Modus Advisors LLC Buys 2,373 Shares of Penn National Gaming, Inc. (NASDAQ:PENN)


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Modus Advisors LLC increased its stake in Penn National Gaming, Inc. (NASDAQ:PENN) by 34.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,190 shares of the company’s stock after buying an additional 2,373 shares during the period. Modus Advisors LLC’s holdings in Penn National Gaming were worth $963,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Northern Trust Corp grew its holdings in Penn National Gaming by 4.7% in the fourth quarter. Northern Trust Corp now owns 2,283,380 shares of the company’s stock worth $197,214,000 after purchasing an additional 103,407 shares during the period. Norges Bank purchased a new stake in Penn National Gaming in the fourth quarter worth about $117,679,000. Tybourne Capital Management HK Ltd. grew its holdings in Penn National Gaming by 67.1% in the fourth quarter. Tybourne Capital Management HK Ltd. now owns 1,229,800 shares of the company’s stock worth $106,218,000 after purchasing an additional 494,000 shares during the period. Alliancebernstein L.P. grew its holdings in Penn National Gaming by 4.8% in the fourth quarter. Alliancebernstein L.P. now owns 1,226,602 shares of the company’s stock worth $105,942,000 after purchasing an additional 56,400 shares during the period. Finally, Voloridge Investment Management LLC grew its holdings in Penn National Gaming by 46.1% in the third quarter. Voloridge Investment Management LLC now owns 864,898 shares of the company’s stock worth $62,878,000 after purchasing an additional 273,059 shares during the period. Institutional investors and hedge funds own 87.48% of the company’s stock.

PENN stock traded down $0.69 on Thursday, hitting $101.68. The company had a trading volume of 24,357 shares, compared to its average volume of 5,275,878. Penn National Gaming, Inc. has a 12-month low of $11.22 and a 12-month high of $142.00. The company has a current ratio of 2.37, a quick ratio of 2.37 and a debt-to-equity ratio of 2.47. The stock’s 50-day simple moving average is $115.02 and its 200 day simple moving average is $90.12. The stock has a market cap of $15.91 billion, a price-to-earnings ratio of -15.01 and a beta of 2.79.

Penn National Gaming (NASDAQ:PENN) last issued its earnings results on Thursday, February 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.14). Penn National Gaming had a negative return on equity of 8.73% and a negative net margin of 19.86%. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.08 billion. During the same quarter in the prior year, the business posted ($0.80) EPS. The company’s revenue for the quarter was down 23.4% compared to the same quarter last year. Research analysts forecast that Penn National Gaming, Inc. will post 0.41 earnings per share for the current year.

In other Penn National Gaming news, CEO Jay A. Snowden sold 71,540 shares of the stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $140.61, for a total value of $10,059,239.40. Following the transaction, the chief executive officer now directly owns 263,139 shares in the company, valued at $36,999,974.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Christine Labombard sold 11,831 shares of the stock in a transaction that occurred on Friday, January 15th. The stock was sold at an average price of $104.51, for a total transaction of $1,236,457.81. Following the completion of the transaction, the chief accounting officer now owns 18,859 shares in the company, valued at $1,970,954.09. The disclosure for this sale can be found here. Insiders sold 3,093,371 shares of company stock worth $383,945,497 over the last quarter. Insiders own 1.81% of the company’s stock.

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group upped their price objective on shares of Penn National Gaming from $139.00 to $153.00 and gave the stock a “buy” rating in a report on Monday, March 29th. JPMorgan Chase & Co. upped their price objective on shares of Penn National Gaming from $134.00 to $142.00 and gave the stock an “overweight” rating in a report on Monday, March 1st. KeyCorp began coverage on shares of Penn National Gaming in a report on Wednesday, January 13th. They set a “sector weight” rating on the stock. Loop Capital cut shares of Penn National Gaming from a “hold” rating to a “sell” rating in a report on Thursday, January 14th. Finally, Morgan Stanley increased their price target on shares of Penn National Gaming from $98.00 to $99.00 and gave the company an “equal weight” rating in a report on Friday, February 5th. Three analysts have rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $91.93.

About Penn National Gaming

Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through four segments: Northeast, South, West, and Midwest. It also offers live sports betting at its properties in Indiana, Iowa, Mississippi, Nevada, Pennsylvania, and West Virginia; and operates online casino under the name of iCasino in Pennsylvania.

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Institutional Ownership by Quarter for Penn National Gaming (NASDAQ:PENN)

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