Penn National Gaming, Inc. (PENN) Short Interest Update
Penn National Gaming, Inc. (NASDAQ:PENN) was the target of a significant decrease in short interest in the month of September. As of September 29th, there was short interest totalling 10,853,011 shares, a decrease of 18.8% from the September 15th total of 13,362,113 shares. Based on an average daily volume of 869,667 shares, the short-interest ratio is presently 12.5 days. Currently, 12.9% of the company’s shares are sold short.
In other Penn National Gaming news, CEO Timothy J. Wilmott sold 84,436 shares of the company’s stock in a transaction that occurred on Friday, October 6th. The stock was sold at an average price of $24.12, for a total transaction of $2,036,596.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jane Scaccetti acquired 4,675 shares of the firm’s stock in a transaction on Thursday, August 31st. The shares were bought at an average price of $21.47 per share, for a total transaction of $100,372.25. Following the completion of the transaction, the director now owns 9,975 shares of the company’s stock, valued at $214,163.25. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 282,755 shares of company stock worth $6,492,534. Company insiders own 10.17% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in PENN. Meeder Asset Management Inc. raised its position in 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 valued at $107,000 after purchasing an additional 4,677 shares during the period. Ameritas Investment Partners Inc. purchased a new stake in Penn National Gaming in the first quarter valued at approximately $128,000. Oppenheimer Asset Management Inc. purchased a new stake in Penn National Gaming in the first quarter valued at approximately $134,000. Van ECK Associates Corp raised its position in Penn National Gaming by 11.8% in the first quarter. Van ECK Associates Corp now owns 10,543 shares of the company’s stock valued at $194,000 after purchasing an additional 1,114 shares during the period. Finally, Amalgamated Bank purchased a new stake in Penn National Gaming in the first quarter valued at approximately $195,000. 95.31% of the stock is currently owned by institutional investors.
Penn National Gaming (NASDAQ:PENN) opened at 23.63 on Friday. Penn National Gaming has a 52 week low of $11.93 and a 52 week high of $24.74. The company has a market cap of $2.15 billion, a PE ratio of 29.69 and a beta of 0.97. The company has a 50-day moving average price of $22.68 and a 200 day moving average price of $20.66.
Penn National Gaming (NASDAQ:PENN) last announced its earnings results on Thursday, July 27th. The company reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.07). The firm had revenue of $796.50 million during the quarter, compared to analysts’ expectations of $788.65 million. Penn National Gaming had a net margin of 2.39% and a negative return on equity of 16.72%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.37 EPS. On average, equities research analysts forecast that Penn National Gaming will post $0.61 EPS for the current fiscal year.
PENN has been the topic of several recent analyst reports. Stifel Nicolaus reiterated a “buy” rating and issued a $23.00 price target on shares of Penn National Gaming in a report on Friday, July 14th. Zacks Investment Research upgraded Penn National Gaming from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Wednesday, July 5th. Deutsche Bank AG reiterated a “buy” rating and issued a $25.00 price target (up from $22.00) on shares of Penn National Gaming in a report on Thursday, June 22nd. BidaskClub downgraded Penn National Gaming from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. Finally, ValuEngine downgraded Penn National Gaming from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Penn National Gaming currently has an average rating of “Buy” and a consensus target price of $21.50.
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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