Trexquant Investment LP Lowers Position in Churchill Downs Incorporated (NASDAQ:CHDN)

Trexquant Investment LP trimmed its holdings in shares of Churchill Downs Incorporated (NASDAQ:CHDN) by 49.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 26,923 shares of the company’s stock after selling 26,708 shares during the quarter. Trexquant Investment LP’s holdings in Churchill Downs were worth $3,595,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. HighTower Advisors LLC grew its holdings in shares of Churchill Downs by 21.3% during the third quarter. HighTower Advisors LLC now owns 11,687 shares of the company’s stock worth $1,579,000 after purchasing an additional 2,055 shares in the last quarter. Quarry LP lifted its position in Churchill Downs by 957.5% during the third quarter. Quarry LP now owns 846 shares of the company’s stock valued at $114,000 after purchasing an additional 766 shares during the last quarter. Quantinno Capital Management LP grew its stake in Churchill Downs by 294.3% in the 3rd quarter. Quantinno Capital Management LP now owns 12,598 shares of the company’s stock worth $1,703,000 after buying an additional 9,403 shares in the last quarter. State Street Corp increased its holdings in shares of Churchill Downs by 5.8% in the 3rd quarter. State Street Corp now owns 2,078,031 shares of the company’s stock worth $280,971,000 after buying an additional 114,018 shares during the last quarter. Finally, XTX Topco Ltd lifted its holdings in shares of Churchill Downs by 3.1% during the 3rd quarter. XTX Topco Ltd now owns 6,564 shares of the company’s stock worth $888,000 after acquiring an additional 195 shares during the last quarter. 82.59% of the stock is currently owned by institutional investors.

Churchill Downs Stock Performance

NASDAQ:CHDN opened at $102.66 on Monday. The company has a debt-to-equity ratio of 4.47, a quick ratio of 0.55 and a current ratio of 0.57. Churchill Downs Incorporated has a fifty-two week low of $101.62 and a fifty-two week high of $150.21. The firm has a market cap of $7.54 billion, a PE ratio of 18.07, a price-to-earnings-growth ratio of 2.95 and a beta of 0.86. The business has a 50 day moving average price of $116.11 and a 200-day moving average price of $129.12.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.06). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The firm had revenue of $624.20 million during the quarter, compared to the consensus estimate of $620.21 million. Equities research analysts predict that Churchill Downs Incorporated will post 6.92 earnings per share for the current year.

Churchill Downs declared that its Board of Directors has initiated a share buyback plan on Wednesday, March 12th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 6.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Churchill Downs Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.23%. Churchill Downs’s payout ratio is 7.04%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CHDN shares. Stifel Nicolaus reduced their target price on Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. StockNews.com upgraded Churchill Downs from a “sell” rating to a “hold” rating in a research report on Wednesday, March 19th. JMP Securities restated a “market outperform” rating and issued a $166.00 target price on shares of Churchill Downs in a research report on Thursday, January 16th. Mizuho cut their target price on Churchill Downs from $151.00 to $148.00 and set an “outperform” rating for the company in a research note on Wednesday, February 19th. Finally, Wells Fargo & Company decreased their price target on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $159.38.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; casino gaming; and Terre Haute Casino Resort.