64,006 Churchill Downs, Incorporated $CHDN Shares Acquired by Skylands Capital LLC

Skylands Capital LLC boosted its stake in shares of Churchill Downs, Incorporated (NASDAQ:CHDN) by 62.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 167,256 shares of the company’s stock after purchasing an additional 64,006 shares during the quarter. Churchill Downs comprises approximately 1.6% of Skylands Capital LLC’s investment portfolio, making the stock its 15th biggest position. Skylands Capital LLC’s holdings in Churchill Downs were worth $12,658,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Engineers Gate Manager LP lifted its stake in shares of Churchill Downs by 118.8% during the 2nd quarter. Engineers Gate Manager LP now owns 54,890 shares of the company’s stock worth $4,920,000 after buying an additional 29,807 shares during the last quarter. BlackRock Inc. bought a new stake in shares of Churchill Downs during the 2nd quarter worth about $555,948,000. Bridger Management LLC bought a new stake in shares of Churchill Downs during the 2nd quarter worth about $5,126,000. Aurora Investment Counsel bought a new stake in shares of Churchill Downs during the 2nd quarter worth about $2,265,000. Finally, Commerce Bank acquired a new position in Churchill Downs in the 2nd quarter valued at about $604,000. 82.59% of the stock is currently owned by institutional investors and hedge funds.

Churchill Downs Stock Down 0.3%

CHDN opened at $82.79 on Thursday. Churchill Downs, Incorporated has a fifty-two week low of $73.08 and a fifty-two week high of $118.35. 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 capitalization of $5.77 billion, a P/E ratio of 14.20, a P/E/G ratio of 0.87 and a beta of 0.77. The stock has a fifty day moving average of $83.48 and a 200-day moving average of $86.59.

Churchill Downs (NASDAQ:CHDN) last released its quarterly earnings results on Wednesday, July 29th. The company reported $3.45 EPS for the quarter, meeting the consensus estimate of $3.45. Churchill Downs had a net margin of 13.82% and a return on equity of 42.16%. The business had revenue of $980.00 million for the quarter, compared to the consensus estimate of $977.38 million. During the same period in the prior year, the company posted $3.10 earnings per share. Churchill Downs’s revenue was up 4.9% compared to the same quarter last year. On average, equities analysts expect that Churchill Downs, Incorporated will post 7.04 EPS for the current year.

Analyst Upgrades and Downgrades

CHDN has been the topic of several research analyst reports. Jefferies Financial Group reissued a “buy” rating on shares of Churchill Downs in a report on Thursday, July 2nd. Wells Fargo & Company restated an “overweight” rating and set a $120.00 price objective (up from $117.00) on shares of Churchill Downs in a research report on Monday. Mizuho boosted their price objective on Churchill Downs from $155.00 to $157.00 and gave the stock an “outperform” rating in a report on Monday, August 3rd. Weiss Ratings upgraded Churchill Downs from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, September 2nd. Finally, Truist Financial decreased their target price on Churchill Downs from $145.00 to $140.00 and set a “buy” rating on the stock in a research report on Tuesday. Eleven analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $131.80.

Key Headlines Impacting Churchill Downs

Here are the key news stories impacting Churchill Downs this week:

• Positive Sentiment: Truist reported that Churchill Downs’ regional casinos are attracting significant interest, potentially from Boyd Gaming and Monarch Casino & Resort. Possible strategic activity or asset-sale interest could highlight the value of the company’s casino operations. Truist: Churchill Downs Regional Casinos Drawing Ample Interest
• Positive Sentiment: Churchill Downs named Visa its preferred payment partner for the Kentucky Derby, potentially supporting smoother transactions and customer engagement at one of the company’s highest-profile events. Churchill Downs Names Visa Preferred Payment Partner for Kentucky Derby
• Neutral Sentiment: Susquehanna cut its price target from $124 to $115 but retained a positive rating. JPMorgan reduced its target from $123 to $118 while maintaining an overweight rating, and Truist lowered its target from $145 to $140 while keeping a buy rating. The revisions reduce near-term expectations, although all three firms still see substantial upside from recent levels. Analyst price target updates
• Negative Sentiment: Wall Street is preparing for Churchill Downs’ upcoming earnings report, but Zacks said the company lacks the two key indicators typically associated with a likely earnings beat. That may be weighing on the stock ahead of results, despite expectations for year-over-year earnings growth. Churchill Downs Reports Next Week: Wall Street Expects Earnings Growth

About Churchill Downs

Churchill Downs Incorporated (NASDAQ: CHDN) is a gaming, racing and entertainment company best known for operating Churchill Downs Racetrack in Louisville, Kentucky, the home of the Kentucky Derby. The company traces its history to the opening of Churchill Downs in 1875 and has expanded its operations beyond traditional Thoroughbred racing.

Its business activities include live and historical horse racing, pari-mutuel wagering, casino gaming, video lottery and related entertainment offerings.