ETRADE Capital Management LLC purchased a new position in shares of Pinnacle Entertainment (NASDAQ:PNK) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 8,266 shares of the company’s stock, valued at approximately $271,000.
Other institutional investors have also modified their holdings of the company. Hennessy Advisors Inc. acquired a new position in Pinnacle Entertainment during the fourth quarter worth about $37,008,000. JPMorgan Chase & Co. grew its holdings in Pinnacle Entertainment by 56.9% in the third quarter. JPMorgan Chase & Co. now owns 2,326,851 shares of the company’s stock valued at $49,608,000 after purchasing an additional 843,646 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Pinnacle Entertainment during the fourth quarter worth approximately $14,947,000. Acadian Asset Management LLC grew its stake in Pinnacle Entertainment by 137.1% during the fourth quarter. Acadian Asset Management LLC now owns 755,012 shares of the company’s stock worth $24,712,000 after buying an additional 436,639 shares during the period. Finally, Wells Fargo & Company MN boosted its stake in shares of Pinnacle Entertainment by 455.0% in the fourth quarter. Wells Fargo & Company MN now owns 344,628 shares of the company’s stock valued at $11,280,000 after purchasing an additional 282,531 shares during the period. 85.93% of the stock is currently owned by institutional investors.
Shares of Pinnacle Entertainment stock traded up $0.03 during midday trading on Friday, hitting $30.48. The company had a trading volume of 279,599 shares, compared to its average volume of 522,780. The company has a market cap of $1,752.82, a price-to-earnings ratio of 29.88 and a beta of 1.45. Pinnacle Entertainment has a 1-year low of $18.30 and a 1-year high of $33.59. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of -12.15.
Pinnacle Entertainment (NASDAQ:PNK) last issued its earnings results on Friday, February 23rd. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.14 by $0.22. The firm had revenue of $620.83 million during the quarter, compared to analysts’ expectations of $635.70 million. Pinnacle Entertainment had a negative return on equity of 18.61% and a net margin of 2.46%. Pinnacle Entertainment’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period last year, the business earned ($0.16) earnings per share. research analysts forecast that Pinnacle Entertainment will post 1.26 earnings per share for the current fiscal year.
Several research analysts have recently weighed in on PNK shares. SunTrust Banks restated an “average” rating and issued a $35.00 target price on shares of Pinnacle Entertainment in a research note on Monday, February 5th. BidaskClub lowered shares of Pinnacle Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Thursday, January 4th. ValuEngine upgraded shares of Pinnacle Entertainment from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Citigroup lowered shares of Pinnacle Entertainment to a “hold” rating in a research report on Tuesday, December 19th. Finally, Zacks Investment Research raised shares of Pinnacle Entertainment from a “sell” rating to a “hold” rating in a research note on Thursday, March 1st. Eight analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $30.14.
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About Pinnacle Entertainment
Pinnacle Entertainment, Inc owns, develops, and operates casinos and related hospitality and entertainment facilities in the United States. It operates through Midwest, South, and West segments. As of February 28, 2018, the company owned and operated 16 gaming entertainment businesses located in Colorado, Indiana, Iowa, Louisiana, Mississippi, Missouri, Nevada, Ohio, and Pennsylvania.
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