$639.87 Million in Sales Expected for Pinnacle Entertainment, Inc. (PNK) This Quarter

Wall Street brokerages expect Pinnacle Entertainment, Inc. (NASDAQ:PNK) to announce $639.87 million in sales for the current fiscal quarter, according to Zacks. Four analysts have provided estimates for Pinnacle Entertainment’s earnings, with estimates ranging from $633.28 million to $645.40 million. Pinnacle Entertainment posted sales of $637.42 million in the same quarter last year, which suggests a positive year-over-year growth rate of 0.4%. The company is expected to issue its next quarterly earnings report on Wednesday, February 28th.

According to Zacks, analysts expect that Pinnacle Entertainment will report full-year sales of $639.87 million for the current financial year, with estimates ranging from $2.57 billion to $2.59 billion. For the next year, analysts expect that the company will report sales of $2.62 billion per share, with estimates ranging from $2.60 billion to $2.64 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that that provide coverage for Pinnacle Entertainment.

Pinnacle Entertainment (NASDAQ:PNK) last announced its earnings results on Tuesday, November 7th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.01. The company had revenue of $647.40 million during the quarter, compared to analyst estimates of $652.13 million. Pinnacle Entertainment had a net margin of 1.23% and a negative return on equity of 13.12%. The firm’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.01) earnings per share.

A number of research firms have recently commented on PNK. Bank of America Corporation increased their price target on shares of Pinnacle Entertainment from $27.00 to $28.00 and gave the company a “buy” rating in a report on Monday, October 23rd. BidaskClub upgraded shares of Pinnacle Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, October 7th. Zacks Investment Research raised shares of Pinnacle Entertainment from a “hold” rating to a “buy” rating and set a $30.00 target price for the company in a research note on Saturday, November 11th. Deutsche Bank AG raised their target price on shares of Pinnacle Entertainment from $20.00 to $27.00 and gave the company a “hold” rating in a research note on Wednesday, November 8th. Finally, Stifel Nicolaus raised their target price on shares of Pinnacle Entertainment from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, November 8th. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. Pinnacle Entertainment has a consensus rating of “Buy” and an average price target of $27.57.

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In other news, Director Jaynie M. Studenmund sold 20,000 shares of the stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $19.89, for a total transaction of $397,800.00. Following the sale, the director now owns 78,230 shares of the company’s stock, valued at $1,555,994.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Anthony Michael Sanfilippo bought 21,600 shares of Pinnacle Entertainment stock in a transaction that occurred on Thursday, September 14th. The stock was purchased at an average cost of $18.85 per share, for a total transaction of $407,160.00. Following the acquisition, the chairman now owns 828,562 shares of the company’s stock, valued at $15,618,393.70. The disclosure for this purchase can be found here. Corporate insiders own 8.33% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the business. Sterling Capital Management LLC raised its holdings in Pinnacle Entertainment by 0.6% during the second quarter. Sterling Capital Management LLC now owns 52,670 shares of the company’s stock worth $1,041,000 after purchasing an additional 289 shares in the last quarter. Prudential Financial Inc. raised its holdings in Pinnacle Entertainment by 0.8% during the second quarter. Prudential Financial Inc. now owns 39,897 shares of the company’s stock worth $788,000 after purchasing an additional 330 shares in the last quarter. Voya Investment Management LLC grew its position in shares of Pinnacle Entertainment by 7.5% during the second quarter. Voya Investment Management LLC now owns 28,303 shares of the company’s stock worth $559,000 after acquiring an additional 1,974 shares during the last quarter. Meeder Asset Management Inc. grew its position in shares of Pinnacle Entertainment by 35.5% during the third quarter. Meeder Asset Management Inc. now owns 8,266 shares of the company’s stock worth $176,000 after acquiring an additional 2,166 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its position in Pinnacle Entertainment by 4.6% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 53,119 shares of the company’s stock valued at $1,132,000 after buying an additional 2,335 shares during the last quarter. 92.62% of the stock is currently owned by institutional investors.

Shares of Pinnacle Entertainment (NASDAQ PNK) traded up $0.21 during trading hours on Friday, hitting $29.12. 704,099 shares of the stock traded hands, compared to its average volume of 506,773. The company has a market capitalization of $1,640.00 and a P/E ratio of 37.46. The company has a current ratio of 0.71, a quick ratio of 0.68 and a debt-to-equity ratio of -11.36. Pinnacle Entertainment has a 52-week low of $13.30 and a 52-week high of $29.14.

About Pinnacle Entertainment

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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