Pinnacle Entertainment Inc. (PNK) Downgraded to Strong Sell at Zacks Investment Research
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. “
A number of other brokerages also recently commented on PNK. TheStreet downgraded shares of Pinnacle Entertainment from a buy rating to a hold rating in a research note on Monday. Bank of America Corp. assumed coverage on shares of Pinnacle Entertainment in a research note on Monday, August 22nd. They issued a buy rating and a $15.00 price objective for the company. Finally, Deutsche Bank AG reissued a hold rating and issued a $12.00 price objective on shares of Pinnacle Entertainment in a research note on Sunday, June 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $24.14.
Pinnacle Entertainment (NASDAQ:PNK) opened at 12.66 on Wednesday. The stock has a 50 day moving average price of $12.08 and a 200-day moving average price of $11.32. The stock’s market capitalization is $723.27 million. Pinnacle Entertainment has a 1-year low of $9.72 and a 1-year high of $12.86.
Pinnacle Entertainment (NASDAQ:PNK) last posted its quarterly earnings results on Tuesday, August 9th. The company reported ($8.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $8.17. Pinnacle Entertainment had a negative net margin of 19.62% and a negative return on equity of 30.68%. The company had revenue of $566.20 million for the quarter, compared to the consensus estimate of $573 million. The firm’s revenue was down 2.7% compared to the same quarter last year. Equities research analysts expect that Pinnacle Entertainment will post ($1.86) EPS for the current year.
In other Pinnacle Entertainment news, CEO Anthony Michael Sanfilippo purchased 20,750 shares of the stock in a transaction on Wednesday, September 14th. The shares were bought at an average cost of $11.20 per share, with a total value of $232,400.00. Following the completion of the acquisition, the chief executive officer now owns 723,543 shares in the company, valued at $8,103,681.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 5.65% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of PNK. Acrospire Investment Management LLC purchased a new position in shares of Pinnacle Entertainment during the first quarter worth $116,000. Huntington Asset Advisors Inc. bought a new position in Pinnacle Entertainment during the first quarter valued at $369,000. Aperio Group LLC increased its position in Pinnacle Entertainment by 21.9% in the first quarter. Aperio Group LLC now owns 15,091 shares of the company’s stock valued at $530,000 after buying an additional 2,707 shares during the period. Springbok Capital Management LLC bought a new position in Pinnacle Entertainment during the first quarter valued at $585,000. Finally, Anandar Capital Management LP bought a new position in Pinnacle Entertainment during the first quarter valued at $1,053,000. 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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