PENN Entertainment, Inc. $PENN Stake Boosted by Hill Path Capital LP

Hill Path Capital LP grew its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 64.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 5,759,820 shares of the company’s stock after purchasing an additional 2,257,000 shares during the quarter. PENN Entertainment comprises approximately 5.4% of Hill Path Capital LP’s portfolio, making the stock its 4th biggest position. Hill Path Capital LP’s holdings in PENN Entertainment were worth $110,934,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership increased its position in PENN Entertainment by 74.7% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 3,930,293 shares of the company’s stock valued at $75,697,000 after buying an additional 1,679,953 shares in the last quarter. Earnest Partners LLC boosted its holdings in PENN Entertainment by 0.6% in the third quarter. Earnest Partners LLC now owns 2,961,273 shares of the company’s stock worth $57,034,000 after acquiring an additional 18,099 shares in the last quarter. Norges Bank acquired a new stake in PENN Entertainment in the second quarter worth about $39,737,000. Hennessy Advisors Inc. purchased a new stake in shares of PENN Entertainment during the third quarter worth about $40,537,000. Finally, Hudson Bay Capital Management LP grew its stake in shares of PENN Entertainment by 18.0% during the second quarter. Hudson Bay Capital Management LP now owns 2,029,843 shares of the company’s stock worth $36,273,000 after acquiring an additional 308,998 shares during the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.

PENN Entertainment Trading Down 1.5%

PENN Entertainment stock opened at $14.31 on Monday. The stock has a 50-day moving average price of $13.78 and a 200 day moving average price of $15.62. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of -2.38, a price-to-earnings-growth ratio of 0.43 and a beta of 1.33. PENN Entertainment, Inc. has a 52 week low of $11.65 and a 52 week high of $20.60. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 3.92.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, February 26th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.23) by $0.30. PENN Entertainment had a negative net margin of 12.11% and a negative return on equity of 1.94%. The company had revenue of $1.81 billion for the quarter, compared to the consensus estimate of $1.76 billion. During the same quarter in the prior year, the company earned ($0.44) EPS. PENN Entertainment’s quarterly revenue was up 8.2% on a year-over-year basis. Sell-side analysts anticipate that PENN Entertainment, Inc. will post -1.61 EPS for the current year.

Wall Street Analyst Weigh In

PENN has been the subject of several research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and issued a $17.00 price objective on shares of PENN Entertainment in a research report on Wednesday, December 24th. Wall Street Zen upgraded shares of PENN Entertainment from a “strong sell” rating to a “hold” rating in a research note on Monday, March 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of PENN Entertainment in a report on Monday, December 29th. Morgan Stanley lowered their price objective on shares of PENN Entertainment from $17.00 to $15.00 and set an “equal weight” rating for the company in a research note on Friday, January 16th. Finally, Susquehanna dropped their price objective on shares of PENN Entertainment from $20.00 to $17.00 and set a “positive” rating on the stock in a report on Wednesday, February 11th. Eight equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $19.67.

About PENN Entertainment

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.