Penn National Gaming, Inc (PENN) Holdings Lessened by Bank of New York Mellon Corp
Bank of New York Mellon Corp trimmed its holdings in Penn National Gaming, Inc (NASDAQ:PENN) by 2.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,256,670 shares of the company’s stock after selling 66,548 shares during the period. Bank of New York Mellon Corp owned about 2.74% of Penn National Gaming worth $61,322,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in PENN. Quantamental Technologies LLC acquired a new position in shares of Penn National Gaming in the 4th quarter valued at approximately $25,000. Oregon Public Employees Retirement Fund acquired a new stake in shares of Penn National Gaming during the 4th quarter valued at approximately $42,000. Advisors Asset Management Inc. raised its position in shares of Penn National Gaming by 9.7% during the 4th quarter. Advisors Asset Management Inc. now owns 4,714 shares of the company’s stock valued at $89,000 after acquiring an additional 417 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Penn National Gaming during the 4th quarter valued at approximately $97,000. Finally, Quantbot Technologies LP acquired a new stake in shares of Penn National Gaming during the 3rd quarter valued at approximately $129,000. 92.83% of the stock is currently owned by institutional investors.
PENN has been the topic of several research reports. Nomura raised Penn National Gaming from a “neutral” rating to a “buy” rating and set a $24.17 price target on the stock in a research report on Thursday, January 17th. BidaskClub lowered Penn National Gaming from a “buy” rating to a “hold” rating in a research report on Thursday, January 31st. Morgan Stanley set a $23.00 price target on Penn National Gaming and gave the company a “hold” rating in a research report on Thursday, December 20th. Finally, Zacks Investment Research raised Penn National Gaming from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $33.69.
Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, February 7th. The company reported ($0.37) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.40) by $0.03. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.16 billion. Penn National Gaming had a return on equity of 47.01% and a net margin of 2.61%. The firm’s revenue was up 50.2% on a year-over-year basis. During the same period in the prior year, the business earned ($0.57) EPS. Sell-side analysts expect that Penn National Gaming, Inc will post 1.45 earnings per share for the current year.
Penn National Gaming declared that its Board of Directors has approved a share buyback program on Wednesday, January 9th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the company to repurchase up to 7.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
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Penn National Gaming 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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