Penn National Gaming (NASDAQ:PENN) Posts Earnings Results, Misses Estimates By $0.14 EPS

Penn National Gaming (NASDAQ:PENN – Get Rating) issued its quarterly earnings data on Thursday. The company reported $0.29 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.14), MarketWatch Earnings reports. Penn National Gaming had a net margin of 7.13% and a return on equity of 13.17%. The company had revenue of $1.56 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the business posted $0.55 earnings per share. The firm’s revenue was up 22.7% on a year-over-year basis.

PENN stock traded down $2.23 during trading on Friday, hitting $34.33. The company had a trading volume of 5,678,619 shares, compared to its average volume of 3,675,319. The company has a fifty day moving average price of $40.93 and a two-hundred day moving average price of $48.36. The company has a current ratio of 1.96, a quick ratio of 1.96 and a debt-to-equity ratio of 2.78. The company has a market cap of $5.71 billion, a P/E ratio of 15.33 and a beta of 2.35. Penn National Gaming has a fifty-two week low of $33.92 and a fifty-two week high of $86.98.

In related news, Director Jane Scaccetti purchased 1,975 shares of the firm’s stock in a transaction that occurred on Thursday, February 17th. The shares were acquired at an average price of $49.70 per share, with a total value of $98,157.50. The purchase was disclosed in a legal filing with the SEC, which is available through this link. 1.81% of the stock is owned by insiders.

A number of institutional investors have recently bought and sold shares of PENN. Stifel Financial Corp boosted its stake in Penn National Gaming by 39.2% in the fourth quarter. Stifel Financial Corp now owns 288,166 shares of the company’s stock worth $14,941,000 after purchasing an additional 81,133 shares in the last quarter. Parametric Portfolio Associates LLC boosted its stake in Penn National Gaming by 26.7% in the fourth quarter. Parametric Portfolio Associates LLC now owns 276,929 shares of the company’s stock worth $14,359,000 after purchasing an additional 58,332 shares in the last quarter. MML Investors Services LLC boosted its stake in Penn National Gaming by 180.8% in the fourth quarter. MML Investors Services LLC now owns 28,629 shares of the company’s stock worth $1,484,000 after purchasing an additional 18,435 shares in the last quarter. Metropolitan Life Insurance Co NY boosted its stake in Penn National Gaming by 23.2% in the fourth quarter. Metropolitan Life Insurance Co NY now owns 19,439 shares of the company’s stock worth $1,008,000 after purchasing an additional 3,666 shares in the last quarter. Finally, State of Tennessee Treasury Department boosted its stake in Penn National Gaming by 13.1% in the fourth quarter. State of Tennessee Treasury Department now owns 28,392 shares of the company’s stock worth $1,472,000 after purchasing an additional 3,294 shares in the last quarter. 81.28% of the stock is currently owned by institutional investors.

Penn National Gaming announced that its Board of Directors has approved a stock buyback plan on Thursday, February 3rd that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 9.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

A number of research analysts recently weighed in on PENN shares. Susquehanna raised Penn National Gaming from a “neutral” rating to a “positive” rating and raised their price objective for the company from $34.00 to $65.00 in a research note on Wednesday, February 9th. Macquarie raised Penn National Gaming from a “neutral” rating to an “outperform” rating and cut their price objective for the company from $80.00 to $71.00 in a research note on Wednesday, January 26th. CBRE Group raised Penn National Gaming from a “hold” rating to a “buy” rating and lifted their price target for the stock from $60.00 to $62.00 in a research report on Friday, February 4th. Credit Suisse Group dropped their price target on Penn National Gaming from $128.00 to $99.00 and set an “outperform” rating on the stock in a research report on Tuesday, February 1st. Finally, StockNews.com began coverage on Penn National Gaming in a research report on Thursday, March 31st. They issued a “hold” rating on the stock. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $67.68.

About Penn National Gaming (Get Rating)

Penn National Gaming, Inc, together with its subsidiaries, owns and manages gaming and racing properties, and operates video gaming terminals. It operates through five segments: Northeast, South, West, Midwest, Interactive. The company offers casino gaming, online gaming, live racing, sports betting, and digital sports content.

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