Chescapmanager LLC cut its position in shares of Pinnacle Entertainment, Inc. (NASDAQ:PNK) by 2.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 578,831 shares of the company’s stock after selling 12,545 shares during the period. Pinnacle Entertainment makes up approximately 1.5% of Chescapmanager LLC’s holdings, making the stock its 17th largest position. Chescapmanager LLC owned 1.03% of Pinnacle Entertainment worth $11,299,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. Yost Capital Management L.L.C. purchased a new position in Pinnacle Entertainment during the fourth quarter worth approximately $18,991,000. BlueMar Capital Management LLC bought a new stake in shares of Pinnacle Entertainment during the fourth quarter worth about $1,763,000. Kestrel Investment Management Corp bought a new stake in shares of Pinnacle Entertainment during the fourth quarter worth about $5,993,000. Pacad Investment Ltd. bought a new stake in shares of Pinnacle Entertainment during the fourth quarter worth about $115,000. Finally, J. Goldman & Co LP bought a new stake in shares of Pinnacle Entertainment during the fourth quarter worth about $11,722,000. Institutional investors own 88.61% of the company’s stock.
Shares of Pinnacle Entertainment, Inc. (NASDAQ PNK) traded up 0.73% during mid-day trading on Tuesday, reaching $20.61. The company had a trading volume of 342,053 shares. The company’s market cap is $1.18 billion. Pinnacle Entertainment, Inc. has a 52-week low of $10.41 and a 52-week high of $22.10. The firm’s 50-day moving average price is $20.28 and its 200 day moving average price is $17.64.
Pinnacle Entertainment (NASDAQ:PNK) last announced its earnings results on Wednesday, May 10th. The company reported $0.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.12. The company had revenue of $640 million during the quarter, compared to analysts’ expectations of $639.86 million. Pinnacle Entertainment had a negative net margin of 19.73% and a negative return on equity of 415.78%. The firm’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.83 earnings per share. Equities analysts expect that Pinnacle Entertainment, Inc. will post $0.97 EPS for the current year.
PNK has been the subject of several research reports. Zacks Investment Research raised Pinnacle Entertainment from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Tuesday, May 16th. Deutsche Bank AG increased their price objective on Pinnacle Entertainment from $13.00 to $16.00 and gave the stock a “hold” rating in a research note on Friday, April 28th. Telsey Advisory Group increased their price objective on Pinnacle Entertainment from $22.00 to $27.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 10th. Barclays PLC increased their price objective on Pinnacle Entertainment from $20.00 to $25.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 30th. Finally, ValuEngine upgraded Pinnacle Entertainment from a “sell” rating to a “hold” rating in a research note on Saturday, May 20th. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $20.29.
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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