Principal Financial Group Inc. trimmed its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN - Free Report) by 4.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 704,485 shares of the company's stock after selling 29,355 shares during the period. Principal Financial Group Inc. owned approximately 0.46% of PENN Entertainment worth $13,287,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale purchased a new position in shares of PENN Entertainment during the 3rd quarter valued at approximately $45,000. GAMMA Investing LLC raised its holdings in PENN Entertainment by 88.5% in the third quarter. GAMMA Investing LLC now owns 2,716 shares of the company's stock valued at $51,000 after acquiring an additional 1,275 shares in the last quarter. Quest Partners LLC bought a new position in PENN Entertainment during the 3rd quarter valued at $56,000. International Assets Investment Management LLC grew its holdings in PENN Entertainment by 1,634.8% during the 3rd quarter. International Assets Investment Management LLC now owns 3,244 shares of the company's stock worth $61,000 after acquiring an additional 3,057 shares in the last quarter. Finally, Quarry LP increased its position in shares of PENN Entertainment by 76.7% in the 2nd quarter. Quarry LP now owns 4,291 shares of the company's stock worth $83,000 after purchasing an additional 1,862 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company's stock.
Analysts Set New Price Targets
PENN has been the topic of several research analyst reports. Wells Fargo & Company increased their price target on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock an "equal weight" rating in a research report on Thursday, October 17th. Benchmark reiterated a "hold" rating on shares of PENN Entertainment in a research report on Friday, November 8th. Needham & Company LLC reiterated a "buy" rating and issued a $26.00 price target on shares of PENN Entertainment in a report on Friday, November 8th. Morgan Stanley dropped their price objective on shares of PENN Entertainment from $20.00 to $19.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upgraded PENN Entertainment from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $19.00 to $27.00 in a research note on Friday, December 13th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, PENN Entertainment currently has an average rating of "Moderate Buy" and an average target price of $23.53.
Read Our Latest Research Report on PENN
PENN Entertainment Price Performance
PENN stock traded down $0.01 on Friday, hitting $18.69. 2,057,619 shares of the company's stock traded hands, compared to its average volume of 4,821,579. The stock has a market cap of $2.85 billion, a price-to-earnings ratio of -5.26 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 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 has a fifty day moving average of $19.96 and a 200-day moving average of $19.30.
PENN Entertainment (NASDAQ:PENN - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.28) by $0.04. The company had revenue of $1.64 billion for the quarter, compared to analysts' expectations of $1.65 billion. PENN Entertainment had a negative return on equity of 14.44% and a negative net margin of 8.51%. The firm's revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.21 earnings per share. On average, analysts forecast that PENN Entertainment, Inc. will post -1.55 EPS for the current fiscal year.
PENN Entertainment Company Profile
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Free Report)
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.
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