Churchill Downs Inc. (CHDN) Short Interest Update
Churchill Downs Inc. (NASDAQ:CHDN) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 955,078 shares, a decrease of 33.4% from the October 14th total of 1,435,101 shares. Approximately 7.1% of the shares of the stock are sold short. Based on an average trading volume of 94,994 shares, the days-to-cover ratio is presently 10.1 days.
A number of equities analysts have commented on CHDN shares. Zacks Investment Research cut Churchill Downs from a “buy” rating to a “hold” rating in a report on Monday, October 10th. Telsey Advisory Group dropped their price target on Churchill Downs from $176.00 to $172.00 and set an “outperform” rating for the company in a research report on Monday, October 31st. Imperial Capital restated an “outperform” rating and issued a $165.00 price target (up from $145.00) on shares of Churchill Downs in a research report on Friday, October 14th. JPMorgan Chase & Co. started coverage on Churchill Downs in a research report on Thursday, September 22nd. They issued a “neutral” rating and a $160.00 price target for the company. Finally, Gabelli upgraded Churchill Downs from a “hold” rating to a “buy” rating in a research report on Friday, August 5th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $159.33.
Churchill Downs (NASDAQ:CHDN) opened at 142.15 on Friday. The stock has a market capitalization of $2.33 billion, a price-to-earnings ratio of 27.29 and a beta of 0.69. Churchill Downs has a 12 month low of $118.76 and a 12 month high of $151.48. The company has a 50-day moving average price of $141.32 and a 200 day moving average price of $136.35.
Churchill Downs (NASDAQ:CHDN) last posted its quarterly earnings results on Thursday, October 27th. The company reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.95 by $0.43. Churchill Downs had a net margin of 6.82% and a return on equity of 13.60%. The company had revenue of $303.40 million for the quarter, compared to analyst estimates of $301.86 million. During the same quarter in the previous year, the business posted $0.24 earnings per share. Churchill Downs’s revenue was up 8.4% on a year-over-year basis. Equities analysts predict that Churchill Downs will post $5.68 earnings per share for the current year.
The business also recently declared an annual dividend, which will be paid on Friday, January 6th. Stockholders of record on Friday, December 2nd will be given a dividend of $1.32 per share. This represents a dividend yield of 0.97%. This is an increase from Churchill Downs’s previous annual dividend of $1.15. The ex-dividend date is Wednesday, November 30th. Churchill Downs’s dividend payout ratio (DPR) is presently 22.03%.
In other Churchill Downs news, Director Robert L. Evans sold 5,000 shares of the stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $147.50, for a total transaction of $737,500.00. Following the completion of the transaction, the director now owns 194,235 shares of the company’s stock, valued at $28,649,662.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 19.05% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. HBK Investments L P bought a new stake in Churchill Downs during the first quarter worth about $680,000. Nationwide Fund Advisors increased its stake in Churchill Downs by 255.2% in the second quarter. Nationwide Fund Advisors now owns 29,265 shares of the company’s stock worth $3,698,000 after buying an additional 21,026 shares during the last quarter. Emerald Mutual Fund Advisers Trust increased its stake in Churchill Downs by 268.2% in the second quarter. Emerald Mutual Fund Advisers Trust now owns 90,989 shares of the company’s stock worth $11,497,000 after buying an additional 66,278 shares during the last quarter. Emerald Advisers Inc. PA increased its stake in Churchill Downs by 283.5% in the second quarter. Emerald Advisers Inc. PA now owns 86,708 shares of the company’s stock worth $10,956,000 after buying an additional 64,101 shares during the last quarter. Finally, Bruderman Asset Management LLC bought a new stake in Churchill Downs during the second quarter worth about $140,000. Institutional investors own 72.10% of the company’s stock.
About Churchill Downs
Churchill Downs Incorporated is a racing, gaming and online entertainment company. The Company operates in six segments: Racing, Casinos, TwinSpires, Big Fish Games, Inc (Big Fish Games), Other Investments and Corporate. The racing segment includes its four trace tracks: Churchill Downs Racetrack, Arlington International Race Course, Fair Grounds Race Course and Calder Race Course.
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