Caxton Associates LP Acquires Shares of 115,000 Pinnacle Entertainment, Inc. (NASDAQ:PNK)

Caxton Associates LP acquired a new position in shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 115,000 shares of the company’s stock, valued at approximately $2,272,000. Caxton Associates LP owned 0.20% of Pinnacle Entertainment as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PNK. JPMorgan Chase & Co. boosted its position in shares of Pinnacle Entertainment by 469.3% in 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 in the last quarter. Chicago Equity Partners LLC lifted its position in Pinnacle Entertainment by 216.8% during the 2nd quarter. Chicago Equity Partners LLC now owns 193,050 shares of the company’s stock worth $3,815,000 after acquiring an additional 132,115 shares during the period. Sound Point Capital Management LP lifted its position in Pinnacle Entertainment by 35.8% during the 2nd quarter. Sound Point Capital Management LP now owns 638,102 shares of the company’s stock worth $12,609,000 after acquiring an additional 168,203 shares during the period. Alliancebernstein L.P. lifted its position in Pinnacle Entertainment by 13.1% during the 2nd quarter. Alliancebernstein L.P. now owns 220,760 shares of the company’s stock worth $4,362,000 after acquiring an additional 25,650 shares during the period. Finally, Highbridge Capital Management LLC acquired a new stake in Pinnacle Entertainment during the 1st quarter worth about $274,000. Institutional investors and hedge funds own 89.58% of the company’s stock.

In related news, Director Jaynie M. Studenmund sold 20,000 shares of the company’s stock in a transaction 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 completion of the sale, the director now directly owns 78,230 shares of the company’s stock, valued at approximately $1,555,994.70. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Neil E. Walkoff sold 60,000 shares of the stock in a transaction on 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 completion of the sale, the executive vice president now directly owns 282,076 shares of the company’s stock, valued at $5,398,934.64. The disclosure for this sale can be found here. Corporate insiders own 8.33% of the company’s stock.

A number of analysts have commented on the company. BidaskClub raised Pinnacle Entertainment from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Stifel Nicolaus reissued a “hold” rating and issued a $23.00 price objective on shares of Pinnacle Entertainment in a report on Friday, August 11th. Zacks Investment Research cut Pinnacle Entertainment from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Telsey Advisory Group boosted their price objective on Pinnacle Entertainment from $27.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, October 12th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $21.80.

Pinnacle Entertainment, Inc. (NASDAQ PNK) traded up 0.74% during midday trading on Wednesday, reaching $24.48. The company’s stock had a trading volume of 67,893 shares. The firm has a market capitalization of $1.41 billion, a P/E ratio of 86.81 and a beta of 1.30. Pinnacle Entertainment, Inc. has a 52 week low of $11.36 and a 52 week high of $24.94. The company’s 50-day moving average is $21.50 and its 200 day moving average is $21.50.

Pinnacle Entertainment (NASDAQ:PNK) last announced its quarterly earnings results on Thursday, August 10th. The company reported $0.15 EPS 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 business had revenue of $653.60 million for the quarter, compared to analyst estimates of $647.36 million. During the same quarter last year, the company earned ($8.04) EPS. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. Analysts expect that Pinnacle Entertainment, Inc. will post $0.75 earnings per share for the current fiscal year.

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Pinnacle Entertainment 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.

Institutional Ownership by Quarter for Pinnacle Entertainment (NASDAQ:PNK)

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