Insider Buying: Pinnacle Entertainment, Inc. (PNK) Chairman Acquires 21,600 Shares of Stock
Pinnacle Entertainment, Inc. (NASDAQ:PNK) Chairman Anthony Michael Sanfilippo bought 21,600 shares of the company’s stock in a transaction dated Thursday, September 14th. The stock was purchased at an average price of $18.85 per share, with a total value of $407,160.00. Following the completion of the transaction, the chairman now directly owns 828,562 shares in the company, valued at approximately $15,618,393.70. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of Pinnacle Entertainment, Inc. (PNK) traded up 3.45% during midday trading on Monday, hitting $20.10. 1,451,255 shares of the company traded hands. The stock has a market capitalization of $1.16 billion, a PE ratio of 71.28 and a beta of 1.31. Pinnacle Entertainment, Inc. has a 52 week low of $11.29 and a 52 week high of $22.10. The stock has a 50 day moving average of $19.12 and a 200-day moving average of $18.50.
Pinnacle Entertainment (NASDAQ:PNK) last issued its quarterly earnings results on Thursday, August 10th. The company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.07). Pinnacle Entertainment had a negative return on equity of 8.88% and a net margin of 0.68%. The company had revenue of $653.60 million for the quarter, compared to analysts’ expectations of $647.36 million. During the same quarter last year, the company earned ($8.04) EPS. Pinnacle Entertainment’s revenue for the quarter was up 15.4% compared to the same quarter last year. Equities analysts forecast that Pinnacle Entertainment, Inc. will post $0.79 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently modified their holdings of PNK. Meeder Asset Management Inc. purchased a new stake in Pinnacle Entertainment during the 2nd quarter worth about $121,000. Oppenheimer Asset Management Inc. purchased a new stake in Pinnacle Entertainment during the 1st quarter worth about $140,000. Pacad Investment Ltd. increased its holdings in Pinnacle Entertainment by 212.3% during the 2nd quarter. Pacad Investment Ltd. now owns 9,680 shares of the company’s stock worth $191,000 after purchasing an additional 6,580 shares during the period. Karp Capital Management Corp purchased a new stake in Pinnacle Entertainment during the 1st quarter worth about $220,000. Finally, Airain ltd purchased a new stake in Pinnacle Entertainment during the 1st quarter worth about $250,000. Institutional investors own 89.59% of the company’s stock.
Several equities research analysts recently issued reports on PNK shares. Zacks Investment Research raised shares of Pinnacle Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, August 12th. Barclays PLC lifted their price target on shares of Pinnacle Entertainment from $20.00 to $25.00 and gave the company an “overweight” rating in a report on Tuesday, May 30th. BidaskClub lowered shares of Pinnacle Entertainment from a “hold” rating to a “sell” rating in a report on Thursday, August 24th. Finally, 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. One research analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $21.83.
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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