Wells Fargo & Company MN reduced its holdings in shares of Penn National Gaming, Inc (NASDAQ:PENN) by 7.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 509,003 shares of the company’s stock after selling 42,550 shares during the period. Wells Fargo & Company MN owned approximately 0.43% of Penn National Gaming worth $9,804,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also made changes to their positions in the stock. Manchester Capital Management LLC acquired a new stake in shares of Penn National Gaming in the first quarter valued at approximately $63,000. Envestnet Asset Management Inc. lifted its holdings in Penn National Gaming by 2.4% in the second quarter. Envestnet Asset Management Inc. now owns 38,113 shares of the company’s stock worth $734,000 after acquiring an additional 881 shares during the last quarter. 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 worth $1,490,000 after acquiring an additional 1,019 shares during the period. Raymond James & Associates raised its holdings in Penn National Gaming by 107.1% in the 1st quarter. Raymond James & Associates now owns 122,125 shares of the company’s stock worth $2,455,000 after acquiring an additional 63,154 shares during the period. Finally, FMR LLC increased its holdings in shares of Penn National Gaming by 7.6% during the 1st quarter. FMR LLC now owns 7,772,497 shares of the company’s stock worth $156,228,000 after purchasing an additional 547,387 shares during the period. 99.44% of the stock is currently owned by institutional investors.
NASDAQ:PENN traded up $0.04 during mid-day trading on Thursday, hitting $20.69. 269,761 shares of the company’s stock traded hands, compared to its average volume of 1,854,717. The company has a fifty day moving average of $18.76 and a 200 day moving average of $20.15. Penn National Gaming, Inc has a twelve month low of $16.72 and a twelve month high of $34.72. The company has a market capitalization of $2.34 billion, a P/E ratio of 22.24, a P/E/G ratio of 1.27 and a beta of 1.72. The company has a debt-to-equity ratio of 5.89, a quick ratio of 0.71 and a current ratio of 0.71.
Penn National Gaming (NASDAQ:PENN) last announced its earnings results on Thursday, August 1st. The company reported $0.44 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.10. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.33 billion. Penn National Gaming had a return on equity of 7.61% and a net margin of 1.90%. The firm’s quarterly revenue was up 60.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.57 EPS. On average, research analysts expect that Penn National Gaming, Inc will post 1.58 earnings per share for the current fiscal year.
A number of brokerages recently commented on PENN. BidaskClub raised Penn National Gaming from a “sell” rating to a “hold” rating in a research note on Wednesday, August 21st. Morgan Stanley set a $27.00 price target on Penn National Gaming and gave the stock a “buy” rating in a research report on Friday, August 2nd. Union Gaming Research raised Penn National Gaming from a “hold” rating to a “buy” rating in a research report on Friday, August 2nd. Deutsche Bank reissued a “buy” rating and issued a $27.00 price target on shares of Penn National Gaming in a research report on Sunday, August 4th. Finally, Wolfe Research started coverage on Penn National Gaming in a research report on Friday, June 14th. They issued a “peer perform” rating for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $30.02.
In other news, Director Saul Reibstein acquired 3,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were acquired at an average cost of $17.30 per share, with a total value of $51,900.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Handler acquired 30,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was purchased at an average cost of $17.68 per share, for a total transaction of $530,400.00. Following the completion of the acquisition, the director now directly owns 169,870 shares of the company’s stock, valued at approximately $3,003,301.60. The disclosure for this purchase can be found here. 8.53% of the stock is currently owned by corporate insiders.
About Penn National Gaming
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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