Pinnacle Entertainment Inc (NASDAQ:PNK) – Analysts at SunTrust Banks reduced their FY2017 earnings per share estimates for Pinnacle Entertainment in a research report issued to clients and investors on Monday. SunTrust Banks analyst P. Scholes now forecasts that the company will post earnings of $0.74 per share for the year, down from their prior estimate of $0.77. SunTrust Banks currently has a “Average” rating and a $35.00 target price on the stock. SunTrust Banks also issued estimates for Pinnacle Entertainment’s Q4 2017 earnings at $0.08 EPS, FY2018 earnings at $0.95 EPS and FY2019 earnings at $1.09 EPS.
A number of other research firms have also commented on PNK. ValuEngine lowered Pinnacle Entertainment from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. Citigroup lowered Pinnacle Entertainment to a “hold” rating in a research note on Tuesday, December 19th. Zacks Investment Research lowered Pinnacle Entertainment from a “buy” rating to a “hold” rating in a research note on Tuesday, November 14th. BidaskClub upgraded Pinnacle Entertainment from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 7th. Finally, Bank of America raised their price objective on Pinnacle Entertainment from $27.00 to $28.00 and gave the stock a “buy” rating in a research note on Monday, October 23rd. Nine research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Pinnacle Entertainment presently has a consensus rating of “Hold” and an average target price of $30.14.
Pinnacle Entertainment (NASDAQ:PNK) last released its quarterly earnings results on Tuesday, November 7th. The company reported $0.23 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.01. The business had revenue of $647.40 million during the quarter, compared to analysts’ expectations of $652.13 million. Pinnacle Entertainment had a negative return on equity of 13.12% and a net margin of 1.23%. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period last year, the firm posted ($0.01) EPS.
Several institutional investors and hedge funds have recently modified their holdings of PNK. Principal Financial Group Inc. bought a new position in shares of Pinnacle Entertainment in the 2nd quarter valued at $281,000. Ameriprise Financial Inc. bought a new position in shares of Pinnacle Entertainment in the 2nd quarter valued at $543,000. Nationwide Fund Advisors increased its stake in shares of Pinnacle Entertainment by 5.3% in the 2nd quarter. Nationwide Fund Advisors now owns 48,356 shares of the company’s stock valued at $956,000 after purchasing an additional 2,428 shares during the last quarter. PNC Financial Services Group Inc. bought a new position in shares of Pinnacle Entertainment in the 2nd quarter valued at $735,000. Finally, Northern Trust Corp increased its stake in shares of Pinnacle Entertainment by 8.1% in the 2nd quarter. Northern Trust Corp now owns 714,302 shares of the company’s stock valued at $14,115,000 after purchasing an additional 53,609 shares during the last quarter. Institutional investors own 84.14% of the company’s stock.
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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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