Penn National Gaming (PENN) Stock Price Down 5.6%

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Penn National Gaming, Inc (NASDAQ:PENN) shares were down 5.6% during mid-day trading on Friday . The stock traded as low as $27.75 and last traded at $28.15. Approximately 2,238,102 shares changed hands during mid-day trading, an increase of 50% from the average daily volume of 1,495,301 shares. The stock had previously closed at $29.81.

Several research analysts have issued reports on PENN shares. BidaskClub upgraded shares of Penn National Gaming from a “hold” rating to a “buy” rating in a research report on Friday, June 22nd. Morgan Stanley lifted their price target on shares of Penn National Gaming from $31.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 26th. Bank of America lifted their price target on shares of Penn National Gaming from $36.50 to $38.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 17th. UBS Group lowered shares of Penn National Gaming from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Finally, ValuEngine lowered shares of Penn National Gaming from a “buy” rating to a “hold” rating in a research report on Thursday, July 26th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $36.08.

The company has a debt-to-equity ratio of 162.63, a quick ratio of 0.63 and a current ratio of 0.63. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of 3.31, a P/E/G ratio of 1.45 and a beta of 1.61.

Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, July 26th. The company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.08. Penn National Gaming had a net margin of 18.02% and a return on equity of 268.43%. The firm had revenue of $826.91 million for the quarter, compared to analysts’ expectations of $840.15 million. During the same period in the previous year, the company posted $0.18 EPS. The company’s quarterly revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts expect that Penn National Gaming, Inc will post 2.06 EPS for the current year.

In other news, CEO Timothy J. Wilmott acquired 100,000 shares of the stock in a transaction on Wednesday, August 15th. The shares were purchased at an average cost of $30.85 per share, for a total transaction of $3,085,000.00. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Saul Reibstein sold 6,694 shares of Penn National Gaming stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $35.00, for a total transaction of $234,290.00. Following the transaction, the director now owns 25,642 shares in the company, valued at $897,470. The disclosure for this sale can be found here. Insiders own 10.56% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of PENN. BlackRock Inc. boosted its stake in shares of Penn National Gaming by 1.4% during the 2nd quarter. BlackRock Inc. now owns 8,962,701 shares of the company’s stock valued at $301,057,000 after buying an additional 121,216 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Penn National Gaming by 47.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,547,091 shares of the company’s stock valued at $85,557,000 after buying an additional 823,049 shares during the period. Millennium Management LLC boosted its stake in shares of Penn National Gaming by 64.9% during the 1st quarter. Millennium Management LLC now owns 2,337,500 shares of the company’s stock valued at $61,383,000 after buying an additional 920,184 shares during the period. Northern Trust Corp boosted its stake in shares of Penn National Gaming by 10.5% during the 2nd quarter. Northern Trust Corp now owns 1,104,634 shares of the company’s stock valued at $37,104,000 after buying an additional 104,956 shares during the period. Finally, Glenmede Trust Co. NA boosted its stake in shares of Penn National Gaming by 12,755.2% during the 2nd quarter. Glenmede Trust Co. NA now owns 1,103,877 shares of the company’s stock valued at $37,079,000 after buying an additional 1,095,290 shares during the period. Hedge funds and other institutional investors own 99.21% of the company’s stock.

About Penn National Gaming (NASDAQ:PENN)

Penn National Gaming, Inc owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through Northeast, South/West, and Midwest segments. As of December 31, 2017, it operated 27 facilities in 17 jurisdictions, including California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada.

Further Reading: How to Invest in the Dividend Aristocrat Index

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