Broad Run Investment Management LLC Has $25,632,000 Stake in Penn National Gaming, Inc. (PENN)
Broad Run Investment Management LLC maintained its position in Penn National Gaming, Inc. (NASDAQ:PENN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,197,772 shares of the company’s stock at the end of the second quarter. Penn National Gaming comprises about 0.9% of Broad Run Investment Management LLC’s investment portfolio, making the stock its 21st biggest position. Broad Run Investment Management LLC owned about 1.32% of Penn National Gaming worth $25,632,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Meeder Asset Management Inc. raised its holdings in shares of Penn National Gaming by 1,461.6% in the second quarter. Meeder Asset Management Inc. now owns 4,997 shares of the company’s stock worth $107,000 after acquiring an additional 4,677 shares during the last quarter. Ameritas Investment Partners Inc. acquired a new position in shares of Penn National Gaming in the first quarter worth $128,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Penn National Gaming in the first quarter worth $134,000. Oppenheimer & Co. Inc. acquired a new position in shares of Penn National Gaming in the second quarter worth $206,000. Finally, Royal Bank of Canada raised its holdings in shares of Penn National Gaming by 209.1% in the second quarter. Royal Bank of Canada now owns 9,892 shares of the company’s stock worth $212,000 after acquiring an additional 6,692 shares during the last quarter. 95.31% of the stock is owned by institutional investors.
In other news, Director Jane Scaccetti acquired 4,675 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was acquired at an average cost of $21.47 per share, for a total transaction of $100,372.25. Following the completion of the acquisition, the director now owns 9,975 shares in the company, valued at $214,163.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Carl Sottosanti sold 20,000 shares of the stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $22.00, for a total value of $440,000.00. Following the sale, the executive vice president now owns 45,831 shares of the company’s stock, valued at $1,008,282. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 198,319 shares of company stock valued at $4,455,938. 10.17% of the stock is owned by corporate insiders.
A number of equities analysts have recently weighed in on PENN shares. BidaskClub cut Penn National Gaming from a “buy” rating to a “hold” rating in a report on Wednesday, July 19th. Instinet reissued a “neutral” rating and issued a $21.00 price target (up from $19.00) on shares of Penn National Gaming in a report on Monday, June 19th. ValuEngine cut Penn National Gaming from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Telsey Advisory Group boosted their price target on Penn National Gaming from $23.00 to $24.00 and gave the stock an “outperform” rating in a report on Friday, July 28th. Finally, Zacks Investment Research cut Penn National Gaming from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $21.30.
Penn National Gaming, Inc. (NASDAQ:PENN) traded down 0.21% during trading on Friday, reaching $24.00. The company had a trading volume of 1,264,559 shares. The stock has a market cap of $2.19 billion, a PE ratio of 30.15 and a beta of 0.97. Penn National Gaming, Inc. has a 52-week low of $11.93 and a 52-week high of $24.74. The company has a 50-day moving average price of $22.33 and a 200 day moving average price of $20.46.
Penn National Gaming (NASDAQ:PENN) last issued its earnings results on Thursday, July 27th. The company reported $0.18 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by ($0.07). The business had revenue of $796.50 million during the quarter, compared to analyst estimates of $788.65 million. Penn National Gaming had a negative return on equity of 16.72% and a net margin of 2.39%. The business’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period last year, the business earned $0.37 EPS. On average, analysts anticipate that Penn National Gaming, Inc. will post $0.61 earnings per share for the current year.
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About Penn National Gaming
Penn National Gaming, Inc (Penn) is an owner and manager of gaming and racing facilities, and video gaming terminal operations with a focus on slot machine entertainment. The Company operates through three segments: Northeast, South/West and Midwest. The Northeast segment consists of various properties, including Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course and Hollywood Casino Toledo.
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