Highline Capital Management Lowers stake in Penn National Gaming Inc (PENN)

Penn National Gaming Inc (PENN) : Highline Capital Management reduced its stake in Penn National Gaming Inc by 57.42% during the most recent quarter end. The investment management company now holds a total of 1,463,303 shares of Penn National Gaming Inc which is valued at $21,393,490 after selling 1,973,497 shares in Penn National Gaming Inc , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Penn National Gaming Inc makes up approximately 0.88% of Highline Capital Management’s portfolio.

Other Hedge Funds, Including , Arbor Capital Management sold out all of its stake in PENN during the most recent quarter. The investment firm sold 207,124 shares of PENN which is valued $3,028,153.Elk Creek Partners boosted its stake in PENN in the latest quarter, The investment management firm added 120,206 additional shares and now holds a total of 1,321,861 shares of Penn National Gaming Inc which is valued at $19,325,608. Penn National Gaming Inc makes up approx 1.25% of Elk Creek Partners’s portfolio.Massachusetts Financial Services Co reduced its stake in PENN by selling 2,128 shares or 5.85% in the most recent quarter. The Hedge Fund company now holds 34,275 shares of PENN which is valued at $501,101.Van Eck Associates Corp reduced its stake in PENN by selling 837 shares or 10.05% in the most recent quarter. The Hedge Fund company now holds 7,493 shares of PENN which is valued at $109,548. Spark Investment Management added PENN to its portfolio by purchasing 121,200 company shares during the most recent quarter which is valued at $1,771,944. Penn National Gaming Inc makes up approx 0.15% of Spark Investment Management’s portfolio.

Penn National Gaming Inc closed down -0.04 points or -0.28% at $14.14 with 5,27,068 shares getting traded on Thursday. Post opening the session at $14.25, the shares hit an intraday low of $14.06 and an intraday high of $14.38 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Penn National Gaming Inc reported $0.38 EPS for the quarter, beating the analyst consensus estimate by $ 0.10 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.28. The company had revenue of $769.40 million for the quarter, compared to analysts expectations of $777.71 million. The company’s revenue was up 9.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.03 EPS.

Many Wall Street Analysts have commented on Penn National Gaming Inc. Shares were Reiterated by Telsey Advisory Group on Jul 29, 2016 to “Outperform” and Lowered the Price Target to $ 21 from a previous price target of $25 .Penn National Gaming Inc was Upgraded by Macquarie to ” Outperform” on Jun 30, 2016. Penn National Gaming Inc was Upgraded by Morgan Stanley to ” Equal-Weight” on Jun 2, 2016.

Penn National Gaming Inc. is an owner and manager of gaming and pari-mutuel properties. The Company’s segments include the East/Midwest segment the West segment and the Southern Plains segment. The East/Midwest segment properties include Hollywood Casino at Charles Town Races Hollywood Casino at Penn National Race Course Hollywood Casino Lawrenceburg Hollywood Casino Toledo Hollywood Casino Columbus Hollywood Gaming at Dayton Raceway Hollywood Gaming at Mahoning Valley Race Course Hollywood Casino Bangor and Casino Rama. The West segment properties include Zia Park Casino and the M Resort. The Southern Plains segment properties include Hollywood Casino Aurora Hollywood Casino Joliet Argosy Casino Alton Hollywood Casino Gulf Coast Argosy Casino Riverside Hollywood Casino Tunica Boomtown Biloxi Hollywood Casino at Kansas Speedway and Hollywood Casino St. Louis. Tropicana Las Vegas Hotel and Casino Inc. is a subsidiary of the Company.

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