Penn National Gaming, Inc (NASDAQ:PENN) was in 35 hedge funds’ portfolios at the end of September. PENN investors should be aware of a decrease in hedge fund interest lately. There were 36 hedge funds in hedge fund experts Insider Monkey’s database with PENN holdings at the end of the previous quarter.
Recently, Penn National Gaming’s Walter Bogumil, Vice President, Financial Analysis, participated in an audio webcast in conjunction with the Company’s participation at the Bank of American Merrill Lynch 2013 Leveraged Finance Conference to be held at the Boca Raton Resort & Club in Boca Raton, Florida, as 4-traders reported.
Now, let’s take a look at the key action regarding Penn National Gaming, Inc (NASDAQ:PENN).
Hedge fund activity in Penn National Gaming, Inc (NASDAQ:PENN)
At Q3′s end, a total of 35 of the hedge funds we track held long positions in this stock, a change of -3 percent from the second quarter. With hedgies’ sentiment swirling, there exists an “upper tier” of noteworthy hedge fund managers who were increasing their holdings meaningfully.
According to hedge fund experts at Insider Monkey, Paul Reeder and Edward Shapiro’s PAR Capital Management had the most valuable position in Penn National Gaming, Inc (NASDAQ:PENN), worth close to $244 million, comprising 7.5% of its total 13F portfolio. Coming in second is Dmitry Balyasny of Balyasny Asset Management, with a $166 million position; the fund has 2.2% of its 13F portfolio invested in the stock. Remaining hedgies that hold long positions include Christian Leone’s Luxor Capital Group, Leon Cooperman’s Omega Advisors and Paul Orlin and Alex Porter’s Amici Capital.
Seeing as Penn National Gaming, Inc (NASDAQ:PENN) has faced bearish sentiment from the aggregate hedge fund industry, it’s easy to see that there exists a select few hedgies who were dropping their entire stakes in third quarter. It’s worth mentioning that Rob Butts and Josh Clark’s Southpoint Capital Advisors dropped the largest investment of the “upper crust” of funds watched by Insider Monkey, worth an estimated $80 million in stock, and James Crichton and Adam Weiss of Scout Capital Management was right behind this move, as the fund dropped about $32.7 million worth. These transactions are important to note, as aggregate hedge fund interest dropped by 1 funds in third quarter.
How are insiders trading Penn National Gaming, Inc (NASDAQ:PENN)?
Insider buying is at its handiest when the primary stock in question has experienced transactions within the past half-year. Over the last six-month time frame, Penn National Gaming, Inc (NASDAQ:PENN) has experienced zero unique insiders purchasing, and 5 insider sales (see the details of insider trades here).
Let’s also review hedge fund and insider activity in other stocks similar to Penn National Gaming, Inc (NASDAQ:PENN). These stocks are Marriott Vacations Worldwide Corp (NYSE:VAC), Caesars Entertainment Corp (NASDAQ:CZR), Vail Resorts, Inc. (NYSE:MTN), Royal Caribbean Cruises Ltd. (NYSE:RCL), and MGM Resorts International (NYSE:MGM). This group of stocks are in the resorts & casinos industry and their market caps resemble PENN’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|Marriott Vacations Worldwide Corp (NYSE:VAC)||21||1||4|
|Caesars Entertainment Corp (NASDAQ:CZR)||27||0||1|
|Vail Resorts, Inc. (NYSE:MTN)||16||0||3|
|Royal Caribbean Cruises Ltd. (NYSE:RCL)||38||1||11|
|MGM Resorts International (NYSE:MGM)||40||0||6|
With 35 hedge funds holding Penn National Gaming, Inc, the stock is nearly as widely held as Royal Caribbean Cruises Ltd. and MGM Resorts International.