Kimelman & Baird LLC Buys New Shares in Churchill Downs Incorporated (NASDAQ:CHDN)

Kimelman & Baird LLC bought a new position in shares of Churchill Downs Incorporated (NASDAQ:CHDN) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 300 shares of the company’s stock, valued at approximately $42,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. UMB Bank n.a. boosted its stake in shares of Churchill Downs by 59.8% during the 1st quarter. UMB Bank n.a. now owns 286 shares of the company’s stock worth $35,000 after acquiring an additional 107 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of Churchill Downs in the 1st quarter valued at $44,000. CWM LLC boosted its position in shares of Churchill Downs by 36.8% in the 2nd quarter. CWM LLC now owns 439 shares of the company’s stock valued at $61,000 after purchasing an additional 118 shares during the period. Bank & Trust Co purchased a new position in Churchill Downs in the 2nd quarter worth about $84,000. Finally, GAMMA Investing LLC raised its holdings in Churchill Downs by 72.4% during the 2nd quarter. GAMMA Investing LLC now owns 612 shares of the company’s stock worth $85,000 after buying an additional 257 shares during the period. Institutional investors and hedge funds own 82.59% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. JMP Securities lifted their target price on shares of Churchill Downs from $158.00 to $166.00 and gave the stock a “market outperform” rating in a research report on Friday, July 26th. Mizuho lifted their price objective on shares of Churchill Downs from $143.00 to $157.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Jefferies Financial Group increased their target price on Churchill Downs from $153.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Bank of America upgraded Churchill Downs from a “neutral” rating to a “buy” rating and lifted their price target for the company from $145.00 to $155.00 in a report on Monday, August 12th. Finally, Truist Financial reissued a “buy” rating and issued a $166.00 price objective (up from $165.00) on shares of Churchill Downs in a research note on Friday, July 26th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Churchill Downs has an average rating of “Moderate Buy” and an average target price of $156.90.

Churchill Downs Price Performance

CHDN opened at $135.21 on Tuesday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 4.65. Churchill Downs Incorporated has a 1 year low of $106.45 and a 1 year high of $146.64. The stock has a fifty day moving average price of $137.64 and a 200 day moving average price of $133.74. The stock has a market cap of $9.94 billion, a price-to-earnings ratio of 30.11, a PEG ratio of 2.01 and a beta of 0.97.

Churchill Downs (NASDAQ:CHDN) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $2.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.71 by $0.18. Churchill Downs had a return on equity of 47.53% and a net margin of 15.61%. The business had revenue of $890.70 million during the quarter, compared to analyst estimates of $858.59 million. During the same period in the previous year, the company earned $2.24 EPS. The firm’s revenue was up 15.9% on a year-over-year basis. Analysts forecast that Churchill Downs Incorporated will post 6.13 EPS for the current fiscal year.

About Churchill Downs

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; and casino gaming.