Pinnacle Entertainment, Inc. (PNK) Price Target Raised to $28.00 at Bank of America Corporation
Pinnacle Entertainment, Inc. (NASDAQ:PNK) had its target price hoisted by investment analysts at Bank of America Corporation from $27.00 to $28.00 in a research report issued to clients and investors on Monday. The brokerage presently has a “buy” rating on the stock. Bank of America Corporation’s price objective indicates a potential upside of 12.04% from the company’s previous close.
Several other research firms have also weighed in on PNK. BidaskClub raised shares of Pinnacle Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, October 7th. Telsey Advisory Group upped their target price on shares of Pinnacle Entertainment from $27.00 to $28.00 and gave the stock an “outperform” rating in a report on Thursday, October 12th. Zacks Investment Research lowered shares of Pinnacle Entertainment from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and issued a $23.00 target price on shares of Pinnacle Entertainment in a report on Friday, August 11th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $22.83.
Pinnacle Entertainment (PNK) traded up 0.08% on Monday, reaching $25.01. 232,329 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $22.04 and a 200-day moving average of $22.04. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of 88.69 and a beta of 1.30. Pinnacle Entertainment has a 12 month low of $11.36 and a 12 month high of $25.26.
Pinnacle Entertainment (NASDAQ:PNK) last posted its earnings results on Thursday, August 10th. The company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $653.60 million during the quarter, compared to the consensus estimate of $647.36 million. During the same period in the previous year, the company posted ($8.04) EPS. The firm’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, equities analysts expect that Pinnacle Entertainment will post $0.75 earnings per share for the current year.
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In other Pinnacle Entertainment news, EVP Neil E. Walkoff sold 60,000 shares of the stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $19.14, for a total transaction of $1,148,400.00. Following the sale, the executive vice president now owns 282,076 shares of the company’s stock, valued at approximately $5,398,934.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Jaynie M. Studenmund sold 20,000 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $19.89, for a total transaction of $397,800.00. Following the sale, the director now directly owns 78,230 shares in the company, 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 large investors have recently modified their holdings of the business. Meeder Asset Management Inc. grew its holdings in Pinnacle Entertainment by 35.5% during the 3rd quarter. Meeder Asset Management Inc. now owns 8,266 shares of the company’s stock worth $176,000 after acquiring an additional 2,166 shares during the last quarter. USA Financial Portformulas Corp bought a new stake in Pinnacle Entertainment during the 2nd quarter worth about $492,000. Piedmont Investment Advisors LLC grew its holdings in Pinnacle Entertainment by 43.7% during the 2nd quarter. Piedmont Investment Advisors LLC now owns 38,842 shares of the company’s stock worth $768,000 after acquiring an additional 11,816 shares during the last quarter. Sterling Capital Management LLC grew its holdings in Pinnacle Entertainment by 0.6% during the 2nd quarter. Sterling Capital Management LLC now owns 52,670 shares of the company’s stock worth $1,041,000 after acquiring an additional 289 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Pinnacle Entertainment during the 2nd quarter worth about $277,000. 89.58% of the stock is currently owned by hedge funds and other institutional investors.
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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