M&T Bank Corp purchased a new position in shares of Penn National Gaming, Inc. (NASDAQ:PENN) in the third quarter, Holdings Channel reports. The fund purchased 9,785 shares of the company’s stock, valued at approximately $711,000.
A number of other hedge funds have also made changes to their positions in PENN. Vanguard Group Inc. boosted its position in Penn National Gaming by 15.6% during the 2nd quarter. Vanguard Group Inc. now owns 12,072,067 shares of the company’s stock worth $368,681,000 after acquiring an additional 1,628,758 shares during the period. Bamco Inc. NY boosted its position in Penn National Gaming by 13.2% during the 2nd quarter. Bamco Inc. NY now owns 12,142,267 shares of the company’s stock worth $370,825,000 after acquiring an additional 1,418,799 shares during the period. Kornitzer Capital Management Inc. KS acquired a new position in Penn National Gaming during the 2nd quarter worth $19,710,000. Gilder Gagnon Howe & Co. LLC boosted its position in Penn National Gaming by 1,556.2% during the 2nd quarter. Gilder Gagnon Howe & Co. LLC now owns 448,410 shares of the company’s stock worth $13,694,000 after acquiring an additional 421,335 shares during the period. Finally, Jackson Wealth Management LLC acquired a new position in Penn National Gaming during the 2nd quarter worth $8,857,000. Institutional investors own 87.81% of the company’s stock.
NASDAQ:PENN opened at $69.88 on Friday. The firm has a market capitalization of $10.85 billion, a price-to-earnings ratio of -9.48 and a beta of 2.59. Penn National Gaming, Inc. has a 1-year low of $3.75 and a 1-year high of $76.62. The company has a current ratio of 1.99, a quick ratio of 1.99 and a debt-to-equity ratio of 4.81. The business’s fifty day moving average price is $64.41 and its 200 day moving average price is $46.61.
Penn National Gaming (NASDAQ:PENN) last posted its quarterly earnings results on Thursday, October 29th. The company reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.48 by $0.45. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. Penn National Gaming had a negative return on equity of 15.63% and a negative net margin of 21.16%. Penn National Gaming’s quarterly revenue was down 16.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.38 earnings per share. Equities analysts forecast that Penn National Gaming, Inc. will post -0.36 earnings per share for the current year.
In other Penn National Gaming news, CAO Christine Labombard sold 13,400 shares of the business’s stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $66.36, for a total value of $889,224.00. Following the transaction, the chief accounting officer now owns 19,052 shares in the company, valued at $1,264,290.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Carl Sottosanti sold 63,940 shares of the business’s stock in a transaction dated Monday, October 26th. The shares were sold at an average price of $60.23, for a total value of $3,851,106.20. Following the completion of the transaction, the executive vice president now owns 115,256 shares in the company, valued at approximately $6,941,868.88. The disclosure for this sale can be found here. Insiders have sold 97,340 shares of company stock worth $6,131,330 over the last three months. 1.81% of the stock is owned by insiders.
Several brokerages have recently weighed in on PENN. Morgan Stanley upped their price objective on Penn National Gaming from $55.00 to $63.00 and gave the company an “equal weight” rating in a report on Friday, October 16th. Rosenblatt Securities upped their price objective on Penn National Gaming from $80.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, September 30th. Loop Capital began coverage on Penn National Gaming in a report on Monday, November 16th. They issued a “hold” rating and a $60.00 price objective for the company. Barclays upped their price objective on Penn National Gaming from $50.00 to $85.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Finally, BidaskClub lowered Penn National Gaming from a “strong-buy” rating to a “buy” rating in a report on Wednesday, October 28th. Three analysts have rated the stock with a sell rating, five have given a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $64.58.
About Penn National Gaming
Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals with a focus on slot machine entertainment. The company operates through four segments: Northeast, South, West, and Midwest. It also offers live sports betting at its properties in Indiana, Iowa, Mississippi, Nevada, Pennsylvania, and West Virginia; and operates online casino under the name of iCasino in Pennsylvania.
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