Starboard Value Lp adds Pinnacle Entertainment Inc (PNK) to its portfolio

Pinnacle Entertainment Inc (PNK) : Starboard Value Lp added new position in Pinnacle Entertainment Inc during the most recent quarter end. The investment management firm now holds 2,000,000 shares of Pinnacle Entertainment Inc which is valued at $21,480,000 , the company said in a statement filed on Aug 15, 2016 with the SEC.Pinnacle Entertainment Inc makes up approximately 0.84% of Starboard Value Lp’s portfolio.

Other Hedge Funds, Including , Bamco Inc Ny boosted its stake in PNK in the latest quarter, The investment management firm added 25,002 additional shares and now holds a total of 4,150,381 shares of Pinnacle Entertainment Inc which is valued at $44,575,092. Pinnacle Entertainment Inc makes up approx 0.22% of Bamco Inc Ny’s portfolio. Anandar Capital Management Lp sold out all of its stake in PNK during the most recent quarter. The investment firm sold 30,001 shares of PNK which is valued $322,211. Public Sector Pension Investment Board sold out all of its stake in PNK during the most recent quarter. The investment firm sold 42,913 shares of PNK which is valued $460,886. Victory Capital Management Inc added PNK to its portfolio by purchasing 50,513 company shares during the most recent quarter which is valued at $551,602.California Public Employees Retirement System reduced its stake in PNK by selling 10,300 shares or 8.95% in the most recent quarter. The Hedge Fund company now holds 104,756 shares of PNK which is valued at $1,137,650.

Pinnacle Entertainment Inc opened for trading at $12.1 and hit $12.21 on the upside on Thursday, eventually ending the session at $12.14, with a gain of 0.83% or 0.1 points. The heightened volatility saw the trading volume jump to 2,97,657 shares. Company has a market cap of $694 M.

On the company’s financial health, Pinnacle Entertainment Inc reported $-8.04 EPS for the quarter, missing the analyst consensus estimate by $ -8.17 based on the information available during the earnings call on Aug 9, 2016. Analyst had a consensus of $0.13. The company had revenue of $566.20 million for the quarter, compared to analysts expectations of $578.07 million. The company’s revenue was down -2.7 % compared to the same quarter last year.

Many Wall Street Analysts have commented on Pinnacle Entertainment Inc. 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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