Pacad Investment Ltd. Increases Holdings in Pinnacle Entertainment, Inc. (PNK)
Pacad Investment Ltd. raised its holdings in shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) by 212.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,680 shares of the company’s stock after purchasing an additional 6,580 shares during the quarter. Pacad Investment Ltd.’s holdings in Pinnacle Entertainment were worth $191,000 at the end of the most recent reporting period.
A number of other institutional investors have also made changes to their positions in PNK. UBS Asset Management Americas Inc. acquired a new stake in Pinnacle Entertainment during the 4th quarter valued at $275,000. Teachers Advisors LLC acquired a new stake in Pinnacle Entertainment during the 4th quarter valued at $1,363,000. Russell Investments Group Ltd. lifted its holdings in Pinnacle Entertainment by 71.9% during the 1st quarter. Russell Investments Group Ltd. now owns 159,537 shares of the company’s stock valued at $3,114,000 after purchasing an additional 66,714 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Pinnacle Entertainment by 22.7% during the 1st quarter. Bank of New York Mellon Corp now owns 658,202 shares of the company’s stock valued at $12,849,000 after purchasing an additional 121,806 shares during the last quarter. Finally, Karp Capital Management Corp acquired a new stake in Pinnacle Entertainment during the 1st quarter valued at $220,000. 89.82% of the stock is owned by institutional investors and hedge funds.
Several brokerages have issued reports on PNK. BidaskClub downgraded Pinnacle Entertainment from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. Stifel Nicolaus reaffirmed a “hold” rating and set a $23.00 price target on shares of Pinnacle Entertainment in a report on Friday, August 11th. Zacks Investment Research raised Pinnacle Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, August 12th. Barclays PLC raised their price target on Pinnacle Entertainment from $20.00 to $25.00 and gave the company an “overweight” rating in a report on Tuesday, May 30th. Finally, ValuEngine raised Pinnacle Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, May 20th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Pinnacle Entertainment presently has an average rating of “Hold” and an average price target of $21.83.
In other news, Director Jaynie M. Studenmund sold 20,000 shares of the company’s stock in a transaction on Friday, August 25th. The stock was sold at an average price of $19.89, for a total transaction of $397,800.00. Following the transaction, the director now owns 78,230 shares of the company’s stock, valued at approximately $1,555,994.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Neil E. Walkoff sold 60,000 shares of the company’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $19.14, for a total value of $1,148,400.00. Following the transaction, the executive vice president now directly owns 282,076 shares in the company, valued at approximately $5,398,934.64. The disclosure for this sale can be found here. 8.33% of the stock is owned by corporate insiders.
Shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) opened at 18.84 on Thursday. Pinnacle Entertainment, Inc. has a 12-month low of $11.10 and a 12-month high of $19.17. The stock’s 50 day moving average price is $19.08 and its 200-day moving average price is $18.00. The firm has a market cap of $1.09 billion, a P/E ratio of 66.81 and a beta of 1.31.
Pinnacle Entertainment (NASDAQ:PNK) last announced its quarterly earnings data on Thursday, August 10th. The company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.07). The business had revenue of $653.60 million during the quarter, compared to the consensus estimate of $647.36 million. Pinnacle Entertainment had a net margin of 0.68% and a negative return on equity of 8.88%. The firm’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same quarter last year, the company earned ($8.04) EPS. On average, analysts predict that Pinnacle Entertainment, Inc. will post $0.81 earnings per share for the current fiscal year.
Pinnacle Entertainment Profile
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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