Penn National Gaming, Inc (NASDAQ:PENN) – SunTrust Banks lifted their Q1 2019 earnings per share (EPS) estimates for Penn National Gaming in a research note issued to investors on Thursday, November 1st. SunTrust Banks analyst B. Jonas now forecasts that the company will post earnings of $0.70 per share for the quarter, up from their previous estimate of $0.57. SunTrust Banks has a “Buy” rating and a $32.00 price objective on the stock. SunTrust Banks also issued estimates for Penn National Gaming’s Q2 2019 earnings at $0.74 EPS, Q3 2019 earnings at $0.62 EPS, FY2019 earnings at $1.94 EPS and FY2020 earnings at $2.50 EPS.
Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, November 1st. The company reported $0.38 EPS for the quarter, missing the Zacks’ consensus estimate of $0.43 by ($0.05). The company had revenue of $789.70 million during the quarter, compared to analyst estimates of $807.79 million. Penn National Gaming had a negative net margin of 5.41% and a negative return on equity of 502.45%. The firm’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same period last year, the firm earned $0.25 EPS.
Other research analysts also recently issued research reports about the company. ValuEngine downgraded Penn National Gaming from a “buy” rating to a “hold” rating in a research note on Thursday, July 26th. Zacks Investment Research downgraded Penn National Gaming from a “buy” rating to a “hold” rating in a research note on Tuesday, August 28th. Jefferies Financial Group set a $40.00 price target on Penn National Gaming and gave the company a “buy” rating in a research note on Friday, July 27th. Bank of America boosted their price target on Penn National Gaming from $36.50 to $38.00 and gave the company a “neutral” rating in a research note on Tuesday, July 17th. Finally, BidaskClub downgraded Penn National Gaming from a “hold” rating to a “sell” rating in a research note on Saturday, October 27th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $34.42.
PENN stock opened at $22.23 on Monday. The stock has a market capitalization of $2.14 billion, a P/E ratio of 2.48, a P/E/G ratio of 2.58 and a beta of 1.86. Penn National Gaming has a 52 week low of $21.77 and a 52 week high of $36.90. The company has a debt-to-equity ratio of 162.63, a current ratio of 0.63 and a quick ratio of 0.63.
In other Penn National Gaming news, Director Saul Reibstein sold 6,694 shares of the business’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $35.00, for a total transaction of $234,290.00. Following the completion of the transaction, the director now owns 25,642 shares of the company’s stock, valued at $897,470. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Timothy J. Wilmott bought 100,000 shares of the stock in a transaction on Wednesday, August 15th. The shares were acquired at an average cost of $30.85 per share, with a total value of $3,085,000.00. The disclosure for this purchase can be found here. 10.56% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of PENN. SeaCrest Wealth Management LLC acquired a new position in Penn National Gaming during the second quarter worth about $128,000. Engineers Gate Manager LP bought a new stake in shares of Penn National Gaming during the third quarter worth about $204,000. Connable Office Inc. bought a new stake in shares of Penn National Gaming during the second quarter worth about $208,000. PHH Investments Ltd. bought a new stake in shares of Penn National Gaming during the second quarter worth about $252,000. Finally, Commonwealth Equity Services LLC bought a new stake in shares of Penn National Gaming during the second quarter worth about $275,000. 99.51% of the stock is owned by hedge funds and other institutional investors.
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 Northeast, South/West, and Midwest segments. As of December 31, 2017, it operated 27 facilities in 17 jurisdictions, including California, Florida, Illinois, Indiana, Kansas, Maine, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, Ohio, Pennsylvania, Texas, West Virginia, and Ontario, Canada.
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