Penn National Gaming (NASDAQ:PENN) Reaches New 52-Week Low at $17.16

Penn National Gaming, Inc (NASDAQ:PENN)’s stock price hit a new 52-week low on Wednesday . The company traded as low as $17.16 and last traded at $17.23, with a volume of 11858 shares traded. The stock had previously closed at $18.20.

PENN has been the subject of a number of recent research reports. BidaskClub upgraded shares of Penn National Gaming from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 17th. Deutsche Bank reiterated a “buy” rating and set a $27.00 price target on shares of Penn National Gaming in a research note on Sunday, August 4th. Morgan Stanley set a $27.00 target price on shares of Penn National Gaming and gave the stock a “buy” rating in a research note on Friday, August 2nd. Union Gaming Research upgraded shares of Penn National Gaming from a “hold” rating to a “buy” rating in a research note on Friday, August 2nd. Finally, Bank of America upgraded shares of Penn National Gaming from a “neutral” rating to a “buy” rating in a research note on Thursday, May 9th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company. Penn National Gaming currently has an average rating of “Buy” and a consensus target price of $30.02.

The stock has a market cap of $2.03 billion, a P/E ratio of 18.42, a price-to-earnings-growth ratio of 1.17 and a beta of 1.73. The company has a current ratio of 0.78, a quick ratio of 0.78 and a debt-to-equity ratio of 5.65. The company has a 50 day simple moving average of $18.80.

Penn National Gaming (NASDAQ:PENN) last released its earnings results on Thursday, August 1st. The company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.10. Penn National Gaming had a net margin of 1.90% and a return on equity of 9.76%. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.33 billion. During the same quarter last year, the business earned $0.57 EPS. The business’s revenue was up 60.0% on a year-over-year basis. Research analysts forecast that Penn National Gaming, Inc will post 1.58 EPS for the current year.

In other news, Director David A. Handler bought 30,000 shares of Penn National Gaming stock in a transaction dated Wednesday, August 7th. The stock was bought at an average price of $17.68 per share, for a total transaction of $530,400.00. Following the purchase, the director now owns 169,870 shares of the company’s stock, valued at $3,003,301.60. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 8.53% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Manchester Capital Management LLC purchased a new position in shares of Penn National Gaming in the 1st quarter valued at about $63,000. Raymond James & Associates increased its holdings in shares of Penn National Gaming by 107.1% in the 1st quarter. Raymond James & Associates now owns 122,125 shares of the company’s stock valued at $2,455,000 after purchasing an additional 63,154 shares in the last quarter. FMR LLC increased its holdings in shares of Penn National Gaming by 7.6% in the 1st quarter. FMR LLC now owns 7,772,497 shares of the company’s stock valued at $156,228,000 after purchasing an additional 547,387 shares in the last quarter. AlphaCrest Capital Management LLC increased its holdings in shares of Penn National Gaming by 234.8% in the 1st quarter. AlphaCrest Capital Management LLC now owns 65,948 shares of the company’s stock valued at $1,326,000 after purchasing an additional 46,248 shares in the last quarter. Finally, BB&T Corp purchased a new position in shares of Penn National Gaming in the 1st quarter valued at about $239,000. Institutional investors and hedge funds own 96.62% of the company’s stock.

Penn National Gaming Company Profile (NASDAQ:PENN)

Penn National Gaming, Inc owns and manages gaming and racing facilities, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through four segments: Northeast, South, West, and Midwest. As of December 31, 2018, it owned, managed, or had ownership interests in 40 facilities in 18 jurisdictions.

Further Reading: How is a buy-side analyst different from a sell-side analyst?

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