Pinnacle Entertainment Inc. (PNK) Downgraded to “Hold” at TheStreet
Pinnacle Entertainment Inc. (NASDAQ:PNK) was downgraded by equities researchers at TheStreet from a “buy” rating to a “hold” rating in a report released on Monday.
Several other equities analysts also recently commented on PNK. Zacks Investment Research raised shares of Pinnacle Entertainment from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 13th. Deutsche Bank AG reissued a “hold” rating and set a $12.00 target price on shares of Pinnacle Entertainment in a research report on Monday, June 27th. Finally, Bank of America Corp. began coverage on shares of Pinnacle Entertainment in a research report on Monday, August 22nd. They set a “buy” rating and a $15.00 target price on the stock. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Pinnacle Entertainment has a consensus rating of “Buy” and an average target price of $24.14.
Pinnacle Entertainment (NASDAQ:PNK) traded down 0.94% during trading on Monday, reaching $12.66. The company had a trading volume of 270,807 shares. The firm has a 50-day moving average price of $12.07 and a 200 day moving average price of $11.31. Pinnacle Entertainment has a 12-month low of $9.72 and a 12-month high of $12.86. The stock’s market cap is $723.27 million.
Pinnacle Entertainment (NASDAQ:PNK) last issued its quarterly earnings data on Tuesday, August 9th. The company reported ($8.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.13 by $8.17. The business earned $566.20 million during the quarter, compared to the consensus estimate of $573 million. Pinnacle Entertainment had a negative return on equity of 30.68% and a negative net margin of 19.62%. The company’s revenue was down 2.7% compared to the same quarter last year. Equities research analysts predict that Pinnacle Entertainment will post ($1.86) EPS for the current fiscal year.
In related news, CEO Anthony Michael Sanfilippo bought 20,750 shares of Pinnacle Entertainment stock in a transaction that occurred on Wednesday, September 14th. The stock was acquired at an average price of $11.20 per share, for a total transaction of $232,400.00. Following the completion of the purchase, the chief executive officer now owns 723,543 shares in the company, valued at $8,103,681.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.65% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in PNK. Franklin Resources Inc. boosted its stake in Pinnacle Entertainment by 9.7% in the first quarter. Franklin Resources Inc. now owns 1,745,344 shares of the company’s stock valued at $61,262,000 after buying an additional 153,789 shares during the last quarter. State Street Corp boosted its position in shares of Pinnacle Entertainment by 3.8% in the first quarter. State Street Corp now owns 1,218,950 shares of the company’s stock worth $42,793,000 after buying an additional 44,376 shares in the last quarter. Renaissance Technologies LLC boosted its position in shares of Pinnacle Entertainment by 18.0% in the first quarter. Renaissance Technologies LLC now owns 967,400 shares of the company’s stock worth $33,956,000 after buying an additional 147,900 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Pinnacle Entertainment by 210.5% in the first quarter. Goldman Sachs Group Inc. now owns 687,866 shares of the company’s stock worth $24,144,000 after buying an additional 466,366 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Pinnacle Entertainment by 19.4% in the first quarter. Canada Pension Plan Investment Board now owns 548,200 shares of the company’s stock worth $19,242,000 after buying an additional 88,900 shares in the last quarter. Institutional investors and hedge funds own 95.17% of the company’s stock.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc is an owner, operator and developer of casinos and related hospitality and entertainment facilities. The Company operates through three segments: Midwest, South and West. The properties in the Company’s Midwest segment include Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St.
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