Penn National Gaming (NASDAQ:PENN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Penn National Gaming, Inc. owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. They have also recently expanded into social online gaming offerings via Penn Interactive Ventures, LLC division and recent acquisition of Rocket Speed Inc. “
Other equities research analysts also recently issued reports about the stock. Stifel Nicolaus reissued a “buy” rating and issued a $33.00 price target on shares of Penn National Gaming in a report on Monday, December 18th. Jefferies Group restated a “buy” rating and set a $35.00 price objective on shares of Penn National Gaming in a report on Tuesday, February 6th. Morgan Stanley boosted their price objective on Penn National Gaming from $22.00 to $26.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. Barclays boosted their price objective on Penn National Gaming from $23.00 to $30.00 and gave the stock an “overweight” rating in a report on Monday, November 20th. Finally, Deutsche Bank cut their price objective on Penn National Gaming from $38.00 to $37.00 and set a “buy” rating on the stock in a report on Friday, February 9th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $29.09.
Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, February 8th. The company reported ($3.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($3.58). Penn National Gaming had a net margin of 15.97% and a negative return on equity of 22.76%. The business had revenue of $769.00 million during the quarter, compared to analyst estimates of $766.82 million. During the same period in the previous year, the company posted $0.05 earnings per share. Penn National Gaming’s revenue was up 3.5% compared to the same quarter last year. analysts forecast that Penn National Gaming will post 1.48 EPS for the current fiscal year.
In other news, Director Jane Scaccetti acquired 2,500 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The shares were purchased at an average price of $27.51 per share, for a total transaction of $68,775.00. Following the completion of the acquisition, the director now owns 14,831 shares of the company’s stock, valued at approximately $408,000.81. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.17% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the stock. LS Investment Advisors LLC acquired a new position in Penn National Gaming in the fourth quarter worth approximately $127,000. Meeder Asset Management Inc. boosted its position in Penn National Gaming by 1,461.6% during the second 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. Acrospire Investment Management LLC bought a new stake in Penn National Gaming during the first quarter worth approximately $100,000. Raymond James Financial Services Advisors Inc. bought a new stake in Penn National Gaming during the fourth quarter worth approximately $212,000. Finally, Ameritas Investment Partners Inc. bought a new stake in Penn National Gaming during the first quarter worth approximately $128,000. Hedge funds and other institutional investors own 97.32% 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 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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