Zacks Investment Research upgraded shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) from a hold rating to a buy rating in a research note issued to investors on Saturday morning. The firm currently has $30.00 target price on the stock.
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. “
A number of other research analysts have also issued reports on the stock. Bank of America Corporation increased their target price on shares of Pinnacle Entertainment from $27.00 to $28.00 and gave the stock a buy rating in a research report on Monday, October 23rd. BidaskClub lowered shares of Pinnacle Entertainment from a hold rating to a sell rating in a research report on Thursday, July 27th. Telsey Advisory Group increased their target price on shares of Pinnacle Entertainment from $27.00 to $28.00 and gave the stock an outperform rating in a research report on Thursday, October 12th. Stifel Nicolaus restated a hold rating and set a $23.00 target price on shares of Pinnacle Entertainment in a research report on Friday, August 11th. Finally, Barclays PLC increased their target price on shares of Pinnacle Entertainment from $25.00 to $31.00 and gave the stock an overweight rating in a research report on Wednesday, November 8th. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of Buy and a consensus price target of $27.57.
Pinnacle Entertainment (NASDAQ:PNK) opened at $28.46 on Friday. Pinnacle Entertainment has a 52-week low of $13.30 and a 52-week high of $28.47. The stock has a market cap of $1,600.00 and a P/E ratio of 35.79. The company has a current ratio of 0.71, a quick ratio of 0.68 and a debt-to-equity ratio of -11.36.
Pinnacle Entertainment (NASDAQ:PNK) last announced its earnings results on Tuesday, November 7th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.22 by $0.01. Pinnacle Entertainment had a net margin of 1.23% and a negative return on equity of 13.12%. The firm had revenue of $647.40 million for the quarter, compared to analyst estimates of $652.13 million. During the same quarter in the prior year, the business posted ($0.01) EPS. The business’s revenue was up 8.8% compared to the same quarter last year. sell-side analysts expect that Pinnacle Entertainment will post 0.81 earnings per share for the current year.
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In related news, Chairman Anthony Michael Sanfilippo acquired 21,600 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was acquired at an average price of $18.85 per share, with a total value 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jaynie M. Studenmund sold 20,000 shares of the 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 completion of the transaction, the director now directly owns 78,230 shares of the company’s stock, valued at approximately $1,555,994.70. The disclosure for this sale can be found here. Company insiders own 8.33% of the company’s stock.
Large investors have recently modified their holdings of the stock. Meeder Asset Management Inc. bought a new position in Pinnacle Entertainment in the 2nd quarter valued at approximately $121,000. SG Americas Securities LLC bought a new position in Pinnacle Entertainment in the 3rd quarter valued at approximately $150,000. Oppenheimer Asset Management Inc. bought a new position in Pinnacle Entertainment in the 1st quarter valued at approximately $140,000. Dynamic Technology Lab Private Ltd bought a new position in Pinnacle Entertainment in the 3rd quarter valued at approximately $202,000. Finally, Pacad Investment Ltd. lifted its stake in Pinnacle Entertainment by 212.3% in the 2nd quarter. Pacad Investment Ltd. now owns 9,680 shares of the company’s stock valued at $191,000 after purchasing an additional 6,580 shares during the last quarter. 89.48% of the stock is owned by institutional investors and hedge funds.
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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