Pinnacle Entertainment (PNK) Downgraded by Citigroup

Citigroup lowered shares of Pinnacle Entertainment (NASDAQ:PNK) to a hold rating in a research note released on Tuesday, The Fly reports.

PNK has been the topic of a number of other research reports. Zacks Investment Research raised Pinnacle Entertainment from a hold rating to a buy rating and set a $30.00 price target on the stock in a research report on Saturday, November 11th. Bank of America increased their price target on Pinnacle Entertainment from $28.00 to $30.00 and gave the company a buy rating in a research report on Wednesday, November 8th. Telsey Advisory Group increased their price target on Pinnacle Entertainment from $27.00 to $28.00 and gave the company an outperform rating in a research report on Thursday, October 12th. Deutsche Bank increased their price target on Pinnacle Entertainment from $20.00 to $27.00 and gave the company a hold rating in a research report on Wednesday, November 8th. Finally, BidaskClub raised Pinnacle Entertainment from a buy rating to a strong-buy rating in a research report on Tuesday, November 7th. Eight research 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 stock has an average rating of Hold and an average price target of $27.57.

Pinnacle Entertainment (NASDAQ PNK) traded up $0.73 during mid-day trading on Tuesday, reaching $32.89. The company’s stock had a trading volume of 1,435,800 shares, compared to its average volume of 543,156. The company has a quick ratio of 0.68, a current ratio of 0.71 and a debt-to-equity ratio of -11.36. The firm has a market cap of $2,084.73, a price-to-earnings ratio of 42.32, a P/E/G ratio of 1.92 and a beta of 1.44. Pinnacle Entertainment has a 52 week low of $13.61 and a 52 week high of $33.59.

Pinnacle Entertainment (NASDAQ:PNK) last posted its quarterly earnings results on Tuesday, November 7th. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. The company had revenue of $647.40 million for the quarter, compared to analyst estimates 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 last year, the company earned ($0.01) EPS. equities analysts anticipate that Pinnacle Entertainment will post 0.81 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC raised its position in shares of Pinnacle Entertainment by 0.6% during the 2nd quarter. Sterling Capital Management LLC now owns 52,670 shares of the company’s stock worth $1,041,000 after acquiring an additional 289 shares in the last quarter. Prudential Financial Inc. raised its position in shares of Pinnacle Entertainment by 0.8% during the 2nd quarter. Prudential Financial Inc. now owns 39,897 shares of the company’s stock worth $788,000 after acquiring an additional 330 shares in the last quarter. Voya Investment Management LLC raised its position in shares of Pinnacle Entertainment by 7.5% during the 2nd 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 in the last quarter. Meeder Asset Management Inc. raised its position in shares of Pinnacle Entertainment by 35.5% during the 3rd 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 in the last quarter. Finally, State Board of Administration of Florida Retirement System raised its position in shares of Pinnacle Entertainment by 4.6% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 53,119 shares of the company’s stock worth $1,132,000 after acquiring an additional 2,335 shares in the last quarter. 92.73% of the stock is currently owned by institutional investors and hedge funds.

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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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