Penn National Gaming (NASDAQ:PENN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued 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. “
Several other equities analysts have also recently weighed in on PENN. BidaskClub upgraded Penn National Gaming from a “hold” rating to a “buy” rating in a report on Tuesday, March 27th. TheStreet cut Penn National Gaming from a “b-” rating to a “c” rating in a report on Wednesday, March 21st. Telsey Advisory Group initiated coverage on Penn National Gaming in a report on Tuesday, March 13th. They set an “outperform” rating and a $33.00 price objective on the stock. Morgan Stanley cut their price objective on Penn National Gaming from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Friday, February 9th. Finally, Deutsche Bank cut their price objective on Penn National Gaming from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 9th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $31.56.
Penn National Gaming (NASDAQ:PENN) last posted its earnings results on Thursday, February 8th. The company reported ($3.40) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($3.58). The company had revenue of $769.00 million for the quarter, compared to analyst estimates of $766.82 million. Penn National Gaming had a negative return on equity of 27.80% and a net margin of 15.97%. Penn National Gaming’s quarterly revenue was up 3.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.05 earnings per share. equities analysts forecast that Penn National Gaming will post 1.48 EPS for the current year.
In other news, insider Jay A. Snowden bought 10,560 shares of the business’s stock in a transaction on Friday, March 2nd. The shares were purchased at an average price of $25.98 per share, for a total transaction of $274,348.80. Following the purchase, the insider now owns 72,567 shares of the company’s stock, valued at approximately $1,885,290.66. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jane Scaccetti bought 2,500 shares of the business’s stock in a transaction on Monday, February 12th. The stock was purchased at an average price of $27.51 per share, for a total transaction of $68,775.00. Following the purchase, the director now directly owns 14,831 shares in the company, valued at approximately $408,000.81. The disclosure for this purchase can be found here. Insiders own 10.17% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PENN. New York State Common Retirement Fund lifted its stake in Penn National Gaming by 125.5% in the 3rd quarter. New York State Common Retirement Fund now owns 693,720 shares of the company’s stock valued at $16,226,000 after acquiring an additional 386,057 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in Penn National Gaming by 13.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 493,463 shares of the company’s stock valued at $11,542,000 after acquiring an additional 57,288 shares in the last quarter. Macquarie Group Ltd. bought a new stake in Penn National Gaming in the 3rd quarter valued at approximately $377,000. American International Group Inc. lifted its stake in Penn National Gaming by 6.1% in the 3rd quarter. American International Group Inc. now owns 67,037 shares of the company’s stock valued at $1,568,000 after acquiring an additional 3,835 shares in the last quarter. Finally, Legal & General Group Plc lifted its stake in Penn National Gaming by 3.4% in the 3rd quarter. Legal & General Group Plc now owns 166,975 shares of the company’s stock valued at $3,905,000 after acquiring an additional 5,528 shares in the last quarter. Hedge funds and other institutional investors own 98.53% of the company’s stock.
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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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