Penn National Gaming, Inc. (PENN) Stake Decreased by Eagle Asset Management Inc.
Eagle Asset Management Inc. decreased its stake in Penn National Gaming, Inc. (NASDAQ:PENN) by 18.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,660,738 shares of the company’s stock after selling 812,237 shares during the period. Eagle Asset Management Inc. owned about 4.03% of Penn National Gaming worth $78,339,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in Penn National Gaming by 138,953.6% in the first quarter. BlackRock Inc. now owns 8,898,040 shares of the company’s stock valued at $163,992,000 after buying an additional 8,891,641 shares in the last quarter. Quantitative Investment Management LLC purchased a new position in Penn National Gaming during the first quarter valued at $1,537,000. BlueMar Capital Management LLC purchased a new position in Penn National Gaming during the first quarter valued at $808,000. Stifel Financial Corp raised its position in Penn National Gaming by 17.6% in the first quarter. Stifel Financial Corp now owns 146,352 shares of the company’s stock valued at $2,729,000 after buying an additional 21,947 shares in the last quarter. Finally, Peregrine Capital Management LLC raised its position in Penn National Gaming by 2.0% in the second quarter. Peregrine Capital Management LLC now owns 793,030 shares of the company’s stock valued at $16,971,000 after buying an additional 15,863 shares in the last quarter. Institutional investors own 95.31% of the company’s stock.
Shares of Penn National Gaming, Inc. (PENN) traded up 1.54% during mid-day trading on Thursday, hitting $21.72. 89,192 shares of the stock were exchanged. The stock’s 50-day moving average is $20.76 and its 200-day moving average is $18.78. Penn National Gaming, Inc. has a 52 week low of $11.93 and a 52 week high of $22.19. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 27.29 and a beta of 1.01.
Penn National Gaming (NASDAQ:PENN) last posted its earnings results on Thursday, July 27th. The company reported $0.18 earnings per share for the quarter, missing analysts’ consensus estimates of $0.25 by $0.07. Penn National Gaming had a net margin of 2.39% and a negative return on equity of 16.72%. The business had revenue of $796.50 million during the quarter, compared to analysts’ expectations of $788.65 million. During the same period last year, the business posted $0.37 earnings per share. The company’s revenue for the quarter was up 3.5% compared to the same quarter last year. Analysts forecast that Penn National Gaming, Inc. will post $0.61 earnings per share for the current fiscal year.
Several research analysts have recently weighed in on PENN shares. Telsey Advisory Group boosted their price objective on shares of Penn National Gaming from $23.00 to $24.00 and gave the stock an “outperform” rating in a research note on Friday, July 28th. Instinet restated a “neutral” rating and set a $21.00 price objective (up from $19.00) on shares of Penn National Gaming in a research note on Monday, June 19th. Stifel Nicolaus upped their price target on shares of Penn National Gaming from $21.00 to $23.00 and gave the company a “buy” rating in a research note on Tuesday, May 16th. Zacks Investment Research upgraded shares of Penn National Gaming from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a research note on Wednesday, July 5th. Finally, BidaskClub upgraded shares of Penn National Gaming from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Penn National Gaming presently has a consensus rating of “Buy” and a consensus price target of $21.00.
In related news, insider Jay A. Snowden sold 50,000 shares of the firm’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $20.86, for a total value of $1,043,000.00. Following the completion of the sale, the insider now directly owns 86,281 shares in the company, valued at $1,799,821.66. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 11.10% of the stock is owned by company insiders.
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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