The State Board of Administration of Florida Retirement System recently divested from PENN Entertainment, Inc., selling 4.2% of its position during the fourth quarter of last year. According to the firm’s most recent filing with the Securities and Exchange Commission (SEC), it now owns 185,017 shares of PENN Entertainment at a worth of $5,495,000, or 0.12% of the company’s stock.
This move has raised eyebrows in the financial world since PENN Entertainment is viewed as an attractive long-term investment by many investors due to its steady revenue streams and diversified portfolio. The company holds many popular gaming destinations nationwide, including Hollywood Casinos, Ameristar Casinos, and L’Auberge Casinos.
While this trimming may seem like a cause for concern for current shareholders of PENN Entertainment, it is worth noting that the State Board of Administration manages funds for various state agencies such as public employees’ retirement systems and law enforcement officers’ retirement funds in Florida. Thus, their investment strategy needs to accommodate multiple variables such as market volatility and government regulations.
Furthermore, there are other noteworthy institutional investors who have not sold any shares during this period but rather increased their holdings in PENN Entertainment. For example, BlackRock Institutional Trust Company N.A. boosted its stake by 5.3%, currently owning over six million shares valued at approximately $179 million.
In conclusion, while the State Board of Administration’s decision to trim its position in PENN Entertainment may raise some concerns for smaller-scale investors and traders alike- it does not predict a downturn in stock prices nor indicate any performance issues within the company itself. Similarly important is recognizing that every investor has unique reasons behind their actions that may or may not bear impact on short -term or long-term implications overall.
Institutional Investors and Hedge Funds Make Modifications to Holdings in PENN Entertainment, Inc.
The investment world is abuzz with news of hedge funds and institutional investors making modifications to their holdings in PENN Entertainment, Inc. This gaming company owns and manages establishments that cater to slot machine entertainment, racing facilities, and video gaming terminal operations. According to a report released on Bloomberg.com, 84.40% of the stock is currently owned by institutional investors.
Among these investors are Guggenheim Capital LLC, Commerce Bank, Canada Pension Plan Investment Board, Westside Investment Management Inc., and Emerald Advisers LLC. These companies have all made recent modifications to their holdings in PENN Entertainment. Guggenheim Capital LLC is now the owner of 39,364 shares valued at $1,670,000 after buying an additional 431 shares during the period. Commerce Bank now holds 11,572 shares valued at $318,000 after acquiring an extra 481 shares.
Canada Pension Plan Investment Board now has ownership of 1,592 shares valued at $68,000 while Westside Investment Management Inc. owns 11,552 shares worth $343,000 after acquiring an additional 500 shares during the period reviewed in this report. Finally, Emerald Advisers LLC now owns a total of 1,750 shares valued at $52,000 after adding an extra 550 shares to its portfolio.
Several research analysts have also reported on PENN Entertainment’s financial performance lately. Seven analysts have given hold ratings while eleven others gave buy ratings to the company as per Bloomberg.com data reports having a consensus rating of “Moderate Buy”. One standout report was published by Roth Capital which upgraded the stock from a ‘neutral’ rating to ‘buy’.
While these reports may be enticing for potential buyers or sellers alike it is important to conduct thorough research before investing one’s hard-earned money into any company’s stocks or other securities’. If you’re considering investing in PENN Entertainment or any other company it would be wise to consult with a reputable financial advisor to help you make informed decisions.