PEAK6 Investments L.P. purchased a new stake in Pinnacle Entertainment Inc (NASDAQ:PNK) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 157,229 shares of the company’s stock, valued at approximately $3,351,000. PEAK6 Investments L.P. owned about 0.27% of Pinnacle Entertainment as of its most recent SEC filing.
Several other institutional investors have also added to or reduced their stakes in PNK. JPMorgan Chase & Co. raised its holdings in Pinnacle Entertainment by 469.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 1,483,205 shares of the company’s stock worth $29,308,000 after purchasing an additional 1,222,680 shares during the last quarter. Chicago Equity Partners LLC raised its holdings in Pinnacle Entertainment by 216.8% during the 2nd quarter. Chicago Equity Partners LLC now owns 193,050 shares of the company’s stock worth $3,815,000 after purchasing an additional 132,115 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Pinnacle Entertainment by 339.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,031,300 shares of the company’s stock worth $20,378,000 after purchasing an additional 796,800 shares during the last quarter. Sound Point Capital Management LP raised its holdings in Pinnacle Entertainment by 35.8% during the 2nd quarter. Sound Point Capital Management LP now owns 638,102 shares of the company’s stock worth $12,609,000 after purchasing an additional 168,203 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its holdings in Pinnacle Entertainment by 31.4% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 16,711 shares of the company’s stock worth $330,000 after purchasing an additional 3,991 shares during the last quarter. 92.73% of the stock is owned by institutional investors and hedge funds.
Pinnacle Entertainment Inc (NASDAQ:PNK) opened at $31.15 on Thursday. The stock has a market capitalization of $1,770.00 and a PE ratio of 40.53. Pinnacle Entertainment Inc has a 12-month low of $13.61 and a 12-month high of $33.59. The company has a current ratio of 0.71, a quick ratio of 0.68 and a debt-to-equity ratio of -11.36.
Pinnacle Entertainment (NASDAQ:PNK) last posted its 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. The company had revenue of $647.40 million during the quarter, compared to analyst estimates of $652.13 million. Pinnacle Entertainment had a negative return on equity of 13.12% and a net margin of 1.23%. The company’s revenue for the quarter was up 8.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.01) EPS. equities research analysts predict that Pinnacle Entertainment Inc will post 0.81 earnings per share for the current fiscal year.
In other Pinnacle Entertainment news, Chairman Anthony Michael Sanfilippo acquired 21,600 shares of the firm’s stock in a transaction that occurred on Thursday, September 14th. The stock was acquired at an average cost of $18.85 per share, for a total transaction of $407,160.00. Following the transaction, the chairman now owns 828,562 shares of the company’s stock, valued at $15,618,393.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.33% of the stock is currently owned by insiders.
Several analysts have weighed in on PNK shares. Zacks Investment Research raised Pinnacle Entertainment from a “hold” rating to a “buy” rating and set a $30.00 price objective for the company in a report on Saturday, November 11th. BidaskClub upgraded Pinnacle Entertainment from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Stifel Nicolaus boosted their target price on Pinnacle Entertainment from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Wednesday, November 8th. Bank of America boosted their target price on Pinnacle Entertainment from $27.00 to $28.00 and gave the stock a “buy” rating in a research report on Monday, October 23rd. Finally, Barclays boosted their target price on Pinnacle Entertainment from $25.00 to $31.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 8th. Five investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $27.57.
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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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