Accel Entertainment, Inc. $ACEL Shares Sold by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Accel Entertainment by 27.3%, now holding 138,305 shares worth approximately $1.37 million.
• Multiple hedge funds have adjusted their positions, with Swiss National Bank increasing its stake by 1.7%, and Vanguard Group Inc. raising its holdings by 1.2% during the first quarter.
• Wall Street analysts have set optimistic price targets for Accel Entertainment, with Macquarie recommending an "outperform" rating and a target price of $16.00.

Connor Clark & Lunn Investment Management Ltd. lessened its holdings in Accel Entertainment, Inc. (NYSE:ACEL - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 138,305 shares of the company's stock after selling 51,945 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.16% of Accel Entertainment worth $1,372,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Accel Entertainment by 1.2% in the first quarter. Vanguard Group Inc. now owns 3,506,347 shares of the company's stock worth $34,783,000 after acquiring an additional 40,524 shares in the last quarter. Invesco Ltd. boosted its holdings in Accel Entertainment by 13.1% in the fourth quarter. Invesco Ltd. now owns 731,261 shares of the company's stock worth $7,810,000 after acquiring an additional 84,891 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Accel Entertainment by 3.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 690,173 shares of the company's stock worth $7,370,000 after acquiring an additional 23,745 shares in the last quarter. Northern Trust Corp boosted its holdings in Accel Entertainment by 11.1% in the fourth quarter. Northern Trust Corp now owns 488,463 shares of the company's stock worth $5,217,000 after acquiring an additional 48,639 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Accel Entertainment by 70.0% in the fourth quarter. JPMorgan Chase & Co. now owns 483,401 shares of the company's stock worth $5,163,000 after acquiring an additional 199,092 shares in the last quarter. Institutional investors and hedge funds own 55.39% of the company's stock.

Insider Transactions at Accel Entertainment

In related news, insider Derek Harmer sold 5,000 shares of Accel Entertainment stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $11.50, for a total transaction of $57,500.00. Following the completion of the sale, the insider owned 202,880 shares of the company's stock, valued at $2,333,120. The trade was a 2.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gordon Rubenstein sold 29,000 shares of the business's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $11.24, for a total value of $325,960.00. Following the completion of the transaction, the director directly owned 14,117 shares of the company's stock, valued at $158,675.08. The trade was a 67.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 143,674 shares of company stock worth $1,633,408. 18.33% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ACEL. Macquarie reissued an "outperform" rating and issued a $16.00 price target on shares of Accel Entertainment in a report on Tuesday, May 6th. Northland Securities raised their price target on Accel Entertainment to $15.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $15.50.

Accel Entertainment Stock Performance

Shares of Accel Entertainment stock traded up $0.1150 on Thursday, reaching $11.3150. 222,810 shares of the stock were exchanged, compared to its average volume of 437,383. The company has a quick ratio of 2.56, a current ratio of 2.64 and a debt-to-equity ratio of 2.15. Accel Entertainment, Inc. has a twelve month low of $9.02 and a twelve month high of $13.27. The firm has a market capitalization of $953.74 million, a price-to-earnings ratio of 28.29 and a beta of 1.32. The business has a 50 day moving average price of $11.87 and a two-hundred day moving average price of $11.30.

Accel Entertainment Company Profile

Accel Entertainment, Inc, together with its subsidiaries, operates as a distributed gaming operator in the United States. It is involved in the installation, maintenance, and operation of gaming terminals; redemption devices that disburse winnings and contain automated teller machine (ATM) functionality; and other amusement devices in authorized non-casino locations, such as restaurants, bars, taverns, convenience stores, liquor stores, truck stops, and grocery stores.