Penn National Gaming, Inc (NASDAQ:PENN) – Equities researchers at Jefferies Financial Group cut their Q3 2019 earnings per share (EPS) estimates for Penn National Gaming in a report issued on Monday, September 9th. Jefferies Financial Group analyst D. Katz now forecasts that the company will post earnings of $0.38 per share for the quarter, down from their prior forecast of $0.47. Jefferies Financial Group also issued estimates for Penn National Gaming’s Q4 2019 earnings at $0.27 EPS, FY2019 earnings at $1.44 EPS, FY2020 earnings at $1.89 EPS and FY2021 earnings at $2.15 EPS.
A number of other analysts have also weighed in on the company. Susquehanna Bancshares initiated coverage on Penn National Gaming in a research note on Wednesday, July 24th. They issued a “positive” rating and a $25.00 target price on the stock. Wolfe Research assumed coverage on shares of Penn National Gaming in a report on Friday, June 14th. They issued a “peer perform” rating on the stock. Deutsche Bank reaffirmed a “buy” rating and issued a $27.00 price target on shares of Penn National Gaming in a research note on Sunday, August 4th. Union Gaming Research upgraded shares of Penn National Gaming from a “hold” rating to a “buy” rating in a report on Friday, August 2nd. Finally, BidaskClub raised shares of Penn National Gaming from a “sell” rating to a “hold” rating in a research report on Wednesday, August 21st. One research analyst has rated the stock with a sell rating, two have given a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $30.02.
Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.44 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.10. Penn National Gaming had a return on equity of 7.61% and a net margin of 1.90%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. During the same period last year, the company earned $0.57 earnings per share. The business’s revenue for the quarter was up 60.0% on a year-over-year basis.
In other Penn National Gaming news, Director Saul Reibstein bought 3,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were acquired at an average price of $17.30 per share, with a total value of $51,900.00. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David A. Handler bought 30,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The shares were acquired at an average cost of $17.68 per share, for a total transaction of $530,400.00. Following the transaction, the director now directly owns 169,870 shares in the company, valued at approximately $3,003,301.60. The disclosure for this purchase can be found here. Company insiders own 8.53% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Oregon Public Employees Retirement Fund raised its holdings in Penn National Gaming by 1.4% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 43,878 shares of the company’s stock valued at $845,000 after acquiring an additional 608 shares during the last quarter. Envestnet Asset Management Inc. increased its position in shares of Penn National Gaming by 2.4% during the 2nd quarter. Envestnet Asset Management Inc. now owns 38,113 shares of the company’s stock worth $734,000 after purchasing an additional 881 shares during the last quarter. ETRADE Capital Management LLC raised its holdings in Penn National Gaming by 2.9% in the 2nd quarter. ETRADE Capital Management LLC now owns 35,586 shares of the company’s stock valued at $685,000 after buying an additional 1,018 shares during the period. Arizona State Retirement System raised its holdings in Penn National Gaming by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 77,366 shares of the company’s stock valued at $1,490,000 after buying an additional 1,019 shares during the period. Finally, BB&T Securities LLC lifted its position in Penn National Gaming by 7.2% in the second quarter. BB&T Securities LLC now owns 16,010 shares of the company’s stock valued at $308,000 after buying an additional 1,077 shares during the last quarter. 99.44% of the stock is owned by hedge funds and other institutional investors.
Penn National Gaming Company Profile
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.
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