Penn National Gaming, Inc (NASDAQ:PENN) – Equities researchers at SunTrust Banks raised their Q4 2018 earnings per share estimates for Penn National Gaming in a note issued to investors on Wednesday, February 6th. SunTrust Banks analyst B. Jonas now expects that the company will earn ($0.42) per share for the quarter, up from their previous forecast of ($0.43). SunTrust Banks has a “Buy” rating and a $32.00 price objective on the stock. SunTrust Banks also issued estimates for Penn National Gaming’s Q1 2019 earnings at $0.63 EPS, Q2 2019 earnings at $0.65 EPS, Q4 2019 earnings at $0.42 EPS, FY2019 earnings at $2.32 EPS and FY2020 earnings at $2.98 EPS.
Several other research firms have also commented on PENN. BidaskClub upgraded shares of Penn National Gaming from a “strong sell” rating to a “sell” rating in a research report on Friday, January 4th. Bank of America restated a “hold” rating and set a $31.00 price target on shares of Penn National Gaming in a research report on Tuesday, October 16th. ValuEngine lowered shares of Penn National Gaming from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. JPMorgan Chase & Co. dropped their price target on shares of Penn National Gaming from $41.00 to $37.00 and set an “overweight” rating on the stock in a research report on Friday, November 2nd. Finally, Morgan Stanley set a $31.00 price target on shares of Penn National Gaming and gave the company a “hold” rating in a research report on Monday, November 5th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the stock. Penn National Gaming presently has an average rating of “Buy” and an average target price of $33.46.
PENN stock opened at $25.18 on Monday. The firm has a market cap of $2.97 billion, a P/E ratio of 27.08, a PEG ratio of 1.83 and a beta of 1.91. The company has a current ratio of 0.74, a quick ratio of 0.74 and a debt-to-equity ratio of 63.61. Penn National Gaming has a one year low of $17.30 and a one year high of $36.90.
Penn National Gaming (NASDAQ:PENN) last released its quarterly earnings results on Thursday, February 7th. The company reported ($0.37) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.40) by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.16 billion. Penn National Gaming had a net margin of 2.61% and a return on equity of 434.50%. The firm’s revenue was up 50.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.57) earnings per share.
Several hedge funds and other institutional investors have recently made changes to their positions in PENN. BlackRock Inc. grew its position in shares of Penn National Gaming by 39.2% in the fourth quarter. BlackRock Inc. now owns 12,472,568 shares of the company’s stock valued at $234,858,000 after purchasing an additional 3,515,388 shares during the period. Marshall Wace LLP grew its position in shares of Penn National Gaming by 2,299.7% in the third quarter. Marshall Wace LLP now owns 1,018,688 shares of the company’s stock valued at $33,535,000 after purchasing an additional 976,237 shares during the period. Jennison Associates LLC grew its position in shares of Penn National Gaming by 4,912.5% in the fourth quarter. Jennison Associates LLC now owns 909,575 shares of the company’s stock valued at $17,127,000 after purchasing an additional 891,429 shares during the period. Bank of New York Mellon Corp grew its position in shares of Penn National Gaming by 47.7% in the second quarter. Bank of New York Mellon Corp now owns 2,547,091 shares of the company’s stock valued at $85,557,000 after purchasing an additional 823,049 shares during the period. Finally, Oregon Public Employees Retirement Fund acquired a new stake in shares of Penn National Gaming in the fourth quarter valued at about $42,000. Institutional investors and hedge funds own 80.31% of the company’s stock.
Penn National Gaming announced that its Board of Directors has initiated a stock buyback plan on Wednesday, January 9th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Penn National Gaming Company Profile
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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