Nuveen Asset Management LLC Takes Position in Penn National Gaming, Inc (NASDAQ:PENN)

Nuveen Asset Management LLC acquired a new position in Penn National Gaming, Inc (NASDAQ:PENN) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 58,909 shares of the company’s stock, valued at approximately $1,109,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PENN. Quantamental Technologies LLC bought a new stake in Penn National Gaming during the 4th quarter valued at about $25,000. Quantbot Technologies LP bought a new stake in Penn National Gaming during the 3rd quarter valued at about $129,000. Advisors Asset Management Inc. lifted its holdings in Penn National Gaming by 9.7% during the 4th quarter. Advisors Asset Management Inc. now owns 4,714 shares of the company’s stock valued at $89,000 after buying an additional 417 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Penn National Gaming in the 4th quarter valued at about $97,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Penn National Gaming by 44.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,241 shares of the company’s stock valued at $136,000 after purchasing an additional 2,224 shares in the last quarter. 95.45% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:PENN traded down $0.07 during trading hours on Friday, hitting $21.22. 1,660,552 shares of the company were exchanged, compared to its average volume of 1,644,306. The company has a market cap of $2.48 billion, a PE ratio of 22.82, a P/E/G ratio of 1.49 and a beta of 1.85. Penn National Gaming, Inc has a 52-week low of $17.30 and a 52-week high of $36.90. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 12.90.

Penn National Gaming (NASDAQ:PENN) last released its earnings results on Thursday, February 7th. The company reported ($0.37) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.03. Penn National Gaming had a net margin of 2.61% and a return on equity of 47.01%. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.16 billion. During the same quarter in the previous year, the firm earned ($0.57) EPS. Penn National Gaming’s revenue was up 50.2% compared to the same quarter last year. As a group, analysts expect that Penn National Gaming, Inc will post 1.42 EPS for the current fiscal year.

Penn National Gaming announced that its Board of Directors has approved a stock repurchase plan on Wednesday, January 9th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the company to purchase up to 7.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Several equities research analysts have recently commented on PENN shares. Nomura upgraded shares of Penn National Gaming from a “neutral” rating to a “buy” rating and set a $24.17 price target for the company in a report on Thursday, January 17th. BidaskClub upgraded shares of Penn National Gaming from a “hold” rating to a “buy” rating in a report on Saturday, January 12th. Morgan Stanley set a $25.00 price target on shares of Penn National Gaming and gave the company a “hold” rating in a report on Thursday, February 14th. Finally, ValuEngine downgraded shares of Penn National Gaming from a “hold” rating to a “sell” rating in a research report on Wednesday, January 2nd. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $33.69.

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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 four segments: Northeast, South, West, and Midwest. As of December 31, 2018, it owned, managed, or had ownership interests in 40 facilities in 18 jurisdictions.

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

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