Pinnacle Entertainment, Inc. (PNK) Shares Sold by Pacific Alternative Asset Management Company LLC
Pacific Alternative Asset Management Company LLC trimmed its position in Pinnacle Entertainment, Inc. (NASDAQ:PNK) by 43.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 82,960 shares of the company’s stock after selling 64,184 shares during the period. Pacific Alternative Asset Management Company LLC owned about 0.14% of Pinnacle Entertainment worth $1,639,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of PNK. Meeder Asset Management Inc. acquired a new stake in Pinnacle Entertainment in the 2nd quarter worth about $121,000. Oppenheimer Asset Management Inc. acquired a new stake in Pinnacle Entertainment in the 1st quarter worth about $140,000. Pacad Investment Ltd. boosted its holdings in Pinnacle Entertainment by 212.3% in the 2nd quarter. Pacad Investment Ltd. now owns 9,680 shares of the company’s stock worth $191,000 after buying an additional 6,580 shares during the last quarter. Karp Capital Management Corp acquired a new stake in Pinnacle Entertainment in the 1st quarter worth about $220,000. Finally, Airain ltd acquired a new stake in Pinnacle Entertainment in the 1st quarter worth about $250,000. Institutional investors own 89.59% of the company’s stock.
Pinnacle Entertainment, Inc. (NASDAQ PNK) traded down 0.96% on Friday, reaching $20.64. 114,411 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $19.42 and a 200-day moving average of $19.42. The company has a market cap of $1.19 billion, a P/E ratio of 73.19 and a beta of 1.31. Pinnacle Entertainment, Inc. has a 12-month low of $11.36 and a 12-month high of $20.90.
Pinnacle Entertainment (NASDAQ:PNK) last issued its earnings results on Thursday, August 10th. The company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.07). Pinnacle Entertainment had a negative return on equity of 8.88% and a net margin of 0.68%. The company had revenue of $653.60 million for the quarter, compared to analyst estimates of $647.36 million. During the same quarter in the previous year, the company posted ($8.04) earnings per share. The company’s quarterly revenue was up 15.4% compared to the same quarter last year. Equities analysts expect that Pinnacle Entertainment, Inc. will post $0.79 EPS for the current fiscal year.
Several research firms recently issued reports on PNK. BidaskClub upgraded Pinnacle Entertainment from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Stifel Nicolaus reiterated a “hold” rating and issued a $23.00 price objective on shares of Pinnacle Entertainment in a report on Friday, August 11th. Zacks Investment Research cut Pinnacle Entertainment from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Finally, Barclays PLC lifted their price objective on Pinnacle Entertainment from $20.00 to $25.00 and gave the stock an “overweight” rating in a report on Tuesday, May 30th. Seven equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $21.83.
In other news, 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 value of $397,800.00. Following the sale, the director now directly owns 78,230 shares in the company, valued at $1,555,994.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Anthony Michael Sanfilippo purchased 21,600 shares of the stock in a transaction dated Thursday, September 14th. The stock was acquired at an average price of $18.85 per share, for a total transaction 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 $15,618,393.70. The disclosure for this purchase can be found here. Corporate insiders own 8.33% 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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