Pinnacle Entertainment Inc. (PNK) Rating Lowered to Strong Sell at Zacks Investment Research
Pinnacle Entertainment Inc. (NASDAQ:PNK) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday.
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 weighed in on PNK. Deutsche Bank AG reissued a “hold” rating and set a $12.00 price target on shares of Pinnacle Entertainment in a research note on Sunday, June 19th. Bank of America Corp. initiated coverage on Pinnacle Entertainment in a research note on Monday, August 22nd. They set a “buy” rating and a $15.00 price target on the stock. Finally, TheStreet lowered Pinnacle Entertainment from a “buy” rating to a “hold” rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Pinnacle Entertainment presently has a consensus rating of “Buy” and an average target price of $24.14.
Shares of Pinnacle Entertainment (NASDAQ:PNK) opened at 12.66 on Wednesday. Pinnacle Entertainment has a 12-month low of $9.72 and a 12-month high of $12.86. The firm’s market capitalization is $723.27 million. The company’s 50-day moving average price is $12.07 and its 200 day moving average price is $11.31.
Pinnacle Entertainment (NASDAQ:PNK) last posted its earnings results on Tuesday, August 9th. The company reported ($8.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by $8.17. Pinnacle Entertainment had a negative net margin of 19.62% and a negative return on equity of 30.68%. The company earned $566.20 million during the quarter, compared to analysts’ expectations of $573 million. The firm’s quarterly revenue was down 2.7% on a year-over-year basis. On average, equities research analysts forecast that Pinnacle Entertainment will post ($1.86) EPS for the current fiscal year.
In related news, CEO Anthony Michael Sanfilippo purchased 20,750 shares of the stock in a transaction that occurred on Wednesday, September 14th. The stock was purchased at an average cost of $11.20 per share, for a total transaction of $232,400.00. Following the acquisition, the chief executive officer now owns 723,543 shares in the company, valued at $8,103,681.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.65% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Acrospire Investment Management LLC bought a new stake in shares of Pinnacle Entertainment during the first quarter valued at about $116,000. Huntington Asset Advisors Inc. bought a new stake in shares of Pinnacle Entertainment during the first quarter valued at about $369,000. Aperio Group LLC increased its stake in shares of Pinnacle Entertainment by 21.9% in the first quarter. Aperio Group LLC now owns 15,091 shares of the company’s stock valued at $530,000 after buying an additional 2,707 shares in the last quarter. Springbok Capital Management LLC bought a new stake in shares of Pinnacle Entertainment during the first quarter valued at about $585,000. Finally, Anandar Capital Management LP bought a new stake in shares of Pinnacle Entertainment during the first quarter valued at about $1,053,000. Hedge funds and other institutional investors own 95.17% of the company’s stock.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc is an owner, operator and developer of casinos and related hospitality and entertainment facilities. The Company operates through three segments: Midwest, South and West. The properties in the Company’s Midwest segment include Ameristar Council Bluffs, Ameristar East Chicago, Ameristar Kansas City, Ameristar St.
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