Texas Permanent School Fund Boosts Stake in Penn National Gaming, Inc (PENN)

Texas Permanent School Fund grew its stake in shares of Penn National Gaming, Inc (NASDAQ:PENN) by 32.3% in the fourth quarter, HoldingsChannel.com reports. The fund owned 70,778 shares of the company’s stock after purchasing an additional 17,298 shares during the period. Texas Permanent School Fund’s holdings in Penn National Gaming were worth $1,333,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. First Trust Advisors LP raised its holdings in shares of Penn National Gaming by 110.4% during the third quarter. First Trust Advisors LP now owns 189,913 shares of the company’s stock valued at $6,252,000 after acquiring an additional 99,670 shares in the last quarter. US Bancorp DE raised its holdings in shares of Penn National Gaming by 151.8% during the third quarter. US Bancorp DE now owns 30,999 shares of the company’s stock valued at $1,020,000 after acquiring an additional 18,687 shares in the last quarter. Engineers Gate Manager LP bought a new position in shares of Penn National Gaming during the third quarter valued at approximately $204,000. Comerica Bank raised its holdings in shares of Penn National Gaming by 24.1% during the third quarter. Comerica Bank now owns 121,839 shares of the company’s stock valued at $3,063,000 after acquiring an additional 23,640 shares in the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Penn National Gaming by 6.5% during the third quarter. Wells Fargo & Company MN now owns 516,695 shares of the company’s stock valued at $17,009,000 after acquiring an additional 31,741 shares in the last quarter. Institutional investors own 92.83% of the company’s stock.

A number of equities analysts recently commented on the company. BidaskClub upgraded Penn National Gaming from a “strong sell” rating to a “sell” rating in a report on Friday, December 7th. ValuEngine downgraded Penn National Gaming from a “hold” rating to a “sell” rating in a report on Wednesday, January 2nd. Zacks Investment Research upgraded Penn National Gaming from a “strong sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Nomura upgraded Penn National Gaming from a “neutral” rating to a “buy” rating and set a $24.17 target price for the company in a report on Thursday, January 17th. Finally, Morgan Stanley set a $23.00 price target on Penn National Gaming and gave the stock a “hold” rating in a research note on Thursday, December 20th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. Penn National Gaming currently has a consensus rating of “Hold” and a consensus price target of $33.69.

PENN stock traded up $0.42 during midday trading on Friday, hitting $22.28. The stock had a trading volume of 22,025 shares, compared to its average volume of 1,846,172. The stock has a market cap of $2.64 billion, a price-to-earnings ratio of 23.73, a PEG ratio of 1.56 and a beta of 1.89. Penn National Gaming, Inc has a 52-week low of $17.30 and a 52-week high of $36.90. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 12.90.

Penn National Gaming (NASDAQ:PENN) last issued its quarterly earnings results on Thursday, February 7th. The company reported ($0.37) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.40) by $0.03. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.16 billion. Penn National Gaming had a return on equity of 47.01% and a net margin of 2.61%. The firm’s revenue for the quarter was up 50.2% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.57) earnings per share. Equities research analysts expect that Penn National Gaming, Inc will post 1.45 earnings per share for the current fiscal year.

Penn National Gaming announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 9th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

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Penn National Gaming Company Profile

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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Institutional Ownership by Quarter for Penn National Gaming (NASDAQ:PENN)

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