Penn National Gaming, Inc. (PENN) Stock Rating Upgraded by Zacks Investment Research
Penn National Gaming, Inc. (NASDAQ:PENN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The firm currently has a $27.00 target price on the stock. Zacks Investment Research‘s price target suggests a potential upside of 12.50% from the company’s current price.
According to Zacks, “Penn National Gaming, Inc. are a diversified gaming and pari-mutuel wagering company. Their business strategy is focused on exploiting the higher margins and more stable cash flows associated with gaming operations compared to pari-mutuel operations. “
PENN has been the subject of several other research reports. Telsey Advisory Group increased their price target on shares of Penn National Gaming from $23.00 to $24.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. Instinet reissued a “neutral” rating and issued a $21.00 price target (up previously from $19.00) on shares of Penn National Gaming in a research note on Monday, June 19th. Stifel Nicolaus reissued a “buy” rating and issued a $23.00 price target on shares of Penn National Gaming in a research note on Friday, July 14th. BidaskClub raised shares of Penn National Gaming from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $25.00 price target (up previously from $22.00) on shares of Penn National Gaming in a research note on Thursday, June 22nd. Five equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Penn National Gaming has an average rating of “Buy” and a consensus target price of $21.30.
Penn National Gaming (NASDAQ PENN) opened at 24.00 on Friday. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 30.15 and a beta of 0.97. Penn National Gaming has a 12 month low of $11.93 and a 12 month high of $24.74. The firm’s 50 day moving average price is $22.33 and its 200 day moving average price is $20.46.
Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.18 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $796.50 million during the quarter, compared to analysts’ expectations of $788.65 million. During the same period last year, the company earned $0.37 EPS. The business’s quarterly revenue was up 3.5% on a year-over-year basis. On average, equities research analysts predict that Penn National Gaming will post $0.61 EPS for the current fiscal year.
In related news, CEO Timothy J. Wilmott sold 94,200 shares of the stock in a transaction that occurred on Thursday, September 28th. The shares were sold at an average price of $23.16, for a total transaction of $2,181,672.00. Following the completion of the transaction, the chief executive officer now owns 479,119 shares of the company’s stock, valued at approximately $11,096,396.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jay A. Snowden sold 50,000 shares of the stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $20.86, for a total transaction of $1,043,000.00. Following the transaction, the insider now directly owns 86,281 shares of the company’s stock, valued at approximately $1,799,821.66. The disclosure for this sale can be found here. Insiders have sold a total of 198,319 shares of company stock valued at $4,455,938 in the last ninety days. 10.17% of the stock is currently owned by corporate insiders.
Several large investors have recently bought and sold shares of PENN. Meeder Asset Management Inc. boosted its position in shares of Penn National Gaming by 1,461.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 4,997 shares of the company’s stock worth $107,000 after purchasing an additional 4,677 shares during the period. Ameritas Investment Partners Inc. purchased a new position in shares of Penn National Gaming during the 1st quarter worth approximately $128,000. Oppenheimer Asset Management Inc. purchased a new position in shares of Penn National Gaming during the 1st quarter worth approximately $134,000. Van ECK Associates Corp boosted its position in shares of Penn National Gaming by 11.8% during the 1st quarter. Van ECK Associates Corp now owns 10,543 shares of the company’s stock worth $194,000 after purchasing an additional 1,114 shares during the period. Finally, Amalgamated Bank purchased a new position in shares of Penn National Gaming during the 1st quarter worth approximately $195,000. 95.31% of the stock is owned by hedge funds and other institutional investors.
Penn National Gaming Company Profile
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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