Zacks Investment Research Lowers Penn National Gaming, Inc. (PENN) to Hold

Zacks Investment Research downgraded shares of Penn National Gaming, Inc. (NASDAQ:PENN) from a buy rating to a hold rating in a research report released on Wednesday, August 2nd.

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. “

PENN has been the subject of a number of other reports. Deutsche Bank AG reissued 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. Stifel Nicolaus reissued a buy rating and issued a $23.00 price target on shares of Penn National Gaming in a report on Friday, July 14th. Telsey Advisory Group increased their price target on shares of Penn National Gaming from $23.00 to $24.00 and gave the company an outperform rating in a report on Friday, July 28th. BidaskClub raised shares of Penn National Gaming from a buy rating to a strong-buy rating in a report on Tuesday, June 13th. Finally, FBR & Co reissued an outperform rating and issued a $23.00 price target (up from $20.00) on shares of Penn National Gaming in a report on Monday, April 10th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock presently has an average rating of Buy and an average price target of $21.00.

Shares of Penn National Gaming (NASDAQ PENN) traded down 0.67% during trading on Wednesday, reaching $20.74. 898,952 shares of the company’s stock were exchanged. The company has a 50 day moving average of $20.87 and a 200 day moving average of $18.28. The firm has a market capitalization of $1.89 billion, a P/E ratio of 26.06 and a beta of 1.01. Penn National Gaming has a 52-week low of $11.93 and a 52-week high of $22.19.

Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings data on Thursday, July 27th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.25 by $0.07. The firm had revenue of $796.50 million for the quarter, compared to the consensus estimate of $788.65 million. Penn National Gaming had a negative return on equity of 16.72% and a net margin of 2.39%. Penn National Gaming’s quarterly revenue was up 3.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. Equities analysts anticipate that Penn National Gaming will post $0.62 earnings per share for the current fiscal year.

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Large investors have recently bought and sold shares of the stock. OxFORD Asset Management LLP boosted its stake in Penn National Gaming by 477.9% in the second quarter. OxFORD Asset Management LLP now owns 127,658 shares of the company’s stock valued at $2,732,000 after buying an additional 105,568 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in Penn National Gaming by 104.7% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 26,000 shares of the company’s stock valued at $556,000 after buying an additional 13,300 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Penn National Gaming by 384.9% in the second quarter. Renaissance Technologies LLC now owns 929,500 shares of the company’s stock valued at $19,891,000 after buying an additional 737,800 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in Penn National Gaming by 7.8% in the second quarter. Parametric Portfolio Associates LLC now owns 234,691 shares of the company’s stock valued at $5,022,000 after buying an additional 17,067 shares during the last quarter. Finally, California Public Employees Retirement System boosted its stake in Penn National Gaming by 5.3% in the second quarter. California Public Employees Retirement System now owns 185,200 shares of the company’s stock valued at $3,963,000 after buying an additional 9,400 shares during the last quarter. Hedge funds and other institutional investors own 95.63% of the company’s stock.

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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Analyst Recommendations for Penn National Gaming (NASDAQ:PENN)

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