Zacks Investment Research upgraded shares of Penn National Gaming (NASDAQ:PENN) from a hold rating to a strong-buy rating in a research report released on Tuesday, January 9th. Zacks Investment Research currently has $35.00 price objective on the stock.
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. “
Several other research analysts also recently commented on the stock. BidaskClub downgraded shares of Penn National Gaming from a strong-buy rating to a buy rating in a research note on Friday, January 5th. Union Gaming Research raised their target price on shares of Penn National Gaming to $35.00 and gave the company a buy rating in a research report on Wednesday, December 20th. Stifel Nicolaus reissued a buy rating and set a $33.00 target price on shares of Penn National Gaming in a research report on Monday, December 18th. Deutsche Bank raised their target price on shares of Penn National Gaming from $29.00 to $32.00 in a research report on Monday, December 18th. Finally, Barclays raised their price target on shares of Penn National Gaming from $23.00 to $30.00 and gave the company an overweight rating in a report on Monday, November 20th. Five equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus target price of $26.55.
Shares of Penn National Gaming (NASDAQ PENN) traded up $0.56 on Tuesday, hitting $32.75. 572,491 shares of the stock traded hands, compared to its average volume of 1,380,000. Penn National Gaming has a 1-year low of $13.00 and a 1-year high of $32.98. The stock has a market capitalization of $2,980.00, a P/E ratio of 3.75 and a beta of 1.38. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 18.36.
Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, October 26th. The company reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.05. Penn National Gaming had a net margin of 26.16% and a negative return on equity of 20.51%. sell-side analysts forecast that Penn National Gaming will post 0.71 EPS for the current year.
In related news, insider Jay A. Snowden sold 110,000 shares of Penn National Gaming stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $25.07, for a total value of $2,757,700.00. Following the completion of the sale, the insider now directly owns 46,281 shares in the company, valued at approximately $1,160,264.67. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.17% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PENN. Ameritas Investment Partners Inc. lifted its stake in Penn National Gaming by 6.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,441 shares of the company’s stock valued at $159,000 after acquiring an additional 482 shares during the period. Oppenheimer & Co. Inc. acquired a new stake in Penn National Gaming during the 2nd quarter valued at approximately $206,000. Royal Bank of Canada lifted its stake in Penn National Gaming by 209.1% during the 2nd quarter. Royal Bank of Canada now owns 9,892 shares of the company’s stock valued at $212,000 after acquiring an additional 6,692 shares during the period. Meeder Asset Management Inc. increased its holdings in shares of Penn National Gaming by 82.8% during the 3rd quarter. Meeder Asset Management Inc. now owns 9,135 shares of the company’s stock valued at $214,000 after purchasing an additional 4,138 shares in the last quarter. Finally, Amalgamated Bank increased its holdings in shares of Penn National Gaming by 3.8% during the 2nd quarter. Amalgamated Bank now owns 10,962 shares of the company’s stock valued at $235,000 after purchasing an additional 405 shares in the last quarter. Institutional investors and hedge funds own 97.53% of the company’s stock.
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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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