Penn National Gaming (PENN) Lifted to “Strong-Buy” at Zacks Investment Research

Penn National Gaming (NASDAQ:PENN) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued on Tuesday. The brokerage currently has a $35.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 13.67% from the stock’s previous close.

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. “

Several other brokerages have also recently weighed in on PENN. Stifel Nicolaus reissued a “buy” rating and set a $33.00 price target on shares of Penn National Gaming in a research report on Monday, December 18th. Union Gaming Research increased their price target on shares of Penn National Gaming to $35.00 and gave the company a “buy” rating in a research report on Wednesday, December 20th. Deutsche Bank increased their price target on shares of Penn National Gaming from $29.00 to $32.00 in a research report on Monday, December 18th. BidaskClub cut shares of Penn National Gaming from a “strong-buy” rating to a “buy” rating in a research report on Friday. Finally, Telsey Advisory Group cut shares of Penn National Gaming from an “outperform” rating to a “market perform” rating and set a $26.00 price target for the company. in a research report on Friday, October 27th. Five analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $26.55.

Shares of Penn National Gaming (NASDAQ:PENN) remained flat at $$30.79 on Tuesday. 959,100 shares of the company’s stock were exchanged, compared to its average volume of 980,500. The firm has a market cap of $2,806.90, a PE ratio of 3.53, a PEG ratio of 4.11 and a beta of 1.04. The company has a debt-to-equity ratio of 18.36, a quick ratio of 0.82 and a current ratio of 0.82. Penn National Gaming has a 52-week low of $13.00 and a 52-week high of $31.65.

In other news, insider Jay A. Snowden sold 110,000 shares of the firm’s stock in a transaction dated 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 completion of the sale, the insider now directly owns 46,281 shares of the company’s stock, valued at approximately $1,160,264.67. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Timothy J. Wilmott sold 1,661 shares of the firm’s stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $24.01, for a total transaction of $39,880.61. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 138,058 shares of company stock valued at $3,432,148. Corporate insiders own 10.17% of the company’s stock.

Several large investors have recently bought and sold shares of the company. Schwab Charles Investment Management Inc. lifted its position in Penn National Gaming by 4.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 602,673 shares of the company’s stock valued at $12,898,000 after acquiring an additional 26,416 shares during the period. Legal & General Group Plc lifted its position in Penn National Gaming by 12.6% during the 2nd quarter. Legal & General Group Plc now owns 161,447 shares of the company’s stock valued at $3,454,000 after acquiring an additional 18,034 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Penn National Gaming by 18.3% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 76,083 shares of the company’s stock valued at $1,628,000 after acquiring an additional 11,746 shares during the period. Principal Financial Group Inc. lifted its position in Penn National Gaming by 1.5% during the 2nd quarter. Principal Financial Group Inc. now owns 647,132 shares of the company’s stock valued at $13,848,000 after acquiring an additional 9,842 shares during the period. Finally, Swiss National Bank lifted its position in Penn National Gaming by 16.5% during the 2nd quarter. Swiss National Bank now owns 143,800 shares of the company’s stock valued at $3,077,000 after acquiring an additional 20,400 shares during the period. 97.53% of the stock is owned by hedge funds and other institutional investors.

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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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