64,694 United Parks & Resorts Inc. $PRKS Shares Purchased by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates increased its United Parks & Resorts stake by 11.5% in the third quarter, purchasing 64,694 shares and bringing its holdings to 627,966 shares, worth approximately $20.3 million.
• Analysts maintain a cautious outlook: the stock has a consensus “Hold” rating and a consensus price target of $45.40, despite several brokerages raising their targets.
• United Parks & Resorts recently missed quarterly earnings and revenue estimates, reporting $1.34 in EPS and $483.3 million in revenue; shares opened at $31.79, down 1.5%.

Pinnacle Associates Ltd. grew its stake in shares of United Parks & Resorts Inc. (NYSE:PRKS - Free Report) by 11.5% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 627,966 shares of the company's stock after buying an additional 64,694 shares during the period. Pinnacle Associates Ltd. owned 1.39% of United Parks & Resorts worth $20,346,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. BlackRock Inc. bought a new stake in United Parks & Resorts during the 2nd quarter worth approximately $171,560,000. Hawk Ridge Capital Management LP bought a new position in shares of United Parks & Resorts during the first quarter worth $51,094,000. Bank of America Corp DE purchased a new position in shares of United Parks & Resorts during the second quarter valued at about $26,222,000. Engine Capital Management LP grew its holdings in United Parks & Resorts by 20.8% during the 1st quarter. Engine Capital Management LP now owns 1,034,414 shares of the company's stock valued at $33,784,000 after buying an additional 178,017 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of United Parks & Resorts during the 2nd quarter worth approximately $7,733,000.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on PRKS. The Goldman Sachs Group upped their target price on shares of United Parks & Resorts from $37.00 to $41.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. lifted their price target on United Parks & Resorts from $39.00 to $44.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 11th. Northcoast Research initiated coverage on United Parks & Resorts in a research report on Wednesday, July 8th. They issued a "neutral" rating for the company. Barclays boosted their price objective on United Parks & Resorts from $37.00 to $41.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 5th. Finally, Truist Financial decreased their price objective on United Parks & Resorts from $53.00 to $49.00 and set a "buy" rating on the stock in a research report on Thursday, September 10th. Four investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $45.40.

Insider Activity

In related news, insider Christopher Finazzo sold 6,622 shares of the company's stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $44.20, for a total transaction of $292,692.40. Following the transaction, the insider directly owned 123,663 shares in the company, valued at approximately $5,465,904.60. This represents a 5.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider James Forrester, Jr. sold 1,150 shares of the stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $35.71, for a total transaction of $41,066.50. Following the completion of the sale, the insider directly owned 26,733 shares in the company, valued at $954,635.43. This trade represents a 4.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.70% of the company's stock.

United Parks & Resorts Stock Down 1.5%

NYSE PRKS opened at $31.79 on Wednesday. United Parks & Resorts Inc. has a 52 week low of $28.77 and a 52 week high of $53.28. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 3.03 and a beta of 1.25. The company has a fifty day moving average of $37.46 and a two-hundred day moving average of $39.94.

United Parks & Resorts (NYSE:PRKS - Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $1.34 earnings per share for the quarter, missing the consensus estimate of $1.67 by ($0.33). The firm had revenue of $483.32 million during the quarter, compared to analysts' expectations of $492.10 million. United Parks & Resorts had a net margin of 8.11% and a negative return on equity of 27.85%. The company's revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.45 EPS. Equities research analysts anticipate that United Parks & Resorts Inc. will post 2.85 EPS for the current year.

United Parks & Resorts Profile

United Parks & Resorts Inc NYSE: PRKS is a theme park and entertainment company that owns and operates a portfolio of destination amusement and water parks in the United States. Its properties combine rides, live entertainment, animal exhibits, educational experiences, seasonal events and hospitality-related offerings.

The company's portfolio includes SeaWorld parks in Orlando, San Antonio and San Diego; Busch Gardens parks in Tampa and Williamsburg, Virginia; Sesame Place parks in Pennsylvania and California; and water parks and attractions such as Aquatica, Adventure Island, Water Country USA and Discovery Cove.

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