Pinnacle Entertainment, Inc. (PNK) PT Raised to $28.00
Pinnacle Entertainment, Inc. (NASDAQ:PNK) had its price target hoisted by equities researchers at Telsey Advisory Group from $27.00 to $28.00 in a note issued to investors on Thursday. The brokerage currently has an “outperform” rating on the stock. Telsey Advisory Group’s price target indicates a potential upside of 15.75% from the stock’s current price.
A number of other research analysts have also recently commented on the stock. BidaskClub upgraded shares of Pinnacle Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Stifel Nicolaus reiterated a “hold” rating and set a $23.00 target price on shares of Pinnacle Entertainment in a report on Friday, August 11th. Finally, Zacks Investment Research upgraded shares of Pinnacle Entertainment from a “sell” rating to a “hold” rating in a report on Saturday, August 12th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $21.80.
Shares of Pinnacle Entertainment (NASDAQ PNK) opened at 24.19 on Thursday. Pinnacle Entertainment has a 1-year low of $11.36 and a 1-year high of $24.94. The stock has a market capitalization of $1.40 billion, a PE ratio of 85.78 and a beta of 1.30. The firm has a 50-day moving average of $21.25 and a 200 day moving average of $21.25.
Pinnacle Entertainment (NASDAQ:PNK) last released its earnings results on Thursday, August 10th. The company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.07). Pinnacle Entertainment had a negative return on equity of 8.88% and a net margin of 0.68%. The company had revenue of $653.60 million during the quarter, compared to analysts’ expectations of $647.36 million. During the same period last year, the firm posted ($8.04) EPS. Pinnacle Entertainment’s quarterly revenue was up 15.4% compared to the same quarter last year. Analysts predict that Pinnacle Entertainment will post $0.77 EPS for the current year.
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In other news, Director Jaynie M. Studenmund sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $19.89, for a total transaction of $397,800.00. Following the sale, the director now owns 78,230 shares of the company’s stock, valued at approximately $1,555,994.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Anthony Michael Sanfilippo acquired 21,600 shares of the company’s stock in a transaction dated Thursday, September 14th. The shares were purchased at an average cost of $18.85 per share, for a total transaction of $407,160.00. Following the purchase, the chairman now directly owns 828,562 shares in the company, valued at $15,618,393.70. The disclosure for this purchase can be found here. 8.33% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Bamco Inc. NY grew its stake 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 purchasing an additional 60,712 shares during the period. Vanguard Group Inc. grew its stake 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 purchasing an additional 204,044 shares during the period. Jennison Associates LLC grew its stake in shares of Pinnacle Entertainment by 2.1% during the 2nd quarter. Jennison Associates LLC now owns 3,143,973 shares of the company’s stock worth $62,125,000 after purchasing an additional 65,105 shares during the period. JPMorgan Chase & Co. grew its stake in shares of Pinnacle Entertainment by 469.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,483,205 shares of the company’s stock worth $29,308,000 after purchasing an additional 1,222,680 shares during the period. Finally, State Street Corp grew its stake 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 purchasing an additional 132,136 shares during the period. 89.59% of the stock is currently owned by institutional investors and hedge funds.
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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