Pinnacle Entertainment, Inc. (PNK) Shares Bought by Schwab Charles Investment Management Inc.
Schwab Charles Investment Management Inc. raised its stake in Pinnacle Entertainment, Inc. (NASDAQ:PNK) by 104.2% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 478,279 shares of the company’s stock after purchasing an additional 244,057 shares during the period. Schwab Charles Investment Management Inc. owned 0.83% of Pinnacle Entertainment worth $9,451,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 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 worth $3,114,000 after buying an additional 66,714 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Pinnacle Entertainment by 22.7% in the 1st quarter. Bank of New York Mellon Corp now owns 658,202 shares of the company’s stock worth $12,849,000 after acquiring an additional 121,806 shares in the last quarter. UBS Asset Management Americas Inc. grew its position in shares of Pinnacle Entertainment by 92.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 36,526 shares of the company’s stock worth $713,000 after acquiring an additional 17,585 shares in the last quarter. Karp Capital Management Corp acquired a new position in shares of Pinnacle Entertainment in the 1st quarter worth approximately $220,000. Finally, Parametric Portfolio Associates LLC grew its position in shares of Pinnacle Entertainment by 6.9% in the 1st quarter. Parametric Portfolio Associates LLC now owns 92,948 shares of the company’s stock worth $1,814,000 after acquiring an additional 5,999 shares in the last quarter. 89.59% of the stock is owned by institutional investors.
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Pinnacle Entertainment, Inc. (NASDAQ:PNK) opened at 21.77 on Wednesday. The firm has a 50-day moving average price of $20.39 and a 200-day moving average price of $20.39. The firm has a market capitalization of $1.26 billion, a P/E ratio of 77.20 and a beta of 1.30. Pinnacle Entertainment, Inc. has a 52 week low of $11.36 and a 52 week high of $22.05.
Pinnacle Entertainment (NASDAQ:PNK) last issued its earnings results on Thursday, August 10th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.07). The firm had revenue of $653.60 million during the quarter, compared to analyst estimates of $647.36 million. Pinnacle Entertainment had a net margin of 0.68% and a negative return on equity of 8.88%. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($8.04) earnings per share. Equities analysts forecast that Pinnacle Entertainment, Inc. will post $0.79 EPS for the current year.
A number of brokerages have recently weighed in on PNK. BidaskClub upgraded Pinnacle Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Stifel Nicolaus restated a “hold” rating and set a $23.00 price objective on shares of Pinnacle Entertainment in a research note on Friday, August 11th. Finally, Zacks Investment Research upgraded Pinnacle Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, August 12th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $21.83.
In other news, EVP Neil E. Walkoff sold 60,000 shares of the 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 completion of the transaction, the executive vice president now owns 282,076 shares in the company, valued at approximately $5,398,934.64. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Jaynie M. Studenmund sold 20,000 shares of the stock in a transaction on Friday, August 25th. The shares were sold at an average price of $19.89, for a total transaction of $397,800.00. Following the completion of the transaction, the director now owns 78,230 shares of the company’s stock, valued at approximately $1,555,994.70. The disclosure for this sale can be found here. 8.33% of the stock is owned by insiders.
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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