Bank of America Corporation Boosts Pinnacle Entertainment, Inc. (PNK) Price Target to $30.00
Pinnacle Entertainment, Inc. (NASDAQ:PNK) had its price objective upped by Bank of America Corporation from $28.00 to $30.00 in a research report sent to investors on Wednesday. The brokerage currently has a buy rating on the stock.
PNK has been the topic of a number of other reports. BidaskClub cut Pinnacle Entertainment from a hold rating to a sell rating in a research note on Thursday, July 27th. Stifel Nicolaus raised their price objective on Pinnacle Entertainment from $23.00 to $30.00 and gave the company a hold rating in a research note on Wednesday. Zacks Investment Research raised Pinnacle Entertainment from a sell rating to a hold rating in a research note on Saturday, August 12th. Telsey Advisory Group raised their price objective on Pinnacle Entertainment from $27.00 to $28.00 and gave the company an outperform rating in a research note on Thursday, October 12th. Finally, Deutsche Bank AG raised their price objective on Pinnacle Entertainment from $20.00 to $27.00 and gave the company a hold rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $27.57.
Pinnacle Entertainment (PNK) traded up $0.27 on Wednesday, reaching $27.20. The company had a trading volume of 405,000 shares, compared to its average volume of 501,186. The company has a market capitalization of $1,547.20, a PE ratio of 35.43, a PEG ratio of 1.49 and a beta of 1.38. The company has a current ratio of 0.48, a quick ratio of 0.76 and a debt-to-equity ratio of -11.49. Pinnacle Entertainment has a 1-year low of $13.15 and a 1-year high of $27.37.
Pinnacle Entertainment (NASDAQ:PNK) last released its earnings results on Tuesday, November 7th. The company reported $0.23 EPS for the quarter, beating the Zacks’ consensus estimate of $0.22 by $0.01. The business had revenue of $647.40 million for 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 was up 8.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.01) earnings per share. equities research analysts predict that Pinnacle Entertainment will post 0.88 EPS for the current year.
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In other news, Chairman Anthony Michael Sanfilippo bought 21,600 shares of the company’s stock in a transaction dated Thursday, September 14th. The stock was bought at an average cost of $18.85 per share, for a total transaction of $407,160.00. Following the completion of the acquisition, the chairman now owns 828,562 shares in the company, valued at approximately $15,618,393.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jaynie M. Studenmund sold 20,000 shares of the stock in a transaction dated Friday, August 25th. The stock was sold at an average price of $19.89, for a total transaction of $397,800.00. Following the sale, the director now owns 78,230 shares of the company’s stock, valued at $1,555,994.70. The disclosure for this sale can be found here. 8.33% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of PNK. Meeder Asset Management Inc. purchased a new stake in shares of Pinnacle Entertainment during the second quarter worth about $121,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Pinnacle Entertainment during the first quarter worth about $140,000. SG Americas Securities LLC purchased a new stake in shares of Pinnacle Entertainment during the third quarter worth about $150,000. Pacad Investment Ltd. boosted its holdings in shares of Pinnacle Entertainment by 212.3% during the second quarter. Pacad Investment Ltd. now owns 9,680 shares of the company’s stock worth $191,000 after purchasing an additional 6,580 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Pinnacle Entertainment during the third quarter worth about $202,000. Institutional investors own 88.91% of the company’s stock.
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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