Penn National Gaming (NASDAQ:PENN) Hits New 52-Week High at $70.28

Shares of Penn National Gaming, Inc (NASDAQ:PENN) reached a new 52-week high on Wednesday . The stock traded as high as $70.28 and last traded at $69.10, with a volume of 25966 shares traded. The stock had previously closed at $68.23.

PENN has been the subject of a number of research reports. Nomura Instinet boosted their price objective on Penn National Gaming from $19.00 to $39.00 and gave the company a “buy” rating in a research note on Friday, May 29th. TheStreet upgraded Penn National Gaming from a “d+” rating to a “c-” rating in a research note on Friday, June 12th. Bank of America boosted their price objective on Penn National Gaming from $50.00 to $59.75 and gave the company a “buy” rating in a research note on Tuesday, September 8th. Goldman Sachs Group boosted their price objective on Penn National Gaming from $60.00 to $66.00 and gave the company a “buy” rating in a research note on Monday. Finally, Rosenblatt Securities initiated coverage on Penn National Gaming in a research note on Tuesday. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $47.89.

The stock has a 50-day simple moving average of $50.35 and a 200 day simple moving average of $30.04. The company has a debt-to-equity ratio of 4.81, a current ratio of 1.99 and a quick ratio of 1.99. The company has a market capitalization of $9.39 billion, a PE ratio of -9.26 and a beta of 2.84.

Penn National Gaming (NASDAQ:PENN) last posted its earnings results on Thursday, August 6th. The company reported ($1.69) EPS for the quarter, topping the Zacks’ consensus estimate of ($2.06) by $0.37. The company had revenue of $305.50 million for the quarter, compared to the consensus estimate of $242.94 million. Penn National Gaming had a negative return on equity of 15.63% and a negative net margin of 21.16%. Penn National Gaming’s quarterly revenue was down 76.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.44 earnings per share. As a group, research analysts predict that Penn National Gaming, Inc will post -1.39 EPS for the current fiscal year.

In other news, CAO Christine Labombard sold 6,540 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $49.03, for a total value of $320,656.20. Following the sale, the chief accounting officer now directly owns 34,998 shares in the company, valued at $1,715,951.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Saul Reibstein sold 5,000 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $50.19, for a total value of $250,950.00. Following the completion of the sale, the director now owns 65,181 shares in the company, valued at $3,271,434.39. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 244,098 shares of company stock worth $9,108,947. 1.81% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the company. Principal Financial Group Inc. lifted its position in Penn National Gaming by 21.1% during the second quarter. Principal Financial Group Inc. now owns 405,216 shares of the company’s stock worth $12,375,000 after buying an additional 70,499 shares during the period. Teachers Retirement System of The State of Kentucky lifted its position in Penn National Gaming by 275.5% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 54,827 shares of the company’s stock worth $1,675,000 after buying an additional 40,227 shares during the period. PNC Financial Services Group Inc. lifted its position in Penn National Gaming by 13.5% during the second quarter. PNC Financial Services Group Inc. now owns 37,175 shares of the company’s stock worth $1,136,000 after buying an additional 4,411 shares during the period. Gleason Group Inc. lifted its position in Penn National Gaming by 47.0% during the second quarter. Gleason Group Inc. now owns 2,989 shares of the company’s stock worth $91,000 after buying an additional 955 shares during the period. Finally, Nuveen Asset Management LLC lifted its position in Penn National Gaming by 23.9% during the second quarter. Nuveen Asset Management LLC now owns 623,010 shares of the company’s stock worth $19,026,000 after buying an additional 120,325 shares during the period. Institutional investors and hedge funds own 87.81% of the company’s stock.

About Penn National Gaming (NASDAQ:PENN)

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 four segments: Northeast, South, West, and Midwest. As of December 31, 2018, it owned, managed, or had ownership interests in 40 facilities in 18 jurisdictions.

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