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Churchill Downs Inc (CHDN) Stock: PAR Capital Management Lowers Stake Below 5%

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Paul Reeder and Edward Shapiro’s PAR Capital Management recently filed an amended Form 13G with the Securities and Exchange Commission in order to report unloading around 600,000 shares in Churchill Downs Inc (NASDAQ:CHDN). The fund’s stake now consists of 813,165 common shares, and amasses 4.9% of the float, having been lowered from 1.42 million shares held at the end of June.

Churchill Downs Inc (NASDAQ:CHDN) is a racing and online entertainment company, whose shares have decreased by 0.81% year-to-date. For the second quarter of 2016, the company disclosed earnings per share of $4.11 and revenue of $438.5 million, topping analysts’ estimates of $3.56 and $435.37 million, respectively. Recently, Imperial Capital reiterated its ‘Outperform’ rating on Churchill Downs’ stock and raised its price target on it to $165 from $145.

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The hedge fund interest in Churchill Downs Inc (NASDAQ:CHDN) among the funds in our database decreased to 16 investors with long positions as of June 30, down from 24 at the end of March. Among the investors who held the largest positions were Dmitry Balyasny’s Balyasny Asset Management (965,270 shares), Mario Gabelli’s GAMCO Investors (557,843 shares), and  Jim Simons’ Renaissance Technologies (91,775 shares).

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
PAR Investment Partners 813,165 813,165 813,165 4.9%
PAR Group 813,165 813,165 813,165 4.9%
PAR Capital Management, Inc 813,165 813,165 813,165 4.9%
Paul Reeder And Edward Shapiro
Paul Reeder And Edward Shapiro
PAR Capital Management

Page 1 of 7 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE
13G/A

Under the Securities Exchange Act of 1934

(Amendment No. 3)*

 

 

Churchill
Downs, Inc.

(Name of Issuer)

Common stock, par value $.01

(Title of Class of Securities)

171484108

(CUSIP Number)

Oct 21, 2016

(Date of Event Which Requires Filing of this Statement)

 

 

Check the appropriate box to
designate the rule pursuant to which this Schedule is filed:

¨ Rule 13d-1(b)

x Rule 13d-1(c)

¨ Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes).

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