Telsey Advisory Group Raises Pinnacle Entertainment Inc. (PNK) Price Target to $20.00
Pinnacle Entertainment Inc. (NASDAQ:PNK) had its target price lifted by Telsey Advisory Group from $18.00 to $20.00 in a research note issued to investors on Friday morning. The firm currently has an outperform rating on the stock.
Several other brokerages have also recently issued reports on PNK. Zacks Investment Research cut shares of Pinnacle Entertainment from a hold rating to a strong sell rating in a report on Wednesday, October 12th. TheStreet cut shares of Pinnacle Entertainment from a buy rating to a hold rating in a report on Monday, October 10th. Finally, Bank of America Corp. assumed coverage on shares of Pinnacle Entertainment in a report on Monday, August 22nd. They set a buy rating and a $15.00 target price for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. Pinnacle Entertainment has a consensus rating of Buy and a consensus target price of $24.00.
Shares of Pinnacle Entertainment (NASDAQ:PNK) opened at 13.65 on Friday. The stock’s market capitalization is $760.30 million. The stock’s 50 day moving average is $12.44 and its 200 day moving average is $11.54. Pinnacle Entertainment has a 12 month low of $9.72 and a 12 month high of $14.05.
Pinnacle Entertainment (NASDAQ:PNK) last issued its earnings results on Thursday, November 10th. The company reported ($0.01) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.04. Pinnacle Entertainment had a negative net margin of 20.10% and a negative return on equity of 415.78%. The firm earned $595.20 million during the quarter, compared to analysts’ expectations of $592.91 million. During the same quarter last year, the company posted $0.36 earnings per share. The firm’s revenue was up 2.9% compared to the same quarter last year. Analysts anticipate that Pinnacle Entertainment will post ($0.63) earnings per share for the current fiscal year.
In other Pinnacle Entertainment news, CEO Anthony Michael Sanfilippo purchased 20,750 shares of the stock in a transaction that occurred on Wednesday, September 14th. The shares were purchased at an average cost of $11.20 per share, for a total transaction of $232,400.00. Following the completion of the transaction, the chief executive officer now owns 723,543 shares of the company’s stock, valued at approximately $8,103,681.60. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.65% of the company’s stock.
Institutional investors have recently bought and sold shares of the stock. Springbok Capital Management LLC purchased a new position in Pinnacle Entertainment during the first quarter valued at $585,000. AXA raised its position in Pinnacle Entertainment by 254.4% in the first quarter. AXA now owns 71,600 shares of the company’s stock valued at $2,513,000 after buying an additional 51,395 shares during the last quarter. Teachers Advisors Inc. raised its position in Pinnacle Entertainment by 0.8% in the first quarter. Teachers Advisors Inc. now owns 91,806 shares of the company’s stock valued at $3,222,000 after buying an additional 726 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Pinnacle Entertainment during the first quarter valued at $4,984,000. Finally, Goldentree Asset Management LP purchased a new position in Pinnacle Entertainment during the first quarter valued at $8,200,000. Institutional investors own 95.89% 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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