Zacks Investment Research downgraded shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) from a buy rating to a hold rating in a research report report published on Tuesday morning.
According to Zacks, “Pinnacle Entertainment is a diversified gaming company that owns and operates casinos in Indiana, Louisiana, Mississippi, Nevada and Argentina and is pursuing the development of a hotel and casino resort in Lake Charles, Louisiana. The Company also receives lease income from two card club casinos, both in the Los Angeles metropolitan area. “
Other research analysts also recently issued research reports about the company. BidaskClub raised Pinnacle Entertainment from a sell rating to a hold rating in a research note on Monday, September 18th. Stifel Nicolaus reaffirmed a hold rating and issued a $23.00 price target on shares of Pinnacle Entertainment in a research note on Friday, August 11th. Barclays PLC boosted their price target on Pinnacle Entertainment from $25.00 to $31.00 and gave the company an overweight rating in a research note on Wednesday, November 8th. Deutsche Bank AG boosted their price target on Pinnacle Entertainment from $20.00 to $27.00 and gave the company a hold rating in a research note on Wednesday, November 8th. Finally, Bank of America Corporation boosted their price target on Pinnacle Entertainment from $27.00 to $28.00 and gave the company a buy rating in a research note on Monday, October 23rd. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $27.57.
Pinnacle Entertainment (NASDAQ:PNK) last posted its quarterly earnings results on Tuesday, November 7th. The company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.01. The business had revenue of $647.40 million during the quarter, compared to the consensus estimate of $652.13 million. Pinnacle Entertainment had a negative return on equity of 13.12% and a net margin of 1.23%. Pinnacle Entertainment’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.01) earnings per share. sell-side analysts expect that Pinnacle Entertainment will post 0.81 EPS for the current year.
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In other Pinnacle Entertainment news, Chairman Anthony Michael Sanfilippo bought 21,600 shares of the firm’s stock in a transaction on Thursday, September 14th. The shares were purchased at an average price of $18.85 per share, for a total transaction of $407,160.00. Following the completion of the transaction, the chairman now directly owns 828,562 shares in the company, valued at approximately $15,618,393.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jaynie M. Studenmund sold 20,000 shares of Pinnacle Entertainment stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $19.89, for a total value of $397,800.00. Following the completion of the transaction, the director now owns 78,230 shares in the company, valued at approximately $1,555,994.70. The disclosure for this sale can be found here. Insiders own 8.33% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its position in Pinnacle Entertainment by 469.3% in the second quarter. JPMorgan Chase & Co. now owns 1,483,205 shares of the company’s stock valued at $29,308,000 after acquiring an additional 1,222,680 shares during the last quarter. Chicago Equity Partners LLC grew its position in Pinnacle Entertainment by 216.8% in the second quarter. Chicago Equity Partners LLC now owns 193,050 shares of the company’s stock valued at $3,815,000 after acquiring an additional 132,115 shares during the last quarter. Renaissance Technologies LLC grew its holdings in shares of Pinnacle Entertainment by 339.8% during the second quarter. Renaissance Technologies LLC now owns 1,031,300 shares of the company’s stock worth $20,378,000 after purchasing an additional 796,800 shares during the last quarter. Sound Point Capital Management LP grew its holdings in shares of Pinnacle Entertainment by 35.8% during the second quarter. Sound Point Capital Management LP now owns 638,102 shares of the company’s stock worth $12,609,000 after purchasing an additional 168,203 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Pinnacle Entertainment by 31.4% during the second quarter. Cubist Systematic Strategies LLC now owns 16,711 shares of the company’s stock worth $330,000 after purchasing an additional 3,991 shares during the last quarter. Hedge funds and other institutional investors own 89.48% of the company’s stock.
Pinnacle Entertainment Company Profile
Pinnacle Entertainment, Inc is an owner, operator and developer of casinos and related hospitality and entertainment businesses. The Company operates through three segments: Midwest, South and West. The Company’s Midwest segment includes Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St.
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