PENN Entertainment, Inc. $PENN Stock: Hennessy Advisors Inc. Reduces Position

Hennessy Advisors Inc. reduced its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 3.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,749,100 shares of the company’s stock after selling 55,800 shares during the period. Hennessy Advisors Inc.’s holdings in PENN Entertainment were worth $25,624,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in PENN Entertainment during the 2nd quarter worth about $410,579,000. Bank of America Corp DE purchased a new position in PENN Entertainment in the 2nd quarter valued at about $108,919,000. Bamco Inc. NY purchased a new position in PENN Entertainment in the 2nd quarter valued at about $58,624,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of PENN Entertainment by 9.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,323,554 shares of the company’s stock worth $34,923,000 after purchasing an additional 196,480 shares during the last quarter. Finally, Penn Capital Management Company LLC boosted its stake in shares of PENN Entertainment by 6.2% during the 2nd quarter. Penn Capital Management Company LLC now owns 1,186,487 shares of the company’s stock worth $25,391,000 after purchasing an additional 69,674 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Price Performance

Shares of NASDAQ:PENN opened at $15.89 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.79. The company has a fifty day simple moving average of $16.08 and a 200 day simple moving average of $16.78. The firm has a market cap of $2.13 billion, a PE ratio of -2.50, a price-to-earnings-growth ratio of 0.41 and a beta of 1.40. PENN Entertainment, Inc. has a 12-month low of $11.65 and a 12-month high of $22.36.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, August 6th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.07. PENN Entertainment had a positive return on equity of 2.93% and a negative net margin of 12.66%. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the business posted ($0.12) EPS. PENN Entertainment’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities research analysts anticipate that PENN Entertainment, Inc. will post 1.20 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PENN. Piper Sandler upgraded PENN Entertainment from a “neutral” rating to a “buy” rating and set a $26.00 target price on the stock in a research report on Tuesday, October 13th. Morgan Stanley lowered their price target on PENN Entertainment from $20.00 to $18.00 and set an “equal weight” rating for the company in a report on Monday, October 19th. Citigroup reissued a “market outperform” rating on shares of PENN Entertainment in a research report on Tuesday, October 13th. Benchmark increased their price target on shares of PENN Entertainment from $21.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Finally, Wells Fargo & Company reduced their target price on PENN Entertainment from $23.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, PENN Entertainment has a consensus rating of “Moderate Buy” and a consensus price target of $23.61.

About PENN Entertainment

PENN Entertainment, Inc is a North American provider of integrated entertainment, gaming and sports betting. The company operates casinos, racetracks and video gaming terminals, offering slot machines, table games, poker, sports wagering, hotel accommodations, restaurants, entertainment venues and other amenities.

PENN’s portfolio includes regional gaming properties operating under brands such as Hollywood Casino, Ameristar, L’Auberge and M Resort. Its land-based operations serve customers across numerous U.S.