Marshall Wace LLP Has $1.43 Million Stake in Penn National Gaming, Inc (NASDAQ:PENN)
Marshall Wace LLP grew its position in Penn National Gaming, Inc (NASDAQ:PENN) by 142.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,451 shares of the company’s stock after buying an additional 24,931 shares during the quarter. Marshall Wace LLP’s holdings in Penn National Gaming were worth $1,426,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. SeaCrest Wealth Management LLC acquired a new stake in shares of Penn National Gaming in the second quarter valued at $128,000. Connable Office Inc. acquired a new position in Penn National Gaming during the 2nd quarter worth $208,000. PHH Investments Ltd. acquired a new position in Penn National Gaming during the 2nd quarter worth $252,000. Commonwealth Equity Services LLC acquired a new position in Penn National Gaming during the 2nd quarter worth $275,000. Finally, Mackay Shields LLC acquired a new position in Penn National Gaming during the 1st quarter worth $247,000. 98.95% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Timothy J. Wilmott sold 5,987 shares of the business’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $36.35, for a total value of $217,627.45. Following the completion of the sale, the chief executive officer now directly owns 518,854 shares of the company’s stock, valued at approximately $18,860,342.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Saul Reibstein sold 6,694 shares of the business’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $35.00, for a total value of $234,290.00. Following the completion of the sale, the director now directly owns 25,642 shares of the company’s stock, valued at $897,470. The disclosure for this sale can be found here. 10.56% of the stock is currently owned by insiders.
Penn National Gaming (NASDAQ:PENN) last released its quarterly earnings data on Thursday, July 26th. The company reported $0.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.08. Penn National Gaming had a return on equity of 268.43% and a net margin of 18.02%. The business had revenue of $826.91 million during the quarter, compared to analysts’ expectations of $840.15 million. During the same period in the prior year, the firm posted $0.18 EPS. The business’s quarterly revenue was up 3.8% compared to the same quarter last year. On average, equities research analysts predict that Penn National Gaming, Inc will post 1.75 EPS for the current year.
PENN has been the subject of several analyst reports. BidaskClub raised Penn National Gaming from a “hold” rating to a “buy” rating in a research note on Friday, June 22nd. Morgan Stanley boosted their target price on Penn National Gaming from $31.00 to $36.00 and gave the stock an “equal weight” rating in a research note on Tuesday, June 26th. Bank of America boosted their target price on Penn National Gaming from $36.50 to $38.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 17th. UBS Group cut Penn National Gaming from a “buy” rating to a “hold” rating in a research note on Thursday, July 26th. Finally, ValuEngine cut Penn National Gaming from a “buy” rating to a “hold” rating in a research note on Thursday, July 26th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $36.67.
Penn National Gaming 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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