Zacks Investment Research Downgrades Penn National Gaming, Inc. (PENN) to Hold

Penn National Gaming, Inc. (NASDAQ:PENN) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “Penn National Gaming, Inc. are a diversified gaming and pari-mutuel wagering company. Their business strategy is focused on exploiting the higher margins and more stable cash flows associated with gaming operations compared to pari-mutuel operations. “

Other analysts also recently issued reports about the company. Telsey Advisory Group downgraded Penn National Gaming from an “outperform” rating to a “market perform” rating and set a $26.00 target price for the company. in a report on Friday, October 27th. Morgan Stanley boosted their target price on Penn National Gaming from $22.00 to $26.00 and gave the company an “equal weight” rating in a report on Tuesday, October 24th. BidaskClub raised Penn National Gaming from a “sell” rating to a “hold” rating in a report on Saturday, August 12th. ValuEngine downgraded Penn National Gaming from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $23.00 target price on shares of Penn National Gaming in a report on Friday, July 14th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $21.91.

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In other Penn National Gaming news, insider Jay A. Snowden sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, August 25th. The stock was sold at an average price of $20.86, for a total transaction of $1,043,000.00. Following the completion of the sale, the insider now directly owns 86,281 shares of the company’s stock, valued at approximately $1,799,821.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jay A. Snowden sold 110,000 shares of the company’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 directly owns 46,281 shares of the company’s stock, valued at $1,160,264.67. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 420,813 shares of company stock valued at $9,924,682. 10.17% of the stock is owned by company insiders.

Hedge funds have recently modified their holdings of the company. Meeder Asset Management Inc. raised its stake in shares of Penn National Gaming by 1,461.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 4,997 shares of the company’s stock worth $107,000 after buying an additional 4,677 shares in the last quarter. Oppenheimer Asset Management Inc. purchased a new position in shares of Penn National Gaming during the 1st quarter worth approximately $134,000. Ameritas Investment Partners Inc. raised its stake in shares of Penn National Gaming by 6.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,441 shares of the company’s stock worth $159,000 after buying an additional 482 shares in the last quarter. Oppenheimer & Co. Inc. purchased a new position in shares of Penn National Gaming during the 2nd quarter worth approximately $206,000. Finally, Royal Bank of Canada raised its stake in shares of Penn National Gaming by 209.1% during the 2nd quarter. Royal Bank of Canada now owns 9,892 shares of the company’s stock worth $212,000 after buying an additional 6,692 shares in the last quarter. 94.30% of the stock is owned by institutional investors and hedge funds.

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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