Zacks Investment Research upgraded shares of Penn National Gaming (NASDAQ:PENN) from a sell rating to a strong-buy rating in a report released on Wednesday morning. They currently have $35.00 price objective on the stock.
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 brokerages also recently commented on PENN. Deutsche Bank restated a buy rating and issued a $38.00 price objective (up from $32.00) on shares of Penn National Gaming in a research report on Monday, January 22nd. Jefferies Group began coverage on Penn National Gaming in a research report on Thursday, January 18th. They issued a buy rating and a $39.00 target price on the stock. Morgan Stanley boosted their target price on Penn National Gaming from $29.00 to $31.00 and gave the stock an equal weight rating in a research report on Monday, April 30th. BidaskClub downgraded Penn National Gaming from a strong-buy rating to a buy rating in a research report on Friday, January 5th. Finally, SunTrust Banks upgraded Penn National Gaming from a hold rating to a buy rating in a research report on Thursday, April 26th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Penn National Gaming currently has an average rating of Buy and a consensus price target of $33.00.
Shares of Penn National Gaming stock traded up $0.17 during trading hours on Wednesday, hitting $30.67. The company’s stock had a trading volume of 1,251,148 shares, compared to its average volume of 1,670,317. Penn National Gaming has a 12-month low of $18.48 and a 12-month high of $33.30. The company has a market capitalization of $2,800.05, a price-to-earnings ratio of 3.42 and a beta of 1.41. The company has a quick ratio of 0.76, a current 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, April 26th. The company reported $0.48 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $0.09. Penn National Gaming had a negative return on equity of 76.71% and a net margin of 17.04%. The business had revenue of $816.10 million for the quarter, compared to the consensus estimate of $805.70 million. During the same period in the previous year, the business earned $0.06 earnings per share. The business’s revenue was up 5.1% on a year-over-year basis. equities analysts expect that Penn National Gaming will post 1.62 earnings per share for the current year.
In other Penn National Gaming news, CEO Timothy J. Wilmott sold 102,528 shares of the business’s stock in a transaction that occurred on Monday, April 30th. The stock was sold at an average price of $30.41, for a total transaction of $3,117,876.48. Following the sale, the chief executive officer now directly owns 615,395 shares of the company’s stock, valued at $18,714,161.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Timothy J. Wilmott sold 84,084 shares of the business’s stock in a transaction that occurred on Friday, April 27th. The stock was sold at an average price of $30.30, for a total value of $2,547,745.20. Following the sale, the chief executive officer now directly owns 580,093 shares in the company, valued at $17,576,817.90. The disclosure for this sale can be found here. 10.17% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PENN. California Public Employees Retirement System increased its stake in Penn National Gaming by 14.0% during the third quarter. California Public Employees Retirement System now owns 211,180 shares of the company’s stock worth $4,940,000 after acquiring an additional 25,980 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in Penn National Gaming during the fourth quarter worth approximately $1,131,000. Acadian Asset Management LLC grew its stake in shares of Penn National Gaming by 182.5% during the fourth quarter. Acadian Asset Management LLC now owns 413,906 shares of the company’s stock valued at $12,968,000 after buying an additional 267,415 shares during the last quarter. 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. Finally, James Investment Research Inc. grew its stake in shares of Penn National Gaming by 8,807.3% during the fourth quarter. James Investment Research Inc. now owns 103,325 shares of the company’s stock valued at $3,237,000 after buying an additional 102,165 shares during the last quarter. 98.42% of the stock is currently owned by institutional investors.
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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