Penn National Gaming Inc. (PENN) Downgraded by Zacks Investment Research
Penn National Gaming Inc. (NASDAQ:PENN) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Friday.
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. “
Other analysts also recently issued research reports about the company. Deutsche Bank AG reissued a “buy” rating on shares of Penn National Gaming in a research note on Sunday, June 26th. Union Gaming Research raised Penn National Gaming from a “hold” rating to a “buy” rating in a research note on Tuesday. Telsey Advisory Group reduced their price objective on Penn National Gaming from $25.00 to $21.00 and set an “outperform” rating on the stock in a research note on Friday, July 29th. Finally, Macquarie raised Penn National Gaming from a “neutral” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research note on Thursday, June 30th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $18.86.
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Penn National Gaming (NASDAQ:PENN) traded up 2.57% on Friday, hitting $14.35. 1,459,449 shares of the stock traded hands. The stock has a market cap of $1.19 billion, a P/E ratio of 24.36 and a beta of 0.88. Penn National Gaming has a 12-month low of $12.50 and a 12-month high of $19.05. The stock has a 50-day moving average price of $13.82 and a 200 day moving average price of $14.86.
Penn National Gaming (NASDAQ:PENN) last issued its earnings results on Thursday, July 28th. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.09. The company had revenue of $769.40 million for the quarter, compared to the consensus estimate of $785.06 million. Penn National Gaming had a negative return on equity of 8.21% and a net margin of 1.79%. The firm’s quarterly revenue was up 9.8% on a year-over-year basis. During the same quarter last year, the company earned $0.03 EPS. On average, equities analysts expect that Penn National Gaming will post $1.07 EPS for the current fiscal year.
A number of institutional investors have recently bought and sold shares of the stock. Acrospire Investment Management LLC acquired a new position in Penn National Gaming during the first quarter worth about $100,000. BNP Paribas Arbitrage SA boosted its position in Penn National Gaming by 169.1% in the second quarter. BNP Paribas Arbitrage SA now owns 7,743 shares of the company’s stock worth $108,000 after buying an additional 4,866 shares during the last quarter. Teacher Retirement System of Texas boosted its position in Penn National Gaming by 12.6% in the second quarter. Teacher Retirement System of Texas now owns 9,998 shares of the company’s stock worth $139,000 after buying an additional 1,119 shares during the last quarter. Nomura Holdings Inc. acquired a new position in Penn National Gaming during the second quarter worth about $142,000. Finally, Quantitative Investment Management LLC acquired a new position in Penn National Gaming during the second quarter worth about $147,000. Institutional investors own 99.52% of the company’s stock.
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’s segments include the East/Midwest, the West and the Southern Plains segment. East/Midwest segment consists of various properties, including Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course, Hollywood Casino Lawrenceburg, Hollywood Casino Toledo, Hollywood Casino Columbus, Hollywood Gaming at Dayton Raceway and Plainridge Park Casino.
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