Zacks Investment Research Downgrades Pinnacle Entertainment Inc. (PNK) to Strong Sell
Pinnacle Entertainment Inc. (NASDAQ:PNK) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.
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. “
Several other research analysts have also issued reports on the company. Bank of America Corp. started coverage on Pinnacle Entertainment in a research report on Monday, August 22nd. They set a “buy” rating and a $15.00 target price for the company. Deutsche Bank AG restated a “hold” rating and set a $12.00 target price on shares of Pinnacle Entertainment in a research report on Sunday, June 19th. Finally, TheStreet lowered Pinnacle Entertainment from a “buy” rating to a “hold” rating in a research report on Monday. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $24.14.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at https://www.americanbankingnews.com/2016/10/12/zacks-investment-research-downgrades-pinnacle-entertainment-inc-pnk-to-strong-sell.html
Pinnacle Entertainment (NASDAQ:PNK) opened at 12.66 on Wednesday. Pinnacle Entertainment has a 52-week low of $9.72 and a 52-week high of $12.86. The company’s 50-day moving average price is $12.07 and its 200-day moving average price is $11.31. The company’s market cap is $723.27 million.
Pinnacle Entertainment (NASDAQ:PNK) last announced its earnings results on Tuesday, August 9th. The company reported ($8.04) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by $8.17. Pinnacle Entertainment had a negative net margin of 19.62% and a negative return on equity of 30.68%. The business had revenue of $566.20 million for the quarter, compared to analysts’ expectations of $573 million. The business’s revenue was down 2.7% compared to the same quarter last year. Equities research analysts expect that Pinnacle Entertainment will post ($1.86) EPS for the current fiscal year.
In related news, CEO Anthony Michael Sanfilippo bought 20,750 shares of the stock in a transaction on Wednesday, September 14th. The stock was bought at an average price of $11.20 per share, for a total transaction of $232,400.00. Following the completion of the acquisition, the chief executive officer now directly owns 723,543 shares in the company, valued at $8,103,681.60. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.65% of the company’s stock.
A number of hedge funds have recently bought and sold shares of PNK. Renaissance Technologies LLC raised its stake in 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. Geode Capital Management LLC raised its stake in Pinnacle Entertainment by 7.2% in the first quarter. Geode Capital Management LLC now owns 412,370 shares of the company’s stock worth $14,474,000 after buying an additional 27,845 shares in the last quarter. Goldman Sachs Group Inc. raised 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 worth $24,144,000 after buying an additional 466,366 shares in the last quarter. AXA raised its stake in Pinnacle Entertainment by 254.4% in the first quarter. AXA now owns 71,600 shares of the company’s stock worth $2,513,000 after buying an additional 51,395 shares in the last quarter. Finally, State Street Corp raised its stake in Pinnacle Entertainment by 3.8% in the first quarter. State Street Corp now owns 1,218,950 shares of the company’s stock worth $42,793,000 after buying an additional 44,376 shares in the last quarter. Institutional investors own 95.17% 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 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Pinnacle Entertainment Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Entertainment Inc. and related companies with MarketBeat.com's FREE daily email newsletter.