Pinnacle Entertainment, Inc. (PNK) Holdings Cut by Gabelli Funds LLC
Gabelli Funds LLC trimmed its position in shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) by 2.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 278,000 shares of the company’s stock after selling 8,000 shares during the period. Gabelli Funds LLC owned approximately 0.48% of Pinnacle Entertainment worth $5,924,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in PNK. Meeder Asset Management Inc. bought a new stake in Pinnacle Entertainment during the second quarter valued at about $121,000. Oppenheimer Asset Management Inc. acquired a new position in shares of Pinnacle Entertainment during the first quarter valued at about $140,000. Pacad Investment Ltd. raised its position 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 valued at $191,000 after buying an additional 6,580 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Pinnacle Entertainment during the second quarter valued at about $277,000. Finally, NN Investment Partners Holdings N.V. acquired a new position in shares of Pinnacle Entertainment during the second quarter valued at about $279,000. Institutional investors own 89.48% of the company’s stock.
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Pinnacle Entertainment, Inc. (PNK) opened at $27.20 on Monday. Pinnacle Entertainment, Inc. has a 52-week low of $13.15 and a 52-week high of $27.37. The company has a debt-to-equity ratio of -11.36, a current ratio of 0.71 and a quick ratio of 0.68. The stock has a market cap of $1,562.71, a PE ratio of 35.79, a P/E/G ratio of 1.63 and a beta of 1.38.
Pinnacle Entertainment (NASDAQ:PNK) last posted its quarterly earnings results on Tuesday, November 7th. The company reported $0.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 during the quarter, compared to analyst estimates of $652.13 million. During the same quarter in the prior year, the business posted ($0.01) earnings per share. The company’s quarterly revenue was up 8.8% compared to the same quarter last year. analysts expect that Pinnacle Entertainment, Inc. will post 0.81 EPS for the current fiscal year.
In other Pinnacle Entertainment news, Chairman Anthony Michael Sanfilippo purchased 21,600 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The stock was purchased at an average price of $18.85 per share, with a total value of $407,160.00. Following the completion of the transaction, the chairman now directly owns 828,562 shares of the company’s stock, valued at approximately $15,618,393.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 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. Corporate insiders own 8.33% of the company’s stock.
A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of Pinnacle Entertainment from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a research report on Saturday. Barclays PLC upped their price objective on shares of Pinnacle Entertainment from $25.00 to $31.00 and gave the company an “overweight” rating in a research report on Wednesday, November 8th. Deutsche Bank AG upped their price objective on shares of Pinnacle Entertainment from $20.00 to $27.00 and gave the company a “hold” rating in a research report on Wednesday, November 8th. Stifel Nicolaus upped their price objective on shares of Pinnacle Entertainment from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Wednesday, November 8th. Finally, Bank of America Corporation upped their price objective on shares of Pinnacle Entertainment from $28.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday, November 8th. Four research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $27.57.
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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