Zacks Investment Research Upgrades Penn National Gaming (PENN) to “Strong-Buy”
Zacks Investment Research upgraded shares of Penn National Gaming (NASDAQ:PENN) from a hold rating to a strong-buy rating in a research note published on Tuesday. They currently have $35.00 price target on the stock.
According to Zacks, “Penn National Gaming, Inc. owns, operates or has ownership interests in gaming and racing facilities and video gaming terminal operations with a focus on slot machine entertainment. They have also recently expanded into social online gaming offerings via Penn Interactive Ventures, LLC division and recent acquisition of Rocket Speed Inc. “
A number of other equities analysts have also commented on the company. BidaskClub lowered Penn National Gaming from a strong-buy rating to a buy rating in a research note on Friday, January 5th. Union Gaming Research lifted their target price on Penn National Gaming to $35.00 and gave the stock a buy rating in a report on Wednesday, December 20th. Stifel Nicolaus reiterated a buy rating and issued a $33.00 target price on shares of Penn National Gaming in a report on Monday, December 18th. Deutsche Bank lifted their target price on Penn National Gaming from $29.00 to $32.00 in a report on Monday, December 18th. Finally, Barclays lifted their target price on Penn National Gaming from $23.00 to $30.00 and gave the stock an overweight rating in a report on Monday, November 20th. Five research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Penn National Gaming presently has a consensus rating of Buy and a consensus price target of $26.55.
Penn National Gaming (NASDAQ PENN) traded up $1.22 during trading on Tuesday, hitting $32.22. The company had a trading volume of 928,700 shares, compared to its average volume of 873,025. The company has a debt-to-equity ratio of 18.36, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a market capitalization of $2,940.00, a price-to-earnings ratio of 3.69, a P/E/G ratio of 4.11 and a beta of 1.38. Penn National Gaming has a one year low of $13.00 and a one year high of $32.25.
In other news, CEO Timothy J. Wilmott sold 13,903 shares of the business’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $24.05, for a total transaction of $334,367.15. Following the completion of the sale, the chief executive officer now owns 456,100 shares in the company, valued at $10,969,205. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jay A. Snowden sold 110,000 shares of the business’s stock in a transaction that occurred on Thursday, October 19th. The shares were sold at an average price of $25.07, for a total value of $2,757,700.00. Following the sale, the insider now owns 46,281 shares of the company’s stock, valued at approximately $1,160,264.67. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 135,462 shares of company stock valued at $3,369,818. Corporate insiders own 10.17% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PENN. HAP Trading LLC grew its holdings in Penn National Gaming by 42.0% during the second quarter. HAP Trading LLC now owns 249,386 shares of the company’s stock worth $5,337,000 after buying an additional 73,752 shares in the last quarter. Voya Investment Management LLC boosted its holdings in Penn National Gaming by 15.9% during the 2nd quarter. Voya Investment Management LLC now owns 39,066 shares of the company’s stock valued at $836,000 after acquiring an additional 5,354 shares during the period. Strs Ohio purchased a new stake in Penn National Gaming during the 3rd quarter valued at about $3,508,000. State Street Corp boosted its holdings in Penn National Gaming by 8.6% during the 2nd quarter. State Street Corp now owns 1,971,391 shares of the company’s stock valued at $42,183,000 after acquiring an additional 156,455 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Penn National Gaming by 2.6% during the 3rd quarter. Rhumbline Advisers now owns 173,787 shares of the company’s stock valued at $4,065,000 after acquiring an additional 4,400 shares during the period. Hedge funds and other institutional investors own 97.53% of the company’s stock.
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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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