Van ECK Associates Corp Sells 4,225 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

Van ECK Associates Corp lowered its holdings in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 19.0% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 18,011 shares of the company’s stock after selling 4,225 shares during the period. Van ECK Associates Corp’s holdings in PENN Entertainment were worth $335,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in PENN. Driehaus Capital Management LLC purchased a new stake in PENN Entertainment during the 2nd quarter valued at about $4,535,000. Virtu Financial LLC purchased a new position in PENN Entertainment during the 1st quarter valued at about $1,098,000. Cetera Advisors LLC raised its position in PENN Entertainment by 184.3% during the 1st quarter. Cetera Advisors LLC now owns 60,708 shares of the company’s stock valued at $1,105,000 after purchasing an additional 39,356 shares during the last quarter. Axxcess Wealth Management LLC lifted its holdings in PENN Entertainment by 300.5% in the 1st quarter. Axxcess Wealth Management LLC now owns 36,975 shares of the company’s stock worth $673,000 after buying an additional 27,743 shares during the period. Finally, Quantbot Technologies LP purchased a new position in shares of PENN Entertainment during the first quarter valued at approximately $759,000. 91.69% of the stock is owned by institutional investors.

Insider Buying and Selling

In other PENN Entertainment news, Director David A. Handler purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were acquired at an average cost of $17.51 per share, with a total value of $175,100.00. Following the completion of the acquisition, the director now directly owns 293,450 shares in the company, valued at $5,138,309.50. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director David A. Handler acquired 10,000 shares of PENN Entertainment stock in a transaction dated Tuesday, September 10th. The shares were purchased 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 directly owns 293,450 shares in the company, valued at approximately $5,138,309.50. This represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jay A. Snowden bought 54,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were bought at an average price of $18.44 per share, with a total value of $999,448.00. Following the transaction, the chief executive officer now owns 853,045 shares of the company’s stock, valued at $15,730,149.80. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 79,200 shares of company stock valued at $1,450,548. Company insiders own 2.19% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on PENN shares. Susquehanna cut their target price on shares of PENN Entertainment from $26.00 to $25.00 and set a “positive” rating on the stock in a research note on Monday, November 4th. Craig Hallum reissued a “buy” rating and issued a $30.00 target price on shares of PENN Entertainment in a report on Tuesday, October 8th. Barclays lowered their price target on PENN Entertainment from $23.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Benchmark restated a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 8th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $26.00 target price on shares of PENN Entertainment in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $22.96.

PENN Entertainment Stock Performance

NASDAQ:PENN opened at $21.54 on Wednesday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a 50-day simple moving average of $19.06 and a two-hundred day simple moving average of $18.37. The firm has a market capitalization of $3.29 billion, a PE ratio of -5.76 and a beta of 2.09. PENN Entertainment, Inc. has a 52-week low of $13.50 and a 52-week high of $27.20.

PENN Entertainment (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.04. The business had revenue of $1.64 billion for the quarter, compared to the consensus estimate of $1.65 billion. PENN Entertainment had a negative net margin of 8.51% and a negative return on equity of 14.38%. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.21 earnings per share. Analysts forecast that PENN Entertainment, Inc. will post -1.41 EPS for the current year.

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.