Renaissance Technologies LLC cut its stake in shares of Penn National Gaming, Inc. (NASDAQ:PENN) by 73.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 191,700 shares of the company’s stock after selling 526,700 shares during the period. Renaissance Technologies LLC’s holdings in Penn National Gaming were worth $3,533,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. purchased a new stake in Penn National Gaming during the first quarter valued at about $128,000. State of Alaska Department of Revenue purchased a new stake in Penn National Gaming during the first quarter valued at about $168,000. Van ECK Associates Corp increased its stake in Penn National Gaming by 11.8% in the first quarter. Van ECK Associates Corp now owns 10,543 shares of the company’s stock valued at $194,000 after buying an additional 1,114 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Penn National Gaming during the first quarter valued at about $240,000. Finally, Turner Investments LLC purchased a new stake in Penn National Gaming during the first quarter valued at about $295,000. 95.63% of the stock is currently owned by hedge funds and other institutional investors.
Penn National Gaming, Inc. (NASDAQ PENN) traded up 0.63% during trading on Thursday, reaching $20.80. The company had a trading volume of 42,614 shares. Penn National Gaming, Inc. has a one year low of $11.93 and a one year high of $22.19. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of 26.13 and a beta of 1.01. The company has a 50-day moving average price of $20.89 and a 200 day moving average price of $18.21.
Penn National Gaming (NASDAQ:PENN) last posted its earnings results on Thursday, July 27th. The company reported $0.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.25 by $0.07. Penn National Gaming had a negative return on equity of 16.72% and a net margin of 2.39%. The business had revenue of $796.50 million during the quarter, compared to analyst estimates of $788.65 million. During the same quarter in the prior year, the company earned $0.37 EPS. The company’s revenue was up 3.5% on a year-over-year basis. Analysts expect that Penn National Gaming, Inc. will post $0.64 earnings per share for the current year.
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Several research firms have issued reports on PENN. Zacks Investment Research downgraded Penn National Gaming from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. BidaskClub cut Penn National Gaming from a “hold” rating to a “sell” rating in a report on Wednesday, August 2nd. ValuEngine cut Penn National Gaming from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Telsey Advisory Group raised their price objective on Penn National Gaming from $23.00 to $24.00 and gave the company an “outperform” rating in a report on Friday, July 28th. Finally, Instinet restated a “neutral” rating and issued a $21.00 price objective (up previously from $19.00) on shares of Penn National Gaming in a report on Monday, June 19th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the company’s stock. Penn National Gaming currently has a consensus rating of “Hold” and an average target price of $21.00.
About Penn National Gaming
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 operates through three segments: Northeast, South/West and Midwest. The Northeast segment consists of various properties, including Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course and Hollywood Casino Toledo.
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