Pinnacle Entertainment, Inc. (PNK) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) from a hold rating to a buy rating in a research note released on Saturday morning. Zacks Investment Research currently has $30.00 price objective on the stock.
According to Zacks, “Pinnacle Entertainment is a diversified gaming company that owns and operates casinos in Indiana, Louisiana, Mississippi, Nevada and Argentina and is pursuing the development of a hotel and casino resort in Lake Charles, Louisiana. The Company also receives lease income from two card club casinos, both in the Los Angeles metropolitan area. “
PNK has been the subject of a number of other reports. Deutsche Bank AG lifted their price target on shares of Pinnacle Entertainment from $20.00 to $27.00 and gave the company a hold rating in a research report on Wednesday, November 8th. Telsey Advisory Group lifted their price target on shares of Pinnacle Entertainment from $27.00 to $28.00 and gave the company an outperform rating in a research report on Thursday, October 12th. Barclays PLC lifted their price objective on shares of Pinnacle Entertainment from $25.00 to $31.00 and gave the company an overweight rating in a report on Wednesday, November 8th. Bank of America Corporation lifted their price objective on shares of Pinnacle Entertainment from $28.00 to $30.00 and gave the company a buy rating in a report on Wednesday, November 8th. Finally, BidaskClub cut shares of Pinnacle Entertainment from a hold rating to a sell rating in a report on Thursday, August 24th. Four equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average price target of $27.57.
Shares of Pinnacle Entertainment (PNK) opened at $27.78 on Friday. Pinnacle Entertainment has a 12-month low of $13.30 and a 12-month high of $27.94. The firm has a market cap of $1,562.71, a PE ratio of 35.79, a price-to-earnings-growth ratio of 1.63 and a beta of 1.38. The company has a debt-to-equity ratio of -11.36, a quick ratio of 0.68 and a current ratio of 0.71.
Pinnacle Entertainment (NASDAQ:PNK) last announced its quarterly earnings results on Tuesday, November 7th. The company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.22 by $0.01. Pinnacle Entertainment had a net margin of 1.23% and a negative return on equity of 13.12%. The business had revenue of $647.40 million during the quarter, compared to analysts’ expectations of $652.13 million. During the same period last year, the business earned ($0.01) earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. equities research analysts anticipate that Pinnacle Entertainment will post 0.81 EPS for the current year.
In other news, Chairman Anthony Michael Sanfilippo purchased 21,600 shares of the stock in a transaction on Thursday, September 14th. The stock was bought at an average price of $18.85 per share, for a total transaction of $407,160.00. Following the acquisition, the chairman now directly owns 828,562 shares of the company’s stock, valued at approximately $15,618,393.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jaynie M. Studenmund sold 20,000 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders own 8.33% of the company’s stock.
Several large investors have recently modified their holdings of the company. Bamco Inc. NY lifted its position in shares of Pinnacle Entertainment by 1.2% during the 2nd quarter. Bamco Inc. NY now owns 4,928,866 shares of the company’s stock worth $97,394,000 after buying an additional 60,712 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Pinnacle Entertainment by 4.7% during the 2nd quarter. Vanguard Group Inc. now owns 4,501,854 shares of the company’s stock worth $88,957,000 after buying an additional 204,044 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Pinnacle Entertainment by 12.5% during the 3rd quarter. Jennison Associates LLC now owns 3,537,786 shares of the company’s stock worth $75,390,000 after buying an additional 393,813 shares during the last quarter. JPMorgan Chase & Co. lifted its position in shares of Pinnacle Entertainment by 56.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,326,851 shares of the company’s stock worth $49,608,000 after buying an additional 843,646 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Pinnacle Entertainment by 12.2% during the 2nd quarter. State Street Corp now owns 1,217,256 shares of the company’s stock worth $24,053,000 after buying an additional 132,136 shares during the last quarter. Institutional investors and hedge funds own 89.48% of the company’s stock.
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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