Penn National Gaming Inc. (NASDAQ:PENN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Friday.
According to Zacks, “Penn National Gaming, Inc. are a diversified gaming and pari-mutuel wagering company. Their business strategy is focused on exploiting the higher margins and more stable cash flows associated with gaming operations compared to pari-mutuel operations. “
PENN has been the topic of a number of other research reports. Deutsche Bank AG reaffirmed a “buy” rating on shares of Penn National Gaming in a research report on Sunday, June 26th. Telsey Advisory Group lowered their target price on Penn National Gaming from $25.00 to $21.00 and set an “outperform” rating on the stock in a research report on Friday, July 29th. Union Gaming Research raised Penn National Gaming from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Macquarie raised Penn National Gaming from a “neutral” rating to an “outperform” rating and set a $20.00 target price on the stock in a research report on Thursday, June 30th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $18.86.
Shares of Penn National Gaming (NASDAQ:PENN) opened at 13.99 on Friday. The company has a market cap of $1.16 billion, a P/E ratio of 23.75 and a beta of 0.88. The firm has a 50 day moving average price of $13.83 and a 200-day moving average price of $14.86. Penn National Gaming has a 12 month low of $12.50 and a 12 month high of $19.05.
Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.09. The company had revenue of $769.40 million for the quarter, compared to analyst estimates of $785.06 million. Penn National Gaming had a negative return on equity of 8.21% and a net margin of 1.79%. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 earnings per share. Analysts anticipate that Penn National Gaming will post $1.07 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of PENN. BlackRock Institutional Trust Company N.A. increased its position in Penn National Gaming by 3.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,958,497 shares of the company’s stock valued at $27,321,000 after buying an additional 73,086 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Penn National Gaming by 34.8% in the first quarter. Renaissance Technologies LLC now owns 1,946,100 shares of the company’s stock valued at $32,480,000 after buying an additional 502,000 shares during the period. Ameriprise Financial Inc. boosted its stake in shares of Penn National Gaming by 14.2% in the second quarter. Ameriprise Financial Inc. now owns 1,872,848 shares of the company’s stock valued at $26,128,000 after buying an additional 232,664 shares during the period. Chartwell Investment Partners LLC bought a new stake in shares of Penn National Gaming during the second quarter valued at about $25,286,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Penn National Gaming by 12.4% in the second quarter. Victory Capital Management Inc. now owns 1,764,415 shares of the company’s stock valued at $24,614,000 after buying an additional 195,142 shares during the period. 99.52% of the stock is currently owned by institutional investors.
Penn National Gaming Company Profile
Penn National Gaming, Inc (Penn) is an owner and manager of gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. The Company’s segments include the East/Midwest, the West and the Southern Plains segment. East/Midwest segment consists of various properties, including Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course, Hollywood Casino Lawrenceburg, Hollywood Casino Toledo, Hollywood Casino Columbus, Hollywood Gaming at Dayton Raceway and Plainridge Park Casino.
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