Penn National Gaming, Inc. (NASDAQ:PENN) Expected to Announce Quarterly Sales of $1.14 Billion


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Wall Street brokerages predict that Penn National Gaming, Inc. (NASDAQ:PENN) will announce $1.14 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Six analysts have issued estimates for Penn National Gaming’s earnings, with the lowest sales estimate coming in at $1.05 billion and the highest estimate coming in at $1.31 billion. Penn National Gaming posted sales of $1.12 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 1.8%. The company is expected to announce its next quarterly earnings results on Thursday, May 6th.

On average, analysts expect that Penn National Gaming will report full year sales of $4.98 billion for the current fiscal year, with estimates ranging from $4.75 billion to $5.38 billion. For the next financial year, analysts forecast that the business will report sales of $5.55 billion, with estimates ranging from $5.08 billion to $5.92 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Penn National Gaming.

Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, February 4th. The company reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.14). Penn National Gaming had a negative net margin of 19.86% and a negative return on equity of 8.73%. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.08 billion. During the same quarter last year, the firm posted ($0.80) earnings per share. Penn National Gaming’s revenue was down 23.4% compared to the same quarter last year.

A number of equities research analysts have recently weighed in on the company. Credit Suisse Group assumed coverage on Penn National Gaming in a report on Wednesday, January 20th. They issued an “outperform” rating and a $128.00 price target for the company. Rosenblatt Securities boosted their price objective on Penn National Gaming from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, February 5th. KeyCorp assumed coverage on Penn National Gaming in a research report on Wednesday, January 13th. They set a “sector weight” rating for the company. Stifel Nicolaus boosted their price objective on Penn National Gaming from $100.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, February 2nd. Finally, Loop Capital lowered Penn National Gaming from a “hold” rating to a “sell” rating in a research report on Thursday, January 14th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and twelve have given a buy rating to the company. Penn National Gaming currently has an average rating of “Hold” and an average target price of $91.93.

Shares of NASDAQ PENN traded up $4.32 during trading on Friday, reaching $106.69. The stock had a trading volume of 3,300,709 shares, compared to its average volume of 5,246,012. Penn National Gaming has a one year low of $12.80 and a one year high of $142.00. The company has a debt-to-equity ratio of 2.47, a quick ratio of 2.37 and a current ratio of 2.37. The stock has a market cap of $16.70 billion, a PE ratio of -15.34 and a beta of 2.79. The firm’s 50 day moving average price is $115.02 and its two-hundred day moving average price is $90.12.

In other news, CEO Jay A. Snowden sold 71,540 shares of the business’s stock in a transaction on Monday, March 15th. The stock was sold at an average price of $140.61, for a total value of $10,059,239.40. Following the sale, the chief executive officer now owns 263,139 shares of the company’s stock, valued at approximately $36,999,974.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Peter M. Carlino sold 3,000,000 shares of the business’s stock in a transaction on Monday, February 8th. The stock was sold at an average price of $123.80, for a total value of $371,400,000.00. Following the sale, the chairman now directly owns 596,453 shares in the company, valued at $73,840,881.40. The disclosure for this sale can be found here. Insiders sold a total of 3,093,371 shares of company stock worth $383,945,497 in the last three months. Company insiders own 1.81% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Leverage Partners Absolute Return Fund SPC acquired a new stake in shares of Penn National Gaming during the fourth quarter worth $1,954,000. Retirement Systems of Alabama raised its position in shares of Penn National Gaming by 1.4% during the fourth quarter. Retirement Systems of Alabama now owns 403,736 shares of the company’s stock worth $34,871,000 after purchasing an additional 5,534 shares during the period. Isomer Partners LP raised its position in shares of Penn National Gaming by 8.3% during the fourth quarter. Isomer Partners LP now owns 650,000 shares of the company’s stock worth $56,140,000 after purchasing an additional 50,000 shares during the period. UBS Asset Management Americas Inc. raised its position in shares of Penn National Gaming by 22.3% during the third quarter. UBS Asset Management Americas Inc. now owns 187,101 shares of the company’s stock worth $13,602,000 after purchasing an additional 34,157 shares during the period. Finally, Domani Wealth LLC acquired a new stake in shares of Penn National Gaming during the fourth quarter worth $219,000. 87.48% of the stock is currently owned by institutional investors.

About Penn National Gaming

Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through four segments: Northeast, South, West, and Midwest. It also offers live sports betting at its properties in Indiana, Iowa, Mississippi, Nevada, Pennsylvania, and West Virginia; and operates online casino under the name of iCasino in Pennsylvania.

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Earnings History and Estimates for Penn National Gaming (NASDAQ:PENN)

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