Engineers Gate Manager LP Buys 29,807 Shares of Churchill Downs, Incorporated $CHDN

Key Points

• Engineers Gate Manager LP more than doubled its Churchill Downs stake in the second quarter, purchasing 29,807 additional shares and ending with 54,890 shares worth approximately $4.92 million.
• Analysts remain broadly positive, with 10 Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of $134.89.
• Churchill Downs reported second-quarter EPS of $3.45, in line with estimates, while revenue reached $980 million, up 4.9% year over year and slightly above expectations.

Engineers Gate Manager LP grew its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) by 118.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 54,890 shares of the company's stock after acquiring an additional 29,807 shares during the period. Engineers Gate Manager LP owned about 0.08% of Churchill Downs worth $4,920,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the business. Measured Wealth Private Client Group LLC purchased a new stake in shares of Churchill Downs in the 3rd quarter worth approximately $25,000. Kimelman & Baird LLC purchased a new stake in Churchill Downs in the second quarter valued at about $27,000. Geneos Wealth Management Inc. boosted its stake in Churchill Downs by 1,364.7% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the company's stock worth $28,000 after purchasing an additional 232 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of Churchill Downs during the second quarter worth $29,000. Finally, Parkside Financial Bank & Trust lifted its position in Churchill Downs by 293.8% during the 4th quarter. Parkside Financial Bank & Trust now owns 256 shares of the company's stock worth $29,000 after acquiring an additional 191 shares during the period. 82.59% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Weiss Ratings raised shares of Churchill Downs from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, September 2nd. Citizens Jmp dropped their price target on shares of Churchill Downs from $149.00 to $137.00 and set a "market outperform" rating on the stock in a research report on Friday, July 31st. Jefferies Financial Group reaffirmed a "buy" rating on shares of Churchill Downs in a report on Thursday, July 2nd. Wolfe Research started coverage on shares of Churchill Downs in a research report on Wednesday, September 2nd. They issued an "outperform" rating and a $119.00 price objective for the company. Finally, Truist Financial set a $145.00 target price on Churchill Downs in a research report on Friday, June 12th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, Churchill Downs currently has an average rating of "Moderate Buy" and a consensus target price of $134.89.

Churchill Downs Stock Performance

Shares of Churchill Downs stock opened at $83.86 on Friday. The business's 50 day moving average price is $86.90 and its 200 day moving average price is $88.29. The company has a debt-to-equity ratio of 3.06, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $5.85 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 0.80 and a beta of 0.67. Churchill Downs, Incorporated has a one year low of $79.40 and a one year high of $118.35.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $3.45 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $3.45. The firm had revenue of $980.00 million during the quarter, compared to analyst estimates of $977.38 million. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. Churchill Downs's quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.10 earnings per share. On average, research analysts predict that Churchill Downs, Incorporated will post 7.14 EPS for the current year.

Churchill Downs Company Profile

Churchill Downs Incorporated is a gaming, entertainment and racing company headquartered in Louisville, Kentucky. The company owns and operates Churchill Downs Racetrack, home of the Kentucky Derby, as well as other thoroughbred racing venues, casinos, racinos and historical horse racing facilities.

Its operations include live and historical horse racing, casino gaming, video lottery and other gaming activities, hospitality, dining and entertainment. Through its TwinSpires business, Churchill Downs also provides online horse-racing wagering and related digital betting services in jurisdictions where such activities are permitted.

Founded in 1875, Churchill Downs has expanded from its namesake racetrack into a diversified gaming and entertainment company.

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