Prudential Financial Inc. Sells 175,260 Shares of Penn National Gaming, Inc. (PENN)
Prudential Financial Inc. lowered its stake in Penn National Gaming, Inc. (NASDAQ:PENN) by 35.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 320,794 shares of the company’s stock after selling 175,260 shares during the quarter. Prudential Financial Inc. owned approximately 0.35% of Penn National Gaming worth $6,865,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in Penn National Gaming by 138,953.6% during the first quarter. BlackRock Inc. now owns 8,898,040 shares of the company’s stock worth $163,992,000 after buying an additional 8,891,641 shares during the last quarter. JPMorgan Chase & Co. increased its position in Penn National Gaming by 1,387.8% during the first quarter. JPMorgan Chase & Co. now owns 1,839,178 shares of the company’s stock worth $33,896,000 after buying an additional 1,715,562 shares during the last quarter. Bank of New York Mellon Corp increased its position in Penn National Gaming by 310.2% during the first quarter. Bank of New York Mellon Corp now owns 1,771,232 shares of the company’s stock worth $32,644,000 after buying an additional 1,339,468 shares during the last quarter. MARSHALL WACE ASIA Ltd acquired a new position in Penn National Gaming during the first quarter worth approximately $22,228,000. Finally, Marshall Wace North America L.P. acquired a new position in Penn National Gaming during the first quarter worth approximately $22,228,000. 95.31% of the stock is currently owned by institutional investors and hedge funds.
Shares of Penn National Gaming, Inc. (NASDAQ:PENN) opened at 22.52 on Friday. The company has a market cap of $2.05 billion, a PE ratio of 28.29 and a beta of 0.99. The stock’s 50 day moving average price is $21.31 and its 200-day moving average price is $19.59. Penn National Gaming, Inc. has a one year low of $11.93 and a one year high of $23.03.
Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.18 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $788.65 million. During the same quarter in the previous year, the business earned $0.37 EPS. The company’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, analysts expect that Penn National Gaming, Inc. will post $0.61 EPS for the current year.
In related news, Director Jane Scaccetti purchased 4,675 shares of the firm’s stock in a transaction dated Thursday, August 31st. The stock was bought at an average price of $21.47 per share, for a total transaction of $100,372.25. Following the purchase, the director now directly owns 9,975 shares in the company, valued at approximately $214,163.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Carl Sottosanti sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $22.00, for a total transaction of $440,000.00. Following the sale, the executive vice president now owns 45,831 shares of the company’s stock, valued at approximately $1,008,282. The disclosure for this sale can be found here. Company insiders own 11.10% of the company’s stock.
A number of equities analysts have weighed in on PENN shares. Zacks Investment Research downgraded Penn National Gaming from a “buy” rating to a “hold” rating in a research report on Thursday, May 25th. BidaskClub raised Penn National Gaming from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, June 13th. Instinet reissued a “neutral” rating and set a $21.00 price target (up previously from $19.00) on shares of Penn National Gaming in a research report on Monday, June 19th. Deutsche Bank AG reissued a “buy” rating and set a $25.00 price target (up previously from $22.00) on shares of Penn National Gaming in a research report on Thursday, June 22nd. Finally, Stifel Nicolaus reissued a “buy” rating and set a $23.00 price target on shares of Penn National Gaming in a research report on Friday, July 14th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $21.00.
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Penn National Gaming Company Profile
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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