PNK has been the topic of several other reports. Deutsche Bank AG reaffirmed a hold rating and set a $12.00 price objective on shares of Pinnacle Entertainment in a report on Monday, June 27th. Zacks Investment Research raised shares of Pinnacle Entertainment from a strong sell rating to a hold rating in a report on Wednesday, July 13th. Finally, Bank of America Corp. started coverage on shares of Pinnacle Entertainment in a report on Monday, August 22nd. They set a buy rating and a $15.00 price objective on the stock. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus target price of $24.14.
Pinnacle Entertainment (NASDAQ:PNK) traded down 0.94% during trading on Monday, hitting $12.66. 270,807 shares of the company were exchanged. The stock’s 50-day moving average is $12.07 and its 200-day moving average is $11.31. The company’s market capitalization is $723.27 million. Pinnacle Entertainment has a 12 month low of $9.72 and a 12 month high of $12.86.
Pinnacle Entertainment (NASDAQ:PNK) last announced its quarterly earnings results on Tuesday, August 9th. The company reported ($8.04) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.13 by $8.17. Pinnacle Entertainment had a negative return on equity of 30.68% and a negative net margin of 19.62%. The firm had revenue of $566.20 million for the quarter, compared to analysts’ expectations of $573 million. Pinnacle Entertainment’s revenue was down 2.7% compared to the same quarter last year. Equities research analysts anticipate that Pinnacle Entertainment will post ($1.86) earnings per share for the current year.
In other Pinnacle Entertainment news, CEO Anthony Michael Sanfilippo bought 20,750 shares of Pinnacle Entertainment stock in a transaction dated Wednesday, September 14th. The stock was acquired at an average cost of $11.20 per share, for a total transaction of $232,400.00. Following the completion of the transaction, the chief executive officer now directly owns 723,543 shares of the company’s stock, valued at $8,103,681.60. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.65% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in PNK. Goldman Sachs Group Inc. boosted its stake in Pinnacle Entertainment by 210.5% in the first quarter. Goldman Sachs Group Inc. now owns 687,866 shares of the company’s stock valued at $24,144,000 after buying an additional 466,366 shares during the last quarter. Goldentree Asset Management LP bought a new stake in shares of Pinnacle Entertainment during the first quarter worth $8,200,000. Franklin Resources Inc. boosted its stake in shares of Pinnacle Entertainment by 9.7% in the first quarter. Franklin Resources Inc. now owns 1,745,344 shares of the company’s stock worth $61,262,000 after buying an additional 153,789 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Pinnacle Entertainment by 18.0% in the first quarter. Renaissance Technologies LLC now owns 967,400 shares of the company’s stock worth $33,956,000 after buying an additional 147,900 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new stake in shares of Pinnacle Entertainment during the first quarter worth $4,984,000. Hedge funds and other institutional investors own 95.17% of the company’s stock.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc is an owner, operator and developer of casinos and related hospitality and entertainment facilities. The Company operates through three segments: Midwest, South and West. The properties in the Company’s Midwest segment include Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St.
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