Hg Vora Capital Management buys $69,437,500 stake in Pinnacle Entertainment Inc (PNK)

Pinnacle Entertainment Inc (PNK) : Hg Vora Capital Management scooped up 300,000 additional shares in Pinnacle Entertainment Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Nov 14, 2016. The investment management firm now holds a total of 5,050,000 shares of Pinnacle Entertainment Inc which is valued at $69,437,500.Pinnacle Entertainment Inc makes up approximately 15.46% of Hg Vora Capital Management’s portfolio.

Other Hedge Funds, Including , Aqr Capital Management reduced its stake in PNK by selling 14,261 shares or 42.63% in the most recent quarter. The Hedge Fund company now holds 19,190 shares of PNK which is valued at $265,014.Geode Capital Management reduced its stake in PNK by selling 4,533 shares or 1.03% in the most recent quarter. The Hedge Fund company now holds 435,827 shares of PNK which is valued at $5,800,857. Alpine Associates Management sold out all of its stake in PNK during the most recent quarter. The investment firm sold 117,431 shares of PNK which is valued $1,563,007. Airain Ltd sold out all of its stake in PNK during the most recent quarter. The investment firm sold 17,181 shares of PNK which is valued $204,282.Strs Ohio reduced its stake in PNK by selling 6,200 shares or 9.12% in the most recent quarter. The Hedge Fund company now holds 61,800 shares of PNK which is valued at $736,038.

Pinnacle Entertainment Inc closed down -0.04 points or -0.28% at $14.01 with 3,59,774 shares getting traded on Monday. Post opening the session at $14.02, the shares hit an intraday low of $13.9 and an intraday high of $14.02 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Pinnacle Entertainment Inc reported $-0.01 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Nov 10, 2016. Analyst had a consensus of $-0.02. The company had revenue of $595.20 million for the quarter, compared to analysts expectations of $593.26 million. The company’s revenue was up 2.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.36 EPS.

Many Wall Street Analysts have commented on Pinnacle Entertainment Inc. Company shares were Reiterated by Telsey Advisory Group on Nov 11, 2016 to “Outperform”, Firm has raised the Price Target to $ 20 from a previous price target of $18 .Pinnacle Entertainment Inc was Initiated by BofA/Merrill to “Buy” on Aug 22, 2016.

Pinnacle Entertainment Inc. (Pinnacle) is an owner operator and developer of casinos and related hospitality and entertainment facilities. The key properties in the Company’s Midwest segment include Ameristar Council Bluffs Ameristar East Chicago Ameristar Kansas City Ameristar St. Charles Belterra River City and Belterra Park. The key properties in the Company’s South segment include Ameristar Vicksburg Boomtown Bossier City Boomtown New Orleans L’Auberge Baton Rouge and L’Auberge Lake Charles. The key properties in the Company’s West segment include Ameristar Black Hawk and Cactus Petes and Horseshu. The Company owns and operates around 15 gaming entertainment properties in Colorado Indiana Iowa Louisiana Mississippi Missouri Nevada and Ohio. It also holds a majority interest in the racing license owner as well as a management contract for Retama Park Racetrack located outside of San Antonio Texas.

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