The Manufacturers Life Insurance Company Sells 97,802 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

The Manufacturers Life Insurance Company decreased its position in PENN Entertainment, Inc. (NASDAQ:PENN) by 75.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,748 shares of the company’s stock after selling 97,802 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in PENN Entertainment were worth $614,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of PENN Entertainment by 233.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,441 shares of the company’s stock worth $28,000 after buying an additional 1,009 shares during the last quarter. J.Safra Asset Management Corp purchased a new position in shares of PENN Entertainment in the 2nd quarter worth about $83,000. Blue Trust Inc. boosted its holdings in shares of PENN Entertainment by 18.3% in the 2nd quarter. Blue Trust Inc. now owns 10,060 shares of the company’s stock worth $183,000 after buying an additional 1,555 shares during the last quarter. Wolf Hill Capital Management LP purchased a new position in shares of PENN Entertainment in the 2nd quarter worth about $221,000. Finally, WINTON GROUP Ltd purchased a new position in shares of PENN Entertainment in the 2nd quarter worth about $227,000. Institutional investors own 91.69% of the company’s stock.

Insider Buying and Selling

In related news, Director Anuj Dhanda acquired 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the completion of the transaction, the director now owns 31,523 shares in the company, valued at approximately $580,023.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Anuj Dhanda acquired 15,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were bought at an average cost of $18.40 per share, for a total transaction of $276,000.00. Following the completion of the transaction, the director now owns 31,523 shares in the company, valued at approximately $580,023.20. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David A. Handler acquired 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was bought at an average price of $17.51 per share, for a total transaction of $175,100.00. Following the completion of the transaction, the director now owns 293,450 shares of the company’s stock, valued at $5,138,309.50. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 79,200 shares of company stock worth $1,450,548. Insiders own 2.19% of the company’s stock.

PENN Entertainment Trading Up 0.2 %

Shares of PENN Entertainment stock opened at $18.51 on Wednesday. PENN Entertainment, Inc. has a 12-month low of $13.50 and a 12-month high of $27.20. The company has a market cap of $2.82 billion, a price-to-earnings ratio of -2.48 and a beta of 2.10. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 2.35. The company’s 50-day moving average price is $18.87 and its 200-day moving average price is $18.06.

PENN Entertainment (NASDAQ:PENN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.09. PENN Entertainment had a negative net margin of 19.48% and a negative return on equity of 7.13%. The firm had revenue of $1.66 billion for the quarter, compared to the consensus estimate of $1.65 billion. During the same period in the prior year, the firm posted $0.48 earnings per share. The company’s revenue for the quarter was down .7% on a year-over-year basis. On average, equities analysts expect that PENN Entertainment, Inc. will post -1.32 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on PENN. Deutsche Bank Aktiengesellschaft boosted their price target on shares of PENN Entertainment from $18.00 to $20.00 and gave the stock a “hold” rating in a report on Friday, August 9th. Morgan Stanley cut their price target on shares of PENN Entertainment from $21.00 to $20.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. Raymond James downgraded shares of PENN Entertainment from an “outperform” rating to a “market perform” rating in a report on Tuesday, June 25th. Barclays upped their price objective on shares of PENN Entertainment from $22.00 to $23.00 and gave the company an “overweight” rating in a report on Friday, August 9th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of PENN Entertainment in a report on Friday, October 4th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $23.68.

PENN Entertainment Company Profile

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.