Ethic Inc. Makes New $572,000 Investment in Churchill Downs Incorporated (NASDAQ:CHDN)

Ethic Inc. acquired a new position in Churchill Downs Incorporated (NASDAQ:CHDN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,282 shares of the company's stock, valued at approximately $572,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CHDN. Barclays PLC increased its stake in shares of Churchill Downs by 59.2% in the third quarter. Barclays PLC now owns 29,584 shares of the company's stock valued at $4,000,000 after buying an additional 11,006 shares in the last quarter. Park Avenue Securities LLC increased its position in Churchill Downs by 20.6% in the fourth quarter. Park Avenue Securities LLC now owns 10,943 shares of the company's stock worth $1,461,000 after purchasing an additional 1,871 shares during the period. Argent Capital Management LLC increased its position in Churchill Downs by 9.7% in the fourth quarter. Argent Capital Management LLC now owns 21,435 shares of the company's stock worth $2,862,000 after purchasing an additional 1,893 shares during the period. Artemis Investment Management LLP increased its position in Churchill Downs by 4.8% in the fourth quarter. Artemis Investment Management LLP now owns 355,567 shares of the company's stock worth $47,482,000 after purchasing an additional 16,373 shares during the period. Finally, MCF Advisors LLC acquired a new stake in Churchill Downs in the fourth quarter worth about $595,000. Institutional investors and hedge funds own 82.59% of the company's stock.

Churchill Downs Price Performance

Shares of NASDAQ:CHDN traded down $0.23 during mid-day trading on Monday, reaching $98.04. The stock had a trading volume of 733,683 shares, compared to its average volume of 561,407. The company has a current ratio of 0.57, a quick ratio of 0.55 and a debt-to-equity ratio of 4.47. The company has a market cap of $7.08 billion, a P/E ratio of 17.26, a price-to-earnings-growth ratio of 2.95 and a beta of 1.02. Churchill Downs Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21. The business's 50 day moving average price is $102.17 and its 200 day moving average price is $120.12.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.08 by ($0.01). Churchill Downs had a return on equity of 43.67% and a net margin of 15.61%. The firm had revenue of $642.60 million during the quarter, compared to the consensus estimate of $649.68 million. During the same period last year, the company earned $1.13 EPS. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. Research analysts expect that Churchill Downs Incorporated will post 6.92 EPS for the current fiscal year.

Churchill Downs Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.24%. Churchill Downs's dividend payout ratio is presently 7.12%.

Churchill Downs announced that its Board of Directors has authorized a stock repurchase program on Wednesday, March 12th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to buy up to 6.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have issued reports on CHDN. Mizuho reduced their target price on Churchill Downs from $148.00 to $140.00 and set an "outperform" rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company dropped their price target on Churchill Downs from $165.00 to $158.00 and set an "overweight" rating on the stock in a research note on Friday, February 21st. StockNews.com raised Churchill Downs from a "sell" rating to a "hold" rating in a report on Thursday, April 24th. Truist Financial reduced their price objective on Churchill Downs from $162.00 to $155.00 and set a "buy" rating on the stock in a research note on Wednesday, April 23rd. Finally, Barclays lowered their price objective on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $143.50.

Insider Activity at Churchill Downs

In other news, Director Douglas C. Grissom bought 10,000 shares of the business's stock in a transaction on Wednesday, May 7th. The shares were bought at an average price of $92.77 per share, with a total value of $927,700.00. Following the completion of the transaction, the director now directly owns 38,869 shares in the company, valued at $3,605,877.13. This trade represents a 34.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director R Alex Rankin acquired 2,000 shares of the business's stock in a transaction dated Monday, May 5th. The shares were bought at an average cost of $92.65 per share, for a total transaction of $185,300.00. Following the transaction, the director now directly owns 99,012 shares of the company's stock, valued at approximately $9,173,461.80. This trade represents a 2.06% increase in their position. The disclosure for this purchase can be found here. 5.34% of the stock is owned by company insiders.

Churchill Downs Company Profile

Churchill Downs Incorporated operates as a racing, online wagering, and gaming entertainment company in the United States. It operates through three segments: Live and Historical Racing, TwinSpires, and Gaming. The company operates pari-mutuel gaming entertainment venues; TwinSpires, an online wagering platform for horse racing, sports, and iGaming; retail sports books; casino gaming; and Terre Haute Casino Resort.