New World Advisors LLC Buys 1,800 Shares of PENN Entertainment, Inc. (NASDAQ:PENN)

New World Advisors LLC increased its stake in shares of PENN Entertainment, Inc. (NASDAQ:PENN) by 11.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 17,600 shares of the company’s stock after purchasing an additional 1,800 shares during the period. New World Advisors LLC’s holdings in PENN Entertainment were worth $349,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. ING Groep NV purchased a new stake in PENN Entertainment during the fourth quarter valued at $9,910,000. CIBC Asset Management Inc raised its stake in PENN Entertainment by 5.8% during the fourth quarter. CIBC Asset Management Inc now owns 14,774 shares of the company’s stock valued at $293,000 after purchasing an additional 813 shares in the last quarter. Principal Financial Group Inc. raised its stake in PENN Entertainment by 2.9% during the fourth quarter. Principal Financial Group Inc. now owns 725,147 shares of the company’s stock valued at $14,372,000 after purchasing an additional 20,662 shares in the last quarter. State of New Jersey Common Pension Fund D raised its stake in PENN Entertainment by 1.4% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 103,305 shares of the company’s stock valued at $2,048,000 after purchasing an additional 1,426 shares in the last quarter. Finally, Entropy Technologies LP raised its stake in PENN Entertainment by 49.5% during the fourth quarter. Entropy Technologies LP now owns 46,486 shares of the company’s stock valued at $921,000 after purchasing an additional 15,394 shares in the last quarter. Hedge funds and other institutional investors own 91.69% of the company’s stock.

PENN Entertainment Stock Down 1.9 %

Shares of PENN Entertainment stock opened at $20.91 on Monday. The company has a debt-to-equity ratio of 2.34, a current ratio of 0.94 and a quick ratio of 0.94. PENN Entertainment, Inc. has a 1 year low of $13.50 and a 1 year high of $23.08. The firm’s 50-day moving average is $20.10 and its two-hundred day moving average is $19.70. The stock has a market cap of $3.19 billion, a price-to-earnings ratio of -5.89, a PEG ratio of 1.55 and a beta of 2.09.

Analyst Ratings Changes

PENN has been the topic of several recent analyst reports. StockNews.com downgraded shares of PENN Entertainment from a “hold” rating to a “sell” rating in a research note on Friday, January 17th. JPMorgan Chase & Co. raised shares of PENN Entertainment from a “neutral” rating to an “overweight” rating and increased their target price for the company from $19.00 to $27.00 in a research note on Friday, December 13th. Bank of America began coverage on shares of PENN Entertainment in a research note on Wednesday, November 13th. They issued a “neutral” rating and a $22.00 target price on the stock. Jefferies Financial Group raised their price target on shares of PENN Entertainment from $21.00 to $22.00 and gave the stock a “hold” rating in a research note on Friday, January 3rd. Finally, Benchmark reaffirmed a “hold” rating on shares of PENN Entertainment in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $23.50.

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.