Neo Ivy Capital Management Has $390,000 Stake in PENN Entertainment, Inc. $PENN

Neo Ivy Capital Management reduced its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 76.6% during the 2nd quarter, Holdings Channel.com reports. The firm owned 21,840 shares of the company’s stock after selling 71,498 shares during the period. Neo Ivy Capital Management’s holdings in PENN Entertainment were worth $390,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PENN. Banco Bilbao Vizcaya Argentaria S.A. purchased a new position in shares of PENN Entertainment during the first quarter valued at $289,000. Connor Clark & Lunn Investment Management Ltd. boosted its position in PENN Entertainment by 711.8% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 119,490 shares of the company’s stock worth $2,135,000 after acquiring an additional 104,770 shares during the period. Peregrine Capital Management LLC grew its stake in PENN Entertainment by 13.6% during the 2nd quarter. Peregrine Capital Management LLC now owns 315,633 shares of the company’s stock valued at $5,640,000 after acquiring an additional 37,888 shares in the last quarter. Baron Wealth Management LLC acquired a new position in shares of PENN Entertainment in the 2nd quarter valued at about $650,000. Finally, Russell Investments Group Ltd. increased its holdings in shares of PENN Entertainment by 37.9% in the 1st quarter. Russell Investments Group Ltd. now owns 60,269 shares of the company’s stock valued at $985,000 after purchasing an additional 16,553 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Stock Performance

Shares of PENN opened at $13.80 on Friday. The firm has a market cap of $1.84 billion, a price-to-earnings ratio of -24.64 and a beta of 1.53. The company’s fifty day moving average is $17.11 and its 200-day moving average is $17.41. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 2.39. PENN Entertainment, Inc. has a 12 month low of $13.24 and a 12 month high of $23.08.

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

Insider Transactions at PENN Entertainment

In related news, CEO Jay A. Snowden acquired 34,700 shares of the stock in a transaction dated Friday, November 7th. The shares were acquired at an average price of $14.32 per share, with a total value of $496,904.00. Following the acquisition, the chief executive officer owned 1,117,325 shares in the company, valued at approximately $16,000,094. The trade was a 3.21% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David A. Handler acquired 20,000 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was bought at an average cost of $14.25 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the director directly owned 362,941 shares in the company, valued at $5,171,909.25. This represents a 5.83% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.67% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PENN shares. Wells Fargo & Company assumed coverage on shares of PENN Entertainment in a report on Tuesday, November 18th. They set an “underweight” rating and a $15.00 price target for the company. Citizens Jmp cut their target price on shares of PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a research report on Friday, November 7th. Citigroup began coverage on shares of PENN Entertainment in a research note on Thursday. They set a “neutral” rating and a $15.00 target price for the company. Deutsche Bank Aktiengesellschaft dropped their price target on shares of PENN Entertainment from $19.00 to $17.00 and set a “hold” rating on the stock in a research note on Friday, November 7th. Finally, JMP Securities increased their price objective on PENN Entertainment from $24.00 to $25.00 and gave the stock a “market outperform” rating in a report on Friday, August 8th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $21.56.

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.