Churchill Downs (NASDAQ:CHDN) Sees Large Volume Increase

Churchill Downs, Inc. (NASDAQ:CHDN) saw strong trading volume on Friday . 979,721 shares traded hands during mid-day trading, an increase of 262% from the previous session’s volume of 270,667 shares.The stock last traded at $131.31 and had previously closed at $129.65.

A number of research analysts have recently issued reports on the company. ValuEngine downgraded Churchill Downs from a “sell” rating to a “strong sell” rating in a report on Wednesday, September 4th. Zacks Investment Research upgraded Churchill Downs from a “strong sell” rating to a “hold” rating in a report on Tuesday, September 17th. Jefferies Financial Group lifted their price target on Churchill Downs from $135.00 to $150.00 and gave the company a “buy” rating in a report on Friday, August 2nd. They noted that the move was a valuation call. Susquehanna Bancshares assumed coverage on Churchill Downs in a report on Wednesday, July 24th. They issued a “positive” rating and a $140.00 price target on the stock. Finally, Telsey Advisory Group lifted their price target on Churchill Downs from $120.00 to $135.00 and gave the company an “outperform” rating in a report on Monday, July 1st. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $132.20.

The stock has a fifty day moving average price of $125.33 and a 200-day moving average price of $112.27. The company has a debt-to-equity ratio of 2.66, a quick ratio of 1.13 and a current ratio of 1.13. The firm has a market capitalization of $5.20 billion, a PE ratio of 36.07, a P/E/G ratio of 1.51 and a beta of 1.21.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, July 31st. The company reported $2.83 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.84 by ($0.01). Churchill Downs had a return on equity of 34.23% and a net margin of 15.76%. The business had revenue of $477.40 million for the quarter, compared to analysts’ expectations of $469.85 million. During the same quarter last year, the firm earned $7.71 earnings per share. The firm’s quarterly revenue was up 25.8% compared to the same quarter last year. Research analysts expect that Churchill Downs, Inc. will post 4.29 earnings per share for the current fiscal year.

A number of hedge funds have recently made changes to their positions in CHDN. Marshall Wace North America L.P. grew its stake in Churchill Downs by 200.0% during the 1st quarter. Marshall Wace North America L.P. now owns 780 shares of the company’s stock worth $70,000 after buying an additional 520 shares during the last quarter. MetLife Investment Advisors LLC grew its stake in Churchill Downs by 198.0% during the 1st quarter. MetLife Investment Advisors LLC now owns 36,489 shares of the company’s stock worth $3,294,000 after buying an additional 24,246 shares during the last quarter. Metropolitan Life Insurance Co NY grew its stake in Churchill Downs by 195.6% during the 1st quarter. Metropolitan Life Insurance Co NY now owns 20,624 shares of the company’s stock worth $1,861,000 after buying an additional 13,647 shares during the last quarter. FMR LLC grew its stake in Churchill Downs by 409.3% during the 1st quarter. FMR LLC now owns 793,264 shares of the company’s stock worth $71,600,000 after buying an additional 637,495 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in Churchill Downs by 290.7% during the 1st quarter. First Trust Advisors LP now owns 16,361 shares of the company’s stock worth $1,477,000 after buying an additional 12,173 shares during the last quarter. Hedge funds and other institutional investors own 71.37% of the company’s stock.

About Churchill Downs (NASDAQ:CHDN)

Churchill Downs Incorporated operates as a racing, gaming, and online entertainment company in the United States. It operates through Racing, Casinos, Online Wagering, and Other Investments and Corporate segments. The company operates 4 racetracks, including Churchill Downs Racetrack in Louisville, Kentucky; Arlington International Race Course in Arlington Heights with 12 off-track betting (OTB) facilities in Illinois; Fair Grounds Race Course in New Orleans along with 14 OTBs in Louisiana; and Calder Race Course in Miami Gardens, Florida.

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