Analysts Expect Penn National Gaming, Inc. (PENN) Will Announce Quarterly Sales of $761.05 Million
Brokerages forecast that Penn National Gaming, Inc. (NASDAQ:PENN) will report $761.05 million in sales for the current quarter, Zacks reports. Two analysts have issued estimates for Penn National Gaming’s earnings, with estimates ranging from $759.70 million to $762.40 million. Penn National Gaming reported sales of $742.91 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 2.4%. The business is scheduled to report its next earnings report on Thursday, February 1st.
On average, analysts expect that Penn National Gaming will report full year sales of $761.05 million for the current year, with estimates ranging from $3.12 billion to $3.15 billion. For the next year, analysts anticipate that the company will post sales of $3.21 billion per share, with estimates ranging from $3.19 billion to $3.25 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Penn National Gaming.
PENN has been the topic of several recent research reports. Zacks Investment Research raised 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 report on Wednesday, July 5th. Stifel Nicolaus reissued a “buy” rating and set a $23.00 price target on shares of Penn National Gaming in a research report on Friday, July 14th. BidaskClub cut shares of Penn National Gaming from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Telsey Advisory Group boosted 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 report on Friday, July 28th. Finally, ValuEngine lowered shares of Penn National Gaming from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $21.91.
In other Penn National Gaming news, EVP Carl Sottosanti sold 20,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $22.00, for a total transaction of $440,000.00. Following the sale, the executive vice president now directly owns 45,831 shares in the company, valued at $1,008,282. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jay A. Snowden sold 110,000 shares of the business’s stock in a transaction dated Thursday, October 19th. The stock was sold at an average price of $25.07, for a total transaction of $2,757,700.00. Following the sale, the insider now owns 46,281 shares in the company, valued at $1,160,264.67. The disclosure for this sale can be found here. Insiders have sold 420,813 shares of company stock worth $9,924,682 over the last quarter. Insiders own 10.17% of the company’s stock.
A number of large investors have recently modified their holdings of PENN. OppenheimerFunds Inc. purchased a new stake in Penn National Gaming during the first quarter worth about $372,000. FMR LLC purchased a new stake in Penn National Gaming during the first quarter worth about $11,985,000. Teachers Advisors LLC increased its stake in Penn National Gaming by 9.8% during the first quarter. Teachers Advisors LLC now owns 136,251 shares of the company’s stock worth $2,511,000 after purchasing an additional 12,186 shares during the period. TIAA CREF Investment Management LLC increased its stake in Penn National Gaming by 12.1% during the first quarter. TIAA CREF Investment Management LLC now owns 269,824 shares of the company’s stock worth $4,973,000 after purchasing an additional 29,090 shares during the period. Finally, California Public Employees Retirement System increased its stake in Penn National Gaming by 10.1% during the first quarter. California Public Employees Retirement System now owns 175,800 shares of the company’s stock worth $3,240,000 after purchasing an additional 16,100 shares during the period. Institutional investors own 94.30% of the company’s stock.
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Shares of Penn National Gaming (NASDAQ:PENN) opened at 25.46 on Tuesday. Penn National Gaming has a 52 week low of $11.93 and a 52 week high of $25.91. The stock has a 50 day moving average of $23.64 and a 200 day moving average of $21.24. The stock has a market cap of $2.32 billion, a P/E ratio of 31.98 and a beta of 0.97.
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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