Connor Clark & Lunn Investment Management Ltd. Purchases New Holdings in PENN Entertainment, Inc. $PENN

Connor Clark & Lunn Investment Management Ltd. acquired a new position in PENN Entertainment, Inc. (NASDAQ:PENN) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 1,004,659 shares of the company’s stock, valued at approximately $21,460,000.

Several other large investors have also recently bought and sold shares of PENN. Quarry LP bought a new position in PENN Entertainment in the 4th quarter valued at $36,000. IFP Advisors Inc raised its position in shares of PENN Entertainment by 76.2% during the fourth quarter. IFP Advisors Inc now owns 2,766 shares of the company’s stock worth $41,000 after acquiring an additional 1,196 shares during the last quarter. Modus Advisors LLC bought a new stake in shares of PENN Entertainment during the fourth quarter worth $47,000. Triumph Capital Management acquired a new position in shares of PENN Entertainment during the third quarter valued at $54,000. Finally, Hantz Financial Services Inc. lifted its stake in shares of PENN Entertainment by 385.1% during the fourth quarter. Hantz Financial Services Inc. now owns 3,721 shares of the company’s stock valued at $55,000 after acquiring an additional 2,954 shares during the period. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Price Performance

Shares of PENN opened at $17.75 on Wednesday. The stock has a market cap of $2.38 billion, a P/E ratio of -2.79, a price-to-earnings-growth ratio of 0.47 and a beta of 1.43. PENN Entertainment, Inc. has a 1 year low of $11.65 and a 1 year high of $22.36. The stock’s 50-day moving average price is $20.32 and its two-hundred day moving average price is $17.42. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 3.79.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.44 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the prior year, the business posted ($0.12) EPS. PENN Entertainment’s revenue was up 5.2% on a year-over-year basis. On average, equities analysts predict that PENN Entertainment, Inc. will post 1.19 earnings per share for the current year.

Wall Street Analyst Weigh In

PENN has been the subject of a number of research reports. The Goldman Sachs Group initiated coverage on PENN Entertainment in a research report on Friday, June 26th. They issued a “buy” rating and a $26.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of PENN Entertainment in a research report on Wednesday, June 24th. Morgan Stanley reiterated an “underperform” rating on shares of PENN Entertainment in a research report on Wednesday, August 12th. Susquehanna boosted their price target on shares of PENN Entertainment from $24.00 to $28.00 and gave the stock a “positive” rating in a research note on Wednesday, July 1st. Finally, Capital One Financial upgraded shares of PENN Entertainment from an “equal weight” rating to an “overweight” rating and set a $26.00 price objective on the stock in a report on Thursday, July 23rd. Twelve analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $23.53.

PENN Entertainment Profile

PENN Entertainment, Inc (NASDAQ: PENN) is a leading operator of gaming and racing facilities in the United States. The company’s business activities encompass land-based casinos, pari-mutuel racetracks, off-track wagering, and ancillary amenities such as hotels, restaurants and entertainment venues. In August 2022, the company rebranded from Penn National Gaming to PENN Entertainment to reflect its expanding footprint across digital and traditional segments of the gaming industry.

The company’s portfolio includes well-known properties under the Hollywood Casino and Ameristar Casino brands, located across multiple states including Pennsylvania, Ohio, Missouri and West Virginia.