State of Michigan Retirement System Has $1.10 Million Holdings in PENN Entertainment, Inc. (NASDAQ:PENN)

State of Michigan Retirement System cut its position in shares of PENN Entertainment, Inc. (NASDAQ:PENN – Get Rating) by 9.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,000 shares of the company’s stock after selling 4,108 shares during the quarter. State of Michigan Retirement System’s holdings in PENN Entertainment were worth $1,100,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Contrarius Investment Management Ltd acquired a new stake in PENN Entertainment in the second quarter worth $75,776,000. Bank of Nova Scotia acquired a new stake in PENN Entertainment in the second quarter worth $65,983,000. Long Pond Capital LP acquired a new stake in PENN Entertainment in the second quarter worth $38,990,000. Renaissance Technologies LLC grew its holdings in PENN Entertainment by 79.3% in the first quarter. Renaissance Technologies LLC now owns 1,789,038 shares of the company’s stock worth $75,891,000 after purchasing an additional 791,500 shares during the period. Finally, Fir Tree Capital Management LP acquired a new stake in PENN Entertainment in the first quarter worth $31,616,000. 84.40% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have commented on PENN shares. StockNews.com cut shares of PENN Entertainment from a “buy” rating to a “hold” rating in a report on Saturday, November 12th. Truist Financial dropped their price objective on shares of PENN Entertainment from $48.00 to $40.00 and set a “buy” rating on the stock in a research note on Tuesday, October 25th. Credit Suisse Group dropped their price objective on shares of PENN Entertainment from $66.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, November 4th. Morgan Stanley initiated coverage on shares of PENN Entertainment in a research note on Monday, November 21st. They issued an “equal weight” rating and a $36.00 price objective on the stock. Finally, Canaccord Genuity Group initiated coverage on shares of PENN Entertainment in a research note on Thursday, October 6th. They issued a “buy” rating and a $50.00 price objective on the stock. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, PENN Entertainment currently has a consensus rating of “Moderate Buy” and an average target price of $49.67.

PENN Entertainment Stock Performance

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Shares of PENN stock opened at $30.32 on Friday. The firm has a market cap of $4.70 billion, a price-to-earnings ratio of 21.35, a P/E/G ratio of 1.38 and a beta of 2.18. The company has a debt-to-equity ratio of 1.87, a quick ratio of 1.79 and a current ratio of 1.79. PENN Entertainment, Inc. has a 52 week low of $25.49 and a 52 week high of $51.72. The firm’s 50-day simple moving average is $33.17 and its two-hundred day simple moving average is $32.17.

PENN Entertainment (NASDAQ:PENN – Get Rating) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.38 by $0.34. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.58 billion. PENN Entertainment had a net margin of 3.86% and a return on equity of 6.42%. As a group, equities analysts forecast that PENN Entertainment, Inc. will post 1.49 earnings per share for the current year.

Insiders Place Their Bets

In other PENN Entertainment news, CEO Jay A. Snowden sold 163,475 shares of PENN Entertainment stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $30.12, for a total value of $4,923,867.00. Following the sale, the chief executive officer now owns 604,527 shares of the company’s stock, valued at $18,208,353.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.50% of the company’s stock.

PENN Entertainment Company Profile

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PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences in North America. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates 44 properties in 20 states; online sports betting in 13 jurisdictions; and iCasino in five under a portfolio of brands, including Hollywood Casino, L’Auberge, Barstool Sportsbook, and theScore Bet.