Victory Capital Management Inc. lifted its position in shares of Pinnacle Entertainment Inc (NASDAQ:PNK) by 15.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 12,917 shares of the company’s stock after buying an additional 1,772 shares during the quarter. Victory Capital Management Inc.’s holdings in Pinnacle Entertainment were worth $436,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. Alpine Associates Management Inc. acquired a new position in Pinnacle Entertainment in the 1st quarter valued at about $45,552,000. Water Island Capital LLC acquired a new position in Pinnacle Entertainment in the 1st quarter valued at about $19,775,000. State of Wisconsin Investment Board raised its stake in Pinnacle Entertainment by 1,326.1% in the 1st quarter. State of Wisconsin Investment Board now owns 698,804 shares of the company’s stock valued at $21,069,000 after purchasing an additional 649,804 shares during the last quarter. SG Americas Securities LLC acquired a new position in Pinnacle Entertainment in the 1st quarter valued at about $14,674,000. Finally, Acadian Asset Management LLC raised its stake in Pinnacle Entertainment by 49.6% in the 2nd quarter. Acadian Asset Management LLC now owns 1,194,428 shares of the company’s stock valued at $40,287,000 after purchasing an additional 396,264 shares during the last quarter. 87.17% of the stock is owned by institutional investors and hedge funds.
PNK opened at $34.53 on Thursday. The company has a debt-to-equity ratio of -13.62, a current ratio of 0.88 and a quick ratio of 0.84. The stock has a market capitalization of $2.02 billion, a price-to-earnings ratio of 33.85 and a beta of 1.37. Pinnacle Entertainment Inc has a 12 month low of $18.30 and a 12 month high of $35.18.
Pinnacle Entertainment (NASDAQ:PNK) last posted its quarterly earnings results on Thursday, August 2nd. The company reported $0.29 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.07). The business had revenue of $647.60 million during the quarter, compared to analysts’ expectations of $649.20 million. Pinnacle Entertainment had a net margin of 3.16% and a negative return on equity of 24.61%. The firm’s quarterly revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.15) EPS. sell-side analysts forecast that Pinnacle Entertainment Inc will post 1.21 EPS for the current fiscal year.
PNK has been the subject of several analyst reports. BidaskClub downgraded shares of Pinnacle Entertainment from a “hold” rating to a “sell” rating in a research note on Saturday, July 28th. Zacks Investment Research raised shares of Pinnacle Entertainment from a “hold” rating to a “buy” rating and set a $38.00 target price for the company in a research note on Wednesday, June 27th. ValuEngine raised shares of Pinnacle Entertainment from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, May 2nd. Finally, Stifel Nicolaus restated a “hold” rating and issued a $35.00 price target on shares of Pinnacle Entertainment in a report on Thursday, August 16th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $32.00.
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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