Analysts Expect Pinnacle Entertainment, Inc. (PNK) Will Post Quarterly Sales of $639.87 Million
Brokerages forecast that Pinnacle Entertainment, Inc. (NASDAQ:PNK) will post $639.87 million in sales for the current quarter, Zacks reports. Four analysts have made estimates for Pinnacle Entertainment’s earnings, with the lowest sales estimate coming in at $633.28 million and the highest estimate coming in at $645.40 million. Pinnacle Entertainment posted sales of $637.42 million in the same quarter last year, which suggests a positive year-over-year growth rate of 0.4%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, February 28th.
According to Zacks, analysts expect that Pinnacle Entertainment will report full year sales of $639.87 million for the current financial year, with estimates ranging from $2.57 billion to $2.59 billion. For the next fiscal year, analysts anticipate that the company will report sales of $2.62 billion per share, with estimates ranging from $2.60 billion to $2.64 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research firms that that provide coverage for Pinnacle Entertainment.
Pinnacle Entertainment (NASDAQ:PNK) last posted its earnings results on Tuesday, November 7th. The company reported $0.23 EPS for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.01. The company had revenue of $647.40 million for the quarter, compared to the consensus estimate of $652.13 million. Pinnacle Entertainment had a negative return on equity of 13.12% and a net margin of 1.23%. Pinnacle Entertainment’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.01) earnings per share.
PNK has been the topic of several recent research reports. Deutsche Bank AG upped their price objective on Pinnacle Entertainment from $20.00 to $27.00 and gave the company a “hold” rating in a research report on Wednesday, November 8th. Bank of America Corporation upped their price objective on Pinnacle Entertainment from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Zacks Investment Research upgraded Pinnacle Entertainment from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a research report on Saturday, November 11th. Stifel Nicolaus upped their target price on Pinnacle Entertainment from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Wednesday, November 8th. Finally, BidaskClub lowered Pinnacle Entertainment from a “hold” rating to a “sell” rating in a research note on Thursday, August 24th. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Pinnacle Entertainment currently has an average rating of “Buy” and an average target price of $27.57.
In other Pinnacle Entertainment news, Chairman Anthony Michael Sanfilippo purchased 21,600 shares of Pinnacle Entertainment 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 acquisition, the chairman now owns 828,562 shares of the company’s stock, valued at approximately $15,618,393.70. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jaynie M. Studenmund sold 20,000 shares of the stock in a transaction dated 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 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 corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Argent Capital Management LLC boosted its holdings in Pinnacle Entertainment by 58.0% in the third quarter. Argent Capital Management LLC now owns 159,300 shares of the company’s stock valued at $3,395,000 after purchasing an additional 58,475 shares during the last quarter. California Public Employees Retirement System lifted its holdings in Pinnacle Entertainment by 32.5% during the 3rd quarter. California Public Employees Retirement System now owns 240,036 shares of the company’s stock worth $5,115,000 after buying an additional 58,880 shares during the last quarter. Bamco Inc. NY lifted its holdings in Pinnacle Entertainment by 5.6% during the 3rd quarter. Bamco Inc. NY now owns 5,203,966 shares of the company’s stock worth $110,897,000 after buying an additional 275,100 shares during the last quarter. Highbridge Capital Management LLC lifted its holdings in Pinnacle Entertainment by 8.9% during the 3rd quarter. Highbridge Capital Management LLC now owns 40,136 shares of the company’s stock worth $856,000 after buying an additional 3,278 shares during the last quarter. Finally, Caxton Associates LP lifted its holdings in Pinnacle Entertainment by 50.3% during the 3rd quarter. Caxton Associates LP now owns 172,800 shares of the company’s stock worth $3,682,000 after buying an additional 57,800 shares during the last quarter. 89.48% of the stock is owned by hedge funds and other institutional investors.
Shares of Pinnacle Entertainment (PNK) opened at $28.47 on Friday. The company has a current ratio of 0.71, a quick ratio of 0.68 and a debt-to-equity ratio of -11.36. The company has a market capitalization of $1,630.00 and a price-to-earnings ratio of 37.45. Pinnacle Entertainment has a 12-month low of $13.30 and a 12-month high of $28.86.
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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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