GABELLI & Co INVESTMENT ADVISERS INC. grew its holdings in Pinnacle Entertainment Inc (NASDAQ:PNK) by 176.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 309,812 shares of the company’s stock after buying an additional 197,860 shares during the period. Pinnacle Entertainment accounts for about 1.0% of GABELLI & Co INVESTMENT ADVISERS INC.’s holdings, making the stock its 28th biggest holding. GABELLI & Co INVESTMENT ADVISERS INC.’s holdings in Pinnacle Entertainment were worth $10,438,000 as of its most recent SEC filing.
A number of other institutional investors have also recently added to or reduced their stakes in PNK. Jane Street Group LLC acquired a new stake in Pinnacle Entertainment during the first quarter worth about $441,000. Guggenheim Capital LLC increased its position in Pinnacle Entertainment by 445.1% during the first quarter. Guggenheim Capital LLC now owns 37,104 shares of the company’s stock worth $1,117,000 after purchasing an additional 30,297 shares during the last quarter. Allianz Asset Management GmbH increased its position in Pinnacle Entertainment by 20.3% during the first quarter. Allianz Asset Management GmbH now owns 24,370 shares of the company’s stock worth $735,000 after purchasing an additional 4,120 shares during the last quarter. Sphinx Trading LP acquired a new stake in Pinnacle Entertainment during the second quarter worth about $540,000. Finally, Acadian Asset Management LLC increased its position in Pinnacle Entertainment by 49.6% during the second quarter. Acadian Asset Management LLC now owns 1,194,428 shares of the company’s stock worth $40,287,000 after purchasing an additional 396,264 shares during the last quarter. Hedge funds and other institutional investors own 87.14% of the company’s stock.
Pinnacle Entertainment stock opened at $32.55 on Monday. Pinnacle Entertainment Inc has a 12-month low of $24.01 and a 12-month high of $35.18.
Pinnacle Entertainment (NASDAQ:PNK) last announced its earnings results on Thursday, August 2nd. The company reported $0.29 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by ($0.07). The business had revenue of $647.60 million for the quarter, compared to the consensus estimate of $649.20 million. Pinnacle Entertainment’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.15) earnings per share.
Several equities research analysts recently issued reports on the stock. ValuEngine cut shares of Pinnacle Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 8th. BidaskClub cut shares of Pinnacle Entertainment from a “buy” rating to a “hold” rating in a research report on Wednesday, July 18th. Stifel Nicolaus restated a “hold” rating and set a $35.00 price objective on shares of Pinnacle Entertainment in a research report on Thursday, August 16th. Finally, Zacks Investment Research upgraded shares of Pinnacle Entertainment from a “strong sell” rating to a “hold” rating in a research report on Saturday, August 18th. Eight equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $32.67.
Pinnacle Entertainment Profile
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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