Churchill Downs (NASDAQ:CHDN) Sets New 52-Week Low – Here’s Why

Churchill Downs Incorporated (NASDAQ:CHDN) hit a new 52-week low during trading on Thursday . The stock traded as low as $105.18 and last traded at $106.50, with a volume of 658805 shares traded. The stock had previously closed at $108.60.

Wall Street Analysts Forecast Growth

Several brokerages have commented on CHDN. JMP Securities restated a “market outperform” rating and set a $166.00 target price on shares of Churchill Downs in a research report on Thursday, January 16th. Stifel Nicolaus decreased their target price on shares of Churchill Downs from $164.00 to $161.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Wells Fargo & Company decreased their target price on shares of Churchill Downs from $165.00 to $158.00 and set an “overweight” rating on the stock in a research report on Friday, February 21st. Mizuho decreased their target price on shares of Churchill Downs from $151.00 to $148.00 and set an “outperform” rating on the stock in a research report on Wednesday, February 19th. Finally, StockNews.com lowered shares of Churchill Downs from a “hold” rating to a “sell” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $159.38.

Churchill Downs Stock Down 1.9 %

The firm has a market cap of $7.83 billion, a price-to-earnings ratio of 18.75, a P/E/G ratio of 2.95 and a beta of 0.93. 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 firm has a 50 day moving average price of $121.90 and a 200-day moving average price of $132.51.

Churchill Downs (NASDAQ:CHDN) last announced its earnings results on Wednesday, February 19th. The company reported $0.92 earnings per share for the quarter, missing the consensus estimate of $0.98 by ($0.06). Churchill Downs had a net margin of 15.61% and a return on equity of 43.67%. The firm had revenue of $624.20 million during the quarter, compared to analyst estimates of $620.21 million. On average, equities analysts forecast that Churchill Downs Incorporated will post 6.92 EPS for the current year.

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

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. raised its stake in Churchill Downs by 127.2% in the 4th quarter. Blue Trust Inc. now owns 184 shares of the company’s stock valued at $25,000 after purchasing an additional 103 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Churchill Downs in the 3rd quarter valued at about $27,000. Fortitude Family Office LLC raised its stake in Churchill Downs by 2,733.3% in the 4th quarter. Fortitude Family Office LLC now owns 255 shares of the company’s stock valued at $34,000 after purchasing an additional 246 shares during the last quarter. Eagle Bay Advisors LLC acquired a new position in Churchill Downs in the 4th quarter valued at about $55,000. Finally, R Squared Ltd acquired a new position in Churchill Downs in the 4th quarter valued at about $55,000. Institutional investors and hedge funds own 82.59% of the company’s stock.

About Churchill Downs

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.