Penn National Gaming (PENN) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Penn National Gaming (NASDAQ:PENN) from a hold rating to a sell rating in a report released on Wednesday morning.

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. “

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PENN has been the topic of a number of other reports. Union Gaming Research raised their price objective on shares of Penn National Gaming to $35.00 and gave the company a buy rating in a research note on Wednesday, December 20th. BidaskClub cut shares of Penn National Gaming from a buy rating to a hold rating in a research note on Saturday, February 24th. Jefferies Group started coverage on shares of Penn National Gaming in a research note on Thursday, January 18th. They issued a buy rating and a $39.00 price objective on the stock. Telsey Advisory Group started coverage on shares of Penn National Gaming in a research note on Tuesday, March 13th. They issued an outperform rating and a $33.00 price objective on the stock. Finally, Deutsche Bank reaffirmed a buy rating and issued a $38.00 price objective (up from $32.00) on shares of Penn National Gaming in a research note on Monday, January 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of Buy and a consensus target price of $31.56.

Shares of PENN stock opened at $27.49 on Wednesday. Penn National Gaming has a 52-week low of $17.56 and a 52-week high of $33.30. The company has a market capitalization of $2,456.01, a price-to-earnings ratio of 41.22 and a beta of 1.44. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of -64.22.

Penn National Gaming (NASDAQ:PENN) last announced its quarterly earnings data on Thursday, February 8th. The company reported ($3.40) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($3.58). Penn National Gaming had a net margin of 15.97% and a negative return on equity of 27.80%. The business had revenue of $769.00 million during the quarter, compared to the consensus estimate of $766.82 million. During the same period in the previous year, the business posted $0.05 earnings per share. Penn National Gaming’s revenue was up 3.5% compared to the same quarter last year. equities analysts anticipate that Penn National Gaming will post 1.47 earnings per share for the current year.

In other news, insider Jay A. Snowden purchased 10,560 shares of Penn National Gaming stock in a transaction dated Friday, March 2nd. The shares were bought at an average cost of $25.98 per share, with a total value of $274,348.80. Following the completion of the transaction, the insider now directly owns 72,567 shares in the company, valued at approximately $1,885,290.66. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jane Scaccetti acquired 2,500 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were bought at an average price of $27.51 per share, for a total transaction of $68,775.00. Following the completion of the acquisition, the director now owns 14,831 shares of the company’s stock, valued at $408,000.81. The disclosure for this purchase can be found here. Company insiders own 10.17% of the company’s stock.

Several large investors have recently modified their holdings of the stock. Bamco Inc. NY raised its holdings in shares of Penn National Gaming by 4.3% during the fourth quarter. Bamco Inc. NY now owns 5,757,807 shares of the company’s stock worth $180,392,000 after acquiring an additional 235,983 shares during the period. Carillon Tower Advisers Inc. acquired a new stake in shares of Penn National Gaming during the fourth quarter worth $71,807,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Penn National Gaming by 113.6% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,344,104 shares of the company’s stock worth $42,111,000 after acquiring an additional 714,928 shares during the period. Hennessy Advisors Inc. acquired a new stake in shares of Penn National Gaming during the fourth quarter worth $35,347,000. Finally, Geode Capital Management LLC raised its holdings in shares of Penn National Gaming by 40.1% during the fourth quarter. Geode Capital Management LLC now owns 1,056,027 shares of the company’s stock worth $33,084,000 after acquiring an additional 302,249 shares during the period. Institutional investors and hedge funds own 98.52% of the company’s stock.

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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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