Penn National Gaming Sees Unusually Large Options Volume (PENN)

Penn National Gaming (NASDAQ:PENN) was the target of some unusual options trading on Thursday. Traders bought 6,147 call options on the stock. This represents an increase of approximately 2,349% compared to the average volume of 251 call options.

Several equities research analysts have issued reports on the company. Deutsche Bank restated a “buy” rating and set a $38.00 target price (up previously from $32.00) on shares of Penn National Gaming in a research report on Monday, January 22nd. Jefferies Group assumed coverage on Penn National Gaming in a research report on Thursday, January 18th. They set a “buy” rating and a $39.00 target price on the stock. Zacks Investment Research upgraded Penn National Gaming from a “hold” rating to a “strong-buy” rating and set a $35.00 target price on the stock in a research report on Tuesday, January 9th. BidaskClub downgraded Penn National Gaming from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 5th. Finally, Stifel Nicolaus restated a “buy” rating and set a $33.00 target price on shares of Penn National Gaming in a research report on Monday, December 18th. Four equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Penn National Gaming has a consensus rating of “Buy” and a consensus target price of $31.30.

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In other news, Director Jane Scaccetti acquired 2,500 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were acquired at an average price of $27.51 per share, for a total transaction of $68,775.00. Following the completion of the purchase, the director now owns 14,831 shares in the company, valued at $408,000.81. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jay A. Snowden acquired 10,560 shares of the company’s stock in a transaction that occurred on Friday, March 2nd. The stock was 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 disclosure for this purchase can be found here. 10.17% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio grew its stake in shares of Penn National Gaming by 18.9% during the fourth quarter. Strs Ohio now owns 178,400 shares of the company’s stock valued at $5,589,000 after buying an additional 28,400 shares during the last quarter. Carillon Tower Advisers Inc. bought a new position in shares of Penn National Gaming during the fourth quarter valued at about $71,807,000. California Public Employees Retirement System grew its stake in shares of Penn National Gaming by 7.6% during the fourth quarter. California Public Employees Retirement System now owns 227,228 shares of the company’s stock valued at $7,119,000 after buying an additional 16,048 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Penn National Gaming by 2.6% during the third quarter. Rhumbline Advisers now owns 173,787 shares of the company’s stock valued at $4,065,000 after buying an additional 4,400 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in shares of Penn National Gaming by 9.5% during the third quarter. First Trust Advisors LP now owns 145,092 shares of the company’s stock valued at $3,394,000 after buying an additional 12,638 shares during the last quarter. 98.54% of the stock is currently owned by institutional investors and hedge funds.

Shares of Penn National Gaming stock traded down $0.22 during trading on Friday, hitting $26.28. The stock had a trading volume of 1,524,223 shares, compared to its average volume of 1,298,893. The stock has a market cap of $2,429.43, a P/E ratio of 40.77 and a beta of 1.44. The company has a debt-to-equity ratio of -64.22, a quick ratio of 0.76 and a current ratio of 0.76. Penn National Gaming has a 12 month low of $17.56 and a 12 month high of $33.30.

Penn National Gaming (NASDAQ:PENN) last released its earnings results on Thursday, February 8th. The company reported ($3.40) EPS for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($3.58). The firm had revenue of $769.00 million during the quarter, compared to the consensus estimate 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 was up 3.5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.05 EPS. sell-side analysts predict that Penn National Gaming will post 1.48 earnings per share for the current year.

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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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