6,050 Shares in Churchill Downs, Incorporated (NASDAQ:CHDN) Acquired by Skylands Capital LLC

Skylands Capital LLC bought a new stake in Churchill Downs, Incorporated (NASDAQ:CHDN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 6,050 shares of the company's stock, valued at approximately $672,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Churchill Downs by 159.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 412 shares of the company's stock valued at $46,000 after purchasing an additional 253 shares during the period. Central Pacific Bank Trust Division boosted its position in Churchill Downs by 39.6% in the first quarter. Central Pacific Bank Trust Division now owns 455 shares of the company's stock valued at $51,000 after buying an additional 129 shares during the last quarter. Covestor Ltd increased its holdings in Churchill Downs by 46.8% in the 4th quarter. Covestor Ltd now owns 929 shares of the company's stock worth $124,000 after buying an additional 296 shares during the period. Larson Financial Group LLC raised its position in Churchill Downs by 119,900.0% during the 4th quarter. Larson Financial Group LLC now owns 1,200 shares of the company's stock worth $160,000 after buying an additional 1,199 shares during the last quarter. Finally, Machina Capital S.A.S. purchased a new position in Churchill Downs during the 4th quarter worth approximately $202,000. Hedge funds and other institutional investors own 82.59% of the company's stock.

Churchill Downs Price Performance

Shares of Churchill Downs stock traded up $0.74 on Wednesday, hitting $104.94. The company's stock had a trading volume of 465,630 shares, compared to its average volume of 586,752. The company has a debt-to-equity ratio of 4.49, a quick ratio of 0.53 and a current ratio of 0.53. Churchill Downs, Incorporated has a 1 year low of $85.58 and a 1 year high of $150.21. The firm has a fifty day moving average price of $96.25 and a 200-day moving average price of $110.70. The company has a market capitalization of $7.58 billion, a price-to-earnings ratio of 18.67, a price-to-earnings-growth ratio of 2.61 and a beta of 0.95.

Churchill Downs (NASDAQ:CHDN - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The company reported $1.07 EPS for the quarter, missing the consensus estimate of $1.08 by ($0.01). The business had revenue of $642.60 million during the quarter, compared to analyst estimates of $649.68 million. Churchill Downs had a net margin of 15.19% and a return on equity of 40.73%. The firm's revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the previous year, the business posted $1.13 earnings per share. As a group, sell-side analysts anticipate that Churchill Downs, Incorporated will post 6.92 earnings per share for the current fiscal year.

Churchill Downs declared that its Board of Directors has authorized a share buyback plan on Wednesday, March 12th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 6.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CHDN shares. JMP Securities cut their price objective on shares of Churchill Downs from $144.00 to $138.00 and set a "market outperform" rating on the stock in a research note on Tuesday, May 27th. Mizuho lowered their price target on shares of Churchill Downs from $137.00 to $134.00 and set an "outperform" rating on the stock in a report on Friday, May 23rd. JPMorgan Chase & Co. assumed coverage on Churchill Downs in a research note on Monday, June 23rd. They set an "overweight" rating and a $116.00 price objective for the company. Jefferies Financial Group decreased their price objective on Churchill Downs from $160.00 to $127.00 and set a "buy" rating for the company in a report on Friday, April 25th. Finally, Barclays dropped their target price on Churchill Downs from $125.00 to $124.00 and set an "overweight" rating on the stock in a report on Friday, April 25th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $139.91.

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.