Bridgeway Capital Management LLC Acquires New Position in PENN Entertainment, Inc. $PENN

Bridgeway Capital Management LLC bought a new position in shares of PENN Entertainment, Inc. (NASDAQ:PENN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,046,580 shares of the company’s stock, valued at approximately $18,702,000.

Several other hedge funds have also made changes to their positions in PENN. Parallel Advisors LLC increased its holdings in shares of PENN Entertainment by 152.2% during the 2nd quarter. Parallel Advisors LLC now owns 1,397 shares of the company’s stock worth $25,000 after buying an additional 843 shares during the last quarter. Quarry LP purchased a new position in PENN Entertainment in the first quarter worth approximately $30,000. State of Wyoming acquired a new stake in PENN Entertainment during the first quarter worth $46,000. Ancora Advisors LLC increased its stake in PENN Entertainment by 208.8% during the first quarter. Ancora Advisors LLC now owns 6,855 shares of the company’s stock worth $112,000 after acquiring an additional 4,635 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in PENN Entertainment by 20.9% in the second quarter. PNC Financial Services Group Inc. now owns 8,358 shares of the company’s stock valued at $149,000 after purchasing an additional 1,446 shares during the period. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Stock Up 1.9%

Shares of PENN opened at $14.28 on Friday. The company’s 50-day simple moving average is $15.62 and its 200-day simple moving average is $17.28. The company has a debt-to-equity ratio of 3.65, a quick ratio of 0.75 and a current ratio of 0.75. PENN Entertainment, Inc. has a 1 year low of $13.24 and a 1 year high of $23.08. The stock has a market capitalization of $1.90 billion, a PE ratio of -2.25 and a beta of 1.40.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.12). PENN Entertainment had a negative net margin of 13.24% and a negative return on equity of 4.59%. The business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.73 billion. During the same quarter last year, the firm posted ($0.24) EPS. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. Analysts forecast that PENN Entertainment, Inc. will post -1.61 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

PENN has been the subject of a number of research analyst reports. Citizens Jmp lowered their price target on PENN Entertainment from $25.00 to $24.00 and set a “market outperform” rating for the company in a report on Friday, November 7th. Wells Fargo & Company initiated coverage on shares of PENN Entertainment in a research note on Tuesday, November 18th. They set an “underweight” rating and a $15.00 target price for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of PENN Entertainment in a research note on Monday. Stifel Nicolaus upgraded shares of PENN Entertainment from a “hold” rating to a “buy” rating and upped their price objective for the stock from $19.00 to $21.00 in a report on Friday, November 7th. Finally, Citigroup reiterated a “market outperform” rating on shares of PENN Entertainment in a report on Monday, December 1st. Ten equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $21.56.

Insider Buying and Selling at PENN Entertainment

In other news, Director Gupta Vimla Black sold 7,987 shares of the company’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $14.51, for a total transaction of $115,891.37. Following the sale, the director owned 25,000 shares of the company’s stock, valued at approximately $362,750. This represents a 24.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David A. Handler acquired 20,000 shares of PENN Entertainment stock in a transaction dated Monday, November 17th. The stock was bought at an average price of $14.25 per share, for a total transaction of $285,000.00. Following the completion of the purchase, the director owned 362,941 shares of the company’s stock, valued at approximately $5,171,909.25. This represents a 5.83% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 62,015 shares of company stock worth $882,778. 2.67% of the stock is currently owned by insiders.

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.