Penn National Gaming, Inc. (NASDAQ:PENN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Saturday, October 7th. The brokerage presently has a $27.00 price target on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 14.41% from the stock’s previous close.
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 subject of a number of other research reports. Telsey Advisory Group raised their price objective on shares of Penn National Gaming from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, July 28th. Instinet reaffirmed a “neutral” rating and issued a $21.00 price objective (up previously from $19.00) on shares of Penn National Gaming in a research note on Monday, June 19th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $23.00 price objective on shares of Penn National Gaming in a research note on Friday, July 14th. BidaskClub raised shares of Penn National Gaming from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $25.00 target price (up previously from $22.00) on shares of Penn National Gaming in a research note on Thursday, June 22nd. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Penn National Gaming presently has an average rating of “Buy” and a consensus price target of $21.50.
Penn National Gaming (NASDAQ PENN) traded up 1.82% on Friday, hitting $24.02. The stock had a trading volume of 357,423 shares. The firm’s 50-day moving average is $22.81 and its 200-day moving average is $20.73. The company has a market cap of $2.19 billion, a P/E ratio of 30.18 and a beta of 0.97. Penn National Gaming has a 52-week low of $11.93 and a 52-week high of $24.74.
Penn National Gaming (NASDAQ:PENN) last issued 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 for the quarter, compared to the consensus estimate of $788.65 million. During the same quarter in the previous year, the business posted $0.37 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. Equities research analysts anticipate that Penn National Gaming will post $0.61 earnings per share for the current fiscal year.
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In related news, CEO Timothy J. Wilmott sold 94,200 shares of Penn National Gaming stock in a transaction on Thursday, September 28th. The shares were sold at an average price of $23.16, for a total value of $2,181,672.00. Following the transaction, the chief executive officer now owns 479,119 shares in the company, valued at approximately $11,096,396.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Timothy J. Wilmott sold 1,661 shares of Penn National Gaming stock in a transaction on Friday, October 13th. The stock was sold at an average price of $24.01, for a total transaction of $39,880.61. The disclosure for this sale can be found here. Insiders have sold a total of 285,351 shares of company stock worth $6,554,864 in the last 90 days. 10.17% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Meeder Asset Management Inc. raised its holdings in Penn National Gaming by 1,461.6% in the 2nd quarter. Meeder Asset Management Inc. now owns 4,997 shares of the company’s stock worth $107,000 after acquiring an additional 4,677 shares during the period. Ameritas Investment Partners Inc. bought a new position in Penn National Gaming in the 1st quarter worth $128,000. Oppenheimer Asset Management Inc. bought a new position in Penn National Gaming in the 1st quarter worth $134,000. Oppenheimer & Co. Inc. bought a new position in Penn National Gaming in the 2nd quarter worth $206,000. Finally, Royal Bank of Canada raised its holdings in Penn National Gaming by 209.1% in the 2nd quarter. Royal Bank of Canada now owns 9,892 shares of the company’s stock worth $212,000 after acquiring an additional 6,692 shares during the period. Hedge funds and other institutional investors own 95.31% of the company’s stock.
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 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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