Penn National Gaming (PENN) Trading Down 7.9% After Earnings Miss

Penn National Gaming, Inc (NASDAQ:PENN) shares fell 7.9% during trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $26.82 and last traded at $27.11. 3,164,973 shares were traded during mid-day trading, an increase of 191% from the average session volume of 1,087,695 shares. The stock had previously closed at $29.45.

The company reported ($3.40) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($3.58). Penn National Gaming had a net margin of 26.16% and a negative return on equity of 20.51%. The company had revenue of $769.00 million for the quarter, compared to the consensus estimate of $766.82 million. During the same period in the prior year, the company earned $0.05 earnings per share. The firm’s revenue was up 3.5% on a year-over-year basis.

PENN has been the topic of a number of recent research reports. Telsey Advisory Group upped their price target on shares of Penn National Gaming from $23.00 to $26.00 and gave the company an “outperform” rating in a research note on Thursday, October 12th. Morgan Stanley upped their price target on shares of Penn National Gaming from $22.00 to $26.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Zacks Investment Research cut shares of Penn National Gaming from a “buy” rating to a “hold” rating in a research note on Wednesday, November 1st. TheStreet upgraded shares of Penn National Gaming from a “c+” rating to a “b+” rating in a research note on Monday, November 13th. Finally, Barclays upped their price target on shares of Penn National Gaming from $23.00 to $30.00 and gave the company an “overweight” rating in a research note on Monday, November 20th. Five equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Penn National Gaming presently has an average rating of “Buy” and an average target price of $28.73.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Wells Fargo & Company MN lifted its stake in Penn National Gaming by 14.7% in the 4th quarter. Wells Fargo & Company MN now owns 962,695 shares of the company’s stock worth $30,161,000 after purchasing an additional 123,549 shares in the last quarter. Alpine Associates Management Inc. purchased a new stake in Penn National Gaming in the 4th quarter worth approximately $8,511,000. LS Investment Advisors LLC purchased a new stake in Penn National Gaming in the 4th quarter worth approximately $127,000. Swiss National Bank lifted its stake in Penn National Gaming by 2.8% in the 4th quarter. Swiss National Bank now owns 147,800 shares of the company’s stock worth $4,631,000 after purchasing an additional 4,000 shares in the last quarter. Finally, California Public Employees Retirement System lifted its stake in Penn National Gaming by 7.6% in the 4th quarter. California Public Employees Retirement System now owns 227,228 shares of the company’s stock worth $7,119,000 after purchasing an additional 16,048 shares in the last quarter. Institutional investors and hedge funds own 98.33% of the company’s stock.

The company has a debt-to-equity ratio of 18.36, a current ratio of 0.82 and a quick ratio of 0.82. The company has a market cap of $2,795.05, a P/E ratio of 3.11 and a beta of 1.05.

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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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