Byrne Asset Management LLC Increases Position in PENN Entertainment, Inc. (NASDAQ:PENN)

Byrne Asset Management LLC increased its stake in PENN Entertainment, Inc. (NASDAQ:PENN) by 201.1% in the first quarter, HoldingsChannel.com reports. The firm owned 2,710 shares of the company’s stock after acquiring an additional 1,810 shares during the quarter. Byrne Asset Management LLC’s holdings in PENN Entertainment were worth $44,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in PENN. IFP Advisors Inc increased its holdings in shares of PENN Entertainment by 201.5% in the 4th quarter. IFP Advisors Inc now owns 1,574 shares of the company’s stock valued at $31,000 after purchasing an additional 1,052 shares in the last quarter. GAMMA Investing LLC grew its stake in PENN Entertainment by 38.7% in the 1st quarter. GAMMA Investing LLC now owns 2,636 shares of the company’s stock valued at $43,000 after acquiring an additional 736 shares during the last quarter. Lee Danner & Bass Inc. acquired a new stake in PENN Entertainment in the 4th quarter valued at about $92,000. CIBC Private Wealth Group LLC grew its stake in PENN Entertainment by 914.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 6,492 shares of the company’s stock valued at $119,000 after acquiring an additional 5,852 shares during the last quarter. Finally, Sterling Capital Management LLC grew its stake in PENN Entertainment by 51.8% in the 4th quarter. Sterling Capital Management LLC now owns 9,030 shares of the company’s stock valued at $179,000 after acquiring an additional 3,080 shares during the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

Insider Buying and Selling

In related news, CEO Jay A. Snowden bought 34,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The shares were acquired at an average cost of $14.70 per share, with a total value of $499,800.00. Following the completion of the transaction, the chief executive officer now owns 1,082,625 shares of the company’s stock, valued at approximately $15,914,587.50. The trade was a 3.24% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director David A. Handler bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average cost of $14.83 per share, for a total transaction of $148,300.00. Following the completion of the transaction, the director now directly owns 322,941 shares of the company’s stock, valued at approximately $4,789,215.03. The trade was a 3.20% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 2.67% of the company’s stock.

PENN Entertainment Price Performance

PENN opened at $15.61 on Friday. The company’s 50 day simple moving average is $15.35 and its 200 day simple moving average is $17.96. The company has a debt-to-equity ratio of 2.34, a quick ratio of 0.94 and a current ratio of 0.94. PENN Entertainment, Inc. has a 1 year low of $13.25 and a 1 year high of $23.08. The stock has a market capitalization of $2.36 billion, a PE ratio of -4.40, a P/E/G ratio of 1.55 and a beta of 1.57.

PENN Entertainment (NASDAQ:PENN) last released its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.44%. The business had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.71 billion. During the same period last year, the company earned ($0.76) earnings per share. The company’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, sell-side analysts expect that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PENN shares. Wall Street Zen raised shares of PENN Entertainment from a “sell” rating to a “hold” rating in a research note on Monday, March 3rd. Truist Financial lowered their price objective on shares of PENN Entertainment from $23.00 to $20.00 and set a “hold” rating on the stock in a research note on Wednesday, April 23rd. Benchmark reissued a “hold” rating on shares of PENN Entertainment in a research note on Monday, May 19th. Canaccord Genuity Group lowered their price objective on shares of PENN Entertainment from $28.00 to $26.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Finally, Mizuho lowered their price objective on shares of PENN Entertainment from $25.00 to $24.00 and set an “outperform” rating on the stock in a research note on Monday, May 12th. Eleven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $23.23.

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.