Convergence Investment Partners LLC boosted its stake in Penn National Gaming, Inc. (NASDAQ:PENN) by 59.5% during the second quarter, Holdings Channel reports. The fund owned 145,603 shares of the company’s stock after buying an additional 54,323 shares during the period. Convergence Investment Partners LLC’s holdings in Penn National Gaming were worth $3,116,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PENN. BlackRock Inc. increased its stake in shares of Penn National Gaming by 138,953.6% in the first quarter. BlackRock Inc. now owns 8,898,040 shares of the company’s stock valued at $163,992,000 after buying an additional 8,891,641 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Penn National Gaming by 1,387.8% in the first quarter. JPMorgan Chase & Co. now owns 1,839,178 shares of the company’s stock valued at $33,896,000 after buying an additional 1,715,562 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Penn National Gaming by 310.2% in the first quarter. Bank of New York Mellon Corp now owns 1,771,232 shares of the company’s stock valued at $32,644,000 after buying an additional 1,339,468 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in shares of Penn National Gaming during the first quarter valued at about $22,228,000. Finally, Marshall Wace North America L.P. purchased a new stake in shares of Penn National Gaming during the first quarter valued at about $22,228,000. 95.63% of the stock is owned by institutional investors and hedge funds.

Penn National Gaming, Inc. (NASDAQ:PENN) opened at 20.74 on Friday. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of 26.06 and a beta of 1.01. The stock’s 50 day moving average is $20.87 and its 200-day moving average is $18.28. Penn National Gaming, Inc. has a 12 month low of $11.93 and a 12 month high of $22.19.

Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings data on Thursday, July 27th. The company reported $0.18 EPS for the quarter, missing the consensus estimate of $0.25 by $0.07. Penn National Gaming had a negative return on equity of 16.72% and a net margin of 2.39%. The company had revenue of $796.50 million during the quarter, compared to analyst estimates of $788.65 million. During the same quarter in the prior year, the company posted $0.37 earnings per share. The business’s revenue was up 3.5% compared to the same quarter last year. On average, equities research analysts expect that Penn National Gaming, Inc. will post $0.62 earnings per share for the current year.

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Several analysts have issued reports on PENN shares. Barclays PLC raised their price objective on shares of Penn National Gaming from $21.00 to $23.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 3rd. Deutsche Bank AG reissued a “buy” rating and issued a $25.00 price objective (up previously from $22.00) on shares of Penn National Gaming in a research note on Thursday, June 22nd. BidaskClub downgraded shares of Penn National Gaming from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 22nd. Zacks Investment Research downgraded shares of Penn National Gaming from a “buy” rating to a “hold” rating in a research note on Thursday, May 25th. Finally, Stifel Nicolaus raised their price objective on shares of Penn National Gaming from $21.00 to $23.00 and gave the stock a “buy” rating in a research note on Tuesday, May 16th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Penn National Gaming presently has a consensus rating of “Buy” and an average target price of $21.00.

About Penn National Gaming

Penn National Gaming, Inc (Penn) is an owner and manager of gaming and racing facilities, and video gaming terminal operations with a focus on slot machine entertainment. The Company operates through three segments: Northeast, South/West and Midwest. The Northeast segment consists of various properties, including Hollywood Casino at Charles Town Races, Hollywood Casino Bangor, Hollywood Casino at Penn National Race Course and Hollywood Casino Toledo.

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Institutional Ownership by Quarter for Penn National Gaming (NASDAQ:PENN)

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