Zacks Investment Research cut shares of Penn National Gaming (NASDAQ:PENN) from a buy rating to a hold rating in a research note published on Thursday.
According to Zacks, “Penn National Gaming, Inc. owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. They have also recently expanded into social online gaming offerings via Penn Interactive Ventures, LLC division and recent acquisition of Rocket Speed Inc. “
PENN has been the subject of a number of other research reports. Telsey Advisory Group began coverage on shares of Penn National Gaming in a research report on Tuesday, March 13th. They set an outperform rating and a $33.00 target price for the company. BidaskClub raised shares of Penn National Gaming from a buy rating to a strong-buy rating in a research report on Saturday, December 16th. TheStreet lowered shares of Penn National Gaming from a b- rating to a c rating in a research report on Wednesday, March 21st. Deutsche Bank cut their target price on shares of Penn National Gaming from $38.00 to $37.00 and set a buy rating for the company in a research report on Friday, February 9th. Finally, Morgan Stanley cut their target price on shares of Penn National Gaming from $33.00 to $31.00 and set an equal weight rating for the company in a research report on Friday, February 9th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $31.56.
Shares of PENN stock traded down $0.30 on Thursday, hitting $26.72. The company’s stock had a trading volume of 251,638 shares, compared to its average volume of 1,327,823. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of -64.22. Penn National Gaming has a fifty-two week low of $17.56 and a fifty-two week high of $33.30. The firm has a market cap of $2,401.92, a PE ratio of 40.31 and a beta of 1.44.
Penn National Gaming (NASDAQ:PENN) last released its quarterly earnings data on Thursday, February 8th. The company reported ($3.40) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($3.58). The business had revenue of $769.00 million during the quarter, compared to analyst estimates of $766.82 million. Penn National Gaming had a net margin of 15.97% and a negative return on equity of 27.80%. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.05 EPS. analysts forecast that Penn National Gaming will post 1.48 EPS for the current fiscal year.
In related news, insider Jay A. Snowden acquired 10,560 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was acquired at an average price of $25.98 per share, with a total value of $274,348.80. Following the completion of the transaction, the insider now owns 72,567 shares of the company’s stock, valued at $1,885,290.66. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jane Scaccetti acquired 2,500 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were bought at an average cost of $27.51 per share, with a total value of $68,775.00. Following the transaction, the director now directly owns 14,831 shares of the company’s stock, valued at approximately $408,000.81. The disclosure for this purchase can be found here. 10.17% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in PENN. LS Investment Advisors LLC acquired a new position in shares of Penn National Gaming during the fourth quarter valued at about $127,000. Raymond James Financial Services Advisors Inc. acquired a new position in shares of Penn National Gaming during the fourth quarter valued at about $212,000. Shelton Capital Management acquired a new position in shares of Penn National Gaming during the fourth quarter valued at about $231,000. PHH Investments Ltd. bought a new stake in Penn National Gaming in the fourth quarter valued at about $235,000. Finally, Macquarie Group Ltd. bought a new stake in Penn National Gaming in the third quarter valued at about $377,000. 98.53% of the stock is owned by institutional investors and hedge funds.
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About Penn National Gaming
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.
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