California Public Employees Retirement System trimmed its position in shares of Pinnacle Entertainment Inc (NASDAQ:PNK) by 27.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 138,413 shares of the company’s stock after selling 53,466 shares during the period. California Public Employees Retirement System owned approximately 0.24% of Pinnacle Entertainment worth $4,669,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Soros Fund Management LLC lifted its position in Pinnacle Entertainment by 65.0% in the second quarter. Soros Fund Management LLC now owns 165,000 shares of the company’s stock valued at $5,565,000 after purchasing an additional 65,000 shares during the period. Paloma Partners Management Co lifted its position in Pinnacle Entertainment by 54.5% in the second quarter. Paloma Partners Management Co now owns 103,846 shares of the company’s stock valued at $3,502,000 after purchasing an additional 36,639 shares during the period. Wolverine Asset Management LLC lifted its position in Pinnacle Entertainment by 20.7% in the second quarter. Wolverine Asset Management LLC now owns 46,668 shares of the company’s stock valued at $1,574,000 after purchasing an additional 8,000 shares during the period. Natixis acquired a new stake in Pinnacle Entertainment in the second quarter valued at about $27,600,000. Finally, Renaissance Technologies LLC lifted its position in Pinnacle Entertainment by 25.4% in the second quarter. Renaissance Technologies LLC now owns 2,414,300 shares of the company’s stock valued at $81,434,000 after purchasing an additional 489,400 shares during the period. Institutional investors own 87.14% of the company’s stock.

Shares of Pinnacle Entertainment stock opened at $32.55 on Friday. Pinnacle Entertainment Inc has a 12-month low of $24.01 and a 12-month high of $35.18. The company has a debt-to-equity ratio of -13.62, a current ratio of 0.88 and a quick ratio of 0.84. The stock has a market capitalization of $1.98 billion, a price-to-earnings ratio of 31.91 and a beta of 1.49.

Pinnacle Entertainment (NASDAQ:PNK) last issued its earnings results on Thursday, August 2nd. The company reported $0.29 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.07). Pinnacle Entertainment had a net margin of 3.16% and a negative return on equity of 24.61%. The company had revenue of $647.60 million during the quarter, compared to analysts’ expectations of $649.20 million. During the same period last year, the business posted ($0.15) earnings per share. The company’s quarterly revenue was down .9% on a year-over-year basis. As a group, sell-side analysts predict that Pinnacle Entertainment Inc will post 1.21 earnings per share for the current year.

A number of equities research analysts recently commented on PNK shares. BidaskClub downgraded shares of Pinnacle Entertainment from a “hold” rating to a “sell” rating in a research report on Saturday, September 8th. Zacks Investment Research upgraded shares of Pinnacle Entertainment from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 18th. Stifel Nicolaus restated a “hold” rating and issued a $35.00 price objective on shares of Pinnacle Entertainment in a research report on Thursday, August 16th. Finally, ValuEngine downgraded shares of Pinnacle Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 8th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $32.67.

Pinnacle Entertainment Company Profile

Pinnacle Entertainment, Inc owns, develops, and operates casinos and related hospitality and entertainment facilities in the United States. It operates through Midwest, South, and West segments. As of February 28, 2018, the company owned and operated 16 gaming entertainment businesses located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, and Pennsylvania.

Read More: How analysts view the yield curve

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

Receive News & Ratings for Pinnacle Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pinnacle Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.