Raymond James & Associates Boosts Stock Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Raymond James & Associates increased its position in PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 159.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 403,699 shares of the company's stock after buying an additional 247,873 shares during the quarter. Raymond James & Associates owned 0.26% of PENN Entertainment worth $7,614,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in PENN. GAMMA Investing LLC boosted its holdings in shares of PENN Entertainment by 233.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company's stock worth $28,000 after buying an additional 1,009 shares in the last quarter. J.Safra Asset Management Corp purchased a new stake in shares of PENN Entertainment during the 2nd quarter valued at $83,000. Quarry LP increased its position in shares of PENN Entertainment by 76.7% during the 2nd quarter. Quarry LP now owns 4,291 shares of the company's stock valued at $83,000 after purchasing an additional 1,862 shares during the last quarter. Blue Trust Inc. increased its holdings in PENN Entertainment by 18.3% in the 2nd quarter. Blue Trust Inc. now owns 10,060 shares of the company's stock worth $183,000 after acquiring an additional 1,555 shares during the last quarter. Finally, SeaCrest Wealth Management LLC purchased a new stake in PENN Entertainment in the 3rd quarter worth about $213,000. Institutional investors and hedge funds own 91.69% of the company's stock.

PENN Entertainment Stock Down 4.6 %

PENN traded down $0.95 during trading on Thursday, hitting $19.75. 2,490,800 shares of the company's stock traded hands, compared to its average volume of 5,176,695. PENN Entertainment, Inc. has a 12-month low of $13.50 and a 12-month high of $27.20. The company's 50 day simple moving average is $18.97 and its two-hundred day simple moving average is $18.21. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The stock has a market capitalization of $3.01 billion, a price-to-earnings ratio of -2.44 and a beta of 2.10.

PENN Entertainment (NASDAQ:PENN - Get Free Report) last issued its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, topping analysts' consensus estimates of ($0.27) by $0.09. The business had revenue of $1.66 billion during the quarter, compared to analyst estimates of $1.65 billion. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. PENN Entertainment's revenue was down .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.48 EPS. Analysts predict that PENN Entertainment, Inc. will post -1.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on PENN. Stifel Nicolaus raised their target price on PENN Entertainment from $19.00 to $20.00 and gave the stock a "hold" rating in a research note on Friday, August 9th. Needham & Company LLC restated a "buy" rating and issued a $26.00 target price on shares of PENN Entertainment in a research report on Tuesday, October 8th. Wells Fargo & Company boosted their target price on PENN Entertainment from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 17th. Barclays decreased their price target on PENN Entertainment from $23.00 to $22.00 and set an "overweight" rating on the stock in a research note on Thursday, October 17th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on PENN Entertainment from $18.00 to $20.00 and gave the stock a "hold" rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $22.96.

Insider Transactions at PENN Entertainment

In related news, Director Anuj Dhanda purchased 15,000 shares of PENN Entertainment stock in a transaction dated Friday, September 6th. The stock was purchased at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the completion of the purchase, the director now directly owns 31,523 shares of the company's stock, valued at $580,023.20. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other PENN Entertainment news, Director David A. Handler bought 10,000 shares of the business's stock in a transaction that occurred on Tuesday, September 10th. The stock was bought at an average cost of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the transaction, the director now owns 293,450 shares of the company's stock, valued at $5,138,309.50. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anuj Dhanda bought 15,000 shares of the business's stock in a transaction that occurred on Friday, September 6th. The shares were acquired at an average price of $18.40 per share, with a total value of $276,000.00. Following the completion of the transaction, the director now directly owns 31,523 shares of the company's stock, valued at $580,023.20. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 79,200 shares of company stock worth $1,450,548 over the last three months. 2.19% of the stock is currently owned by company insiders.

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.