PENN Entertainment, Inc. $PENN Shares Bought by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in PENN Entertainment, Inc. (NASDAQ:PENN) by 711.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 119,490 shares of the company’s stock after buying an additional 104,770 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in PENN Entertainment were worth $2,135,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in PENN. Invesco Ltd. grew its position in PENN Entertainment by 54.6% in the 1st quarter. Invesco Ltd. now owns 6,002,749 shares of the company’s stock valued at $97,905,000 after buying an additional 2,120,740 shares in the last quarter. Invenomic Capital Management LP raised its position in shares of PENN Entertainment by 87.8% during the 1st quarter. Invenomic Capital Management LP now owns 1,859,112 shares of the company’s stock worth $30,322,000 after buying an additional 869,347 shares in the last quarter. Long Focus Capital Management LLC lifted its stake in shares of PENN Entertainment by 13.9% in the 1st quarter. Long Focus Capital Management LLC now owns 1,760,200 shares of the company’s stock worth $28,709,000 after acquiring an additional 215,200 shares during the period. Jennison Associates LLC boosted its holdings in shares of PENN Entertainment by 6.7% in the second quarter. Jennison Associates LLC now owns 951,554 shares of the company’s stock valued at $17,004,000 after acquiring an additional 59,361 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of PENN Entertainment by 6,920.2% during the second quarter. Assenagon Asset Management S.A. now owns 906,234 shares of the company’s stock valued at $16,194,000 after acquiring an additional 893,325 shares during the period. 91.69% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Jay A. Snowden acquired 34,700 shares of the company’s stock in a transaction that occurred on Friday, November 7th. The shares were purchased at an average price of $14.32 per share, for a total transaction of $496,904.00. Following the completion of the acquisition, the chief executive officer owned 1,117,325 shares of the company’s stock, valued at approximately $16,000,094. This represents a 3.21% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.67% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently commented on PENN shares. Citigroup reissued an “outperform” rating on shares of PENN Entertainment in a research note on Friday, August 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of PENN Entertainment in a report on Wednesday, November 5th. Needham & Company LLC reissued a “hold” rating on shares of PENN Entertainment in a report on Friday, November 7th. JMP Securities lifted their price objective on shares of PENN Entertainment from $24.00 to $25.00 and gave the stock a “market outperform” rating in a research note on Friday, August 8th. Finally, Stifel Nicolaus upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and boosted their target price for the stock from $19.00 to $21.00 in a report on Friday, November 7th. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, PENN Entertainment currently has a consensus rating of “Hold” and an average price target of $22.60.

PENN Entertainment Price Performance

PENN stock opened at $14.60 on Friday. PENN Entertainment, Inc. has a one year low of $13.25 and a one year high of $23.08. The firm has a 50-day moving average of $17.73 and a two-hundred day moving average of $17.48. The firm has a market capitalization of $1.95 billion, a PE ratio of -26.07 and a beta of 1.53. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 2.39.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, November 6th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). PENN Entertainment had a negative net margin of 1.12% and a negative return on equity of 4.36%. The business had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.73 billion. During the same quarter in the previous year, the company earned ($0.24) EPS. PENN Entertainment’s revenue for the quarter was up 4.8% on a year-over-year basis. On average, analysts forecast that PENN Entertainment, Inc. will post -1.61 earnings per share for the current 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.