Swiss National Bank Continues to Hold Stake in Pinnacle Entertainment, Inc. (PNK)
Swiss National Bank held its position in shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 89,200 shares of the company’s stock at the close of the second quarter. Swiss National Bank owned about 0.16% of Pinnacle Entertainment worth $1,763,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in PNK. Bank of New York Mellon Corp raised its position in Pinnacle Entertainment by 77.4% in the second quarter. Bank of New York Mellon Corp now owns 1,167,335 shares of the company’s stock worth $23,065,000 after acquiring an additional 509,133 shares during the period. Sound Point Capital Management LP bought a new position in Pinnacle Entertainment in the first quarter worth approximately $9,172,000. Schwab Charles Investment Management Inc. raised its position in Pinnacle Entertainment by 104.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 478,279 shares of the company’s stock worth $9,451,000 after acquiring an additional 244,057 shares during the period. Renaissance Technologies LLC bought a new position in Pinnacle Entertainment in the first quarter worth approximately $4,577,000. Finally, Spark Investment Management LLC raised its position in Pinnacle Entertainment by 171.9% in the second quarter. Spark Investment Management LLC now owns 351,300 shares of the company’s stock worth $6,941,000 after acquiring an additional 222,100 shares during the period. Institutional investors and hedge funds own 89.59% of the company’s stock.
In related news, Director Jaynie M. Studenmund sold 20,000 shares of the business’s stock in a transaction on Friday, August 25th. The shares were sold at an average price of $19.89, for a total value of $397,800.00. Following the completion of the transaction, the director now directly owns 78,230 shares in the company, valued at approximately $1,555,994.70. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Chairman Anthony Michael Sanfilippo bought 21,600 shares of the firm’s stock in a transaction that occurred on 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 purchase, the chairman now owns 828,562 shares in the company, valued at $15,618,393.70. The disclosure for this purchase can be found here. Insiders own 8.33% of the company’s stock.
Shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) opened at 24.45 on Friday. Pinnacle Entertainment, Inc. has a 52 week low of $11.36 and a 52 week high of $24.94. The stock has a 50 day moving average of $20.83 and a 200-day moving average of $20.83. The stock has a market capitalization of $1.41 billion, a PE ratio of 86.70 and a beta of 1.30.
Pinnacle Entertainment (NASDAQ:PNK) last posted its earnings results on Thursday, August 10th. The company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.07). Pinnacle Entertainment had a net margin of 0.68% and a negative return on equity of 8.88%. The firm had revenue of $653.60 million during the quarter, compared to analyst estimates of $647.36 million. During the same quarter in the prior year, the firm earned ($8.04) earnings per share. The business’s revenue for the quarter was up 15.4% on a year-over-year basis. On average, equities research analysts expect that Pinnacle Entertainment, Inc. will post $0.79 EPS for the current year.
Several research analysts have weighed in on the stock. BidaskClub upgraded shares of Pinnacle Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Investment Research downgraded shares of Pinnacle Entertainment from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $23.00 price target on shares of Pinnacle Entertainment in a research report on Friday, August 11th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Pinnacle Entertainment currently has a consensus rating of “Hold” and a consensus price target of $21.60.
Pinnacle Entertainment Company 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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