Skylands Capital LLC Invests $6.59 Million in Churchill Downs, Incorporated $CHDN

Skylands Capital LLC bought a new stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 73,400 shares of the company’s stock, valued at approximately $6,594,000. Skylands Capital LLC owned about 0.11% of Churchill Downs as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new stake in Churchill Downs during the fourth quarter valued at $90,529,000. AQR Capital Management LLC increased its holdings in shares of Churchill Downs by 22,974.8% in the 2nd quarter. AQR Capital Management LLC now owns 788,006 shares of the company’s stock worth $79,352,000 after buying an additional 784,591 shares during the last quarter. Alua Capital Management LP purchased a new stake in shares of Churchill Downs during the 3rd quarter valued at about $48,532,000. Balyasny Asset Management L.P. lifted its holdings in shares of Churchill Downs by 94.1% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,020,393 shares of the company’s stock valued at $116,100,000 after acquiring an additional 494,553 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Churchill Downs by 49.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,376,402 shares of the company’s stock valued at $133,525,000 after acquiring an additional 452,716 shares during the last quarter. 82.59% of the stock is owned by hedge funds and other institutional investors.

Churchill Downs Trading Up 5.9%

Shares of NASDAQ CHDN opened at $88.93 on Friday. Churchill Downs, Incorporated has a fifty-two week low of $80.24 and a fifty-two week high of $118.46. The company has a debt-to-equity ratio of 4.44, a quick ratio of 0.54 and a current ratio of 0.54. The company has a market cap of $6.20 billion, a price-to-earnings ratio of 16.47, a PEG ratio of 0.59 and a beta of 0.68. The business’s 50 day moving average price is $89.31 and its 200-day moving average price is $95.28.

Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings data on Wednesday, April 22nd. The company reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.15. Churchill Downs had a return on equity of 43.50% and a net margin of 13.21%.The company had revenue of $663.00 million during the quarter, compared to analysts’ expectations of $659.32 million. During the same quarter in the previous year, the business earned $1.07 EPS. Churchill Downs’s revenue was up 3.1% compared to the same quarter last year. On average, sell-side analysts expect that Churchill Downs, Incorporated will post 7.32 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Weiss Ratings downgraded Churchill Downs from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Monday, May 4th. Mizuho boosted their target price on Churchill Downs from $146.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, April 24th. Citizens Jmp increased their price target on Churchill Downs from $146.00 to $149.00 and gave the company a “market outperform” rating in a report on Friday, April 24th. Truist Financial set a $145.00 price target on Churchill Downs in a research report on Friday, June 12th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Churchill Downs in a research note on Friday, April 24th. Eleven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $139.00.

Churchill Downs Company Profile

Churchill Downs Incorporated is a leading American entertainment and gaming company best known for operating the Churchill Downs racetrack in Louisville, Kentucky, home of the annual Kentucky Derby. Beyond its signature thoroughbred racing venue, the company manages a diversified portfolio of live racing facilities, casinos, and off-track betting operations. Its services encompass pari-mutuel wagering, historical horse racing machines, and online betting through its TwinSpires platform, reaching horse racing and sports betting enthusiasts nationwide.

In its live racing segment, Churchill Downs oversees a network of racetracks and racing festivals, offering year-round events in multiple states.