Pinnacle Entertainment (NASDAQ:PNK) Cut to “Hold” at Citigroup

Pinnacle Entertainment (NASDAQ:PNK) was downgraded by research analysts at Citigroup to a “hold” rating in a report issued on Tuesday, December 19th, The Fly reports.

Other equities research analysts have also recently issued reports about the company. Bank of America raised their target price on Pinnacle Entertainment from $27.00 to $28.00 and gave the company a “buy” rating in a research report on Monday, October 23rd. BidaskClub upgraded Pinnacle Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, October 7th. Zacks Investment Research upgraded Pinnacle Entertainment from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Saturday, November 11th. ValuEngine cut Pinnacle Entertainment from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Deutsche Bank lifted their price objective on Pinnacle Entertainment from $20.00 to $27.00 and gave the stock a “hold” rating in a report on Wednesday, November 8th. Eight research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $27.57.

Shares of Pinnacle Entertainment (NASDAQ:PNK) traded down $0.11 on Tuesday, reaching $32.84. The company’s stock had a trading volume of 338,500 shares, compared to its average volume of 606,367. The firm has a market cap of $1,890.00 and a P/E ratio of 65.68. The company has a debt-to-equity ratio of -11.36, a current ratio of 0.71 and a quick ratio of 0.68. Pinnacle Entertainment has a 12 month low of $13.61 and a 12 month high of $33.59.

Pinnacle Entertainment (NASDAQ:PNK) last announced its quarterly earnings results on Tuesday, November 7th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.01. Pinnacle Entertainment had a negative return on equity of 13.12% and a net margin of 1.23%. The company had revenue of $647.40 million for the quarter, compared to the consensus estimate of $652.13 million. During the same period last year, the firm earned ($0.01) EPS. The firm’s revenue for the quarter was up 8.8% compared to the same quarter last year. analysts predict that Pinnacle Entertainment will post 0.81 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in the company. Bamco Inc. NY raised its position in shares of Pinnacle Entertainment by 5.6% during the 3rd quarter. Bamco Inc. NY now owns 5,203,966 shares of the company’s stock valued at $110,897,000 after buying an additional 275,100 shares during the period. Vanguard Group Inc. raised its position in shares of Pinnacle Entertainment by 4.7% during the 2nd quarter. Vanguard Group Inc. now owns 4,501,854 shares of the company’s stock valued at $88,957,000 after buying an additional 204,044 shares during the period. Jennison Associates LLC raised its position in shares of Pinnacle Entertainment by 12.5% during the 3rd quarter. Jennison Associates LLC now owns 3,537,786 shares of the company’s stock valued at $75,390,000 after buying an additional 393,813 shares during the period. JPMorgan Chase & Co. raised its position in shares of Pinnacle Entertainment by 56.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,326,851 shares of the company’s stock valued at $49,608,000 after buying an additional 843,646 shares during the period. Finally, State Street Corp raised its position in shares of Pinnacle Entertainment by 12.2% during the 2nd quarter. State Street Corp now owns 1,217,256 shares of the company’s stock valued at $24,053,000 after buying an additional 132,136 shares during the period. 82.19% of the stock is currently owned by hedge funds and other institutional investors.

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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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