Friday, August 9th. Deutsche Bank Aktiengesellschaft increased their price target on PENN Entertainment from $18.00 to $20.00 and gave the company a "hold" rating in a research note on Friday, August 9th. 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. Mizuho dropped their target price 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. Finally, Wells Fargo & Company increased their target price on shares of PENN Entertainment from $18.00 to $20.00 and gave the company an "equal weight" rating in a report on Thursday, October 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $23.29.

Insiders Place Their Bets

In other news, Director David A. Handler bought 10,000 shares of the stock in a transaction dated Tuesday, September 10th. The stock was purchased at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the transaction, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Jay A. Snowden acquired 54,200 shares of the company's stock in a transaction on Tuesday, September 3rd. The stock was acquired at an average cost of $18.44 per share, with a total value of $999,448.00. Following the completion of the purchase, the chief executive officer now directly owns 853,045 shares in the company, valued at approximately $15,730,149.80. This represents a 6.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 79,200 shares of company stock worth $1,450,548 in the last three months. 2.19% of the stock is owned by company insiders.

PENN Entertainment Stock Up 1.5 %

PENN Entertainment stock traded up $0.30 during mid-day trading on Friday, hitting $20.52. The company had a trading volume of 1,920,649 shares, compared to its average volume of 2,741,248. PENN Entertainment, Inc. has a 12 month low of $13.50 and a 12 month high of $27.20. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 2.34. The stock's 50 day moving average price is $19.47 and its two-hundred day moving average price is $18.62. The company has a market capitalization of $3.13 billion, a PE ratio of -5.78 and a beta of 2.09.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.28) by $0.04. The company had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The firm's revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.21 earnings per share. As a group, sell-side analysts anticipate that PENN Entertainment, Inc. will post -1.53 earnings per share for the current fiscal year.

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.