Zacks Investment Research cut shares of Eldorado Resorts (NASDAQ:ERI) from a buy rating to a hold rating in a report issued on Wednesday morning.
According to Zacks, “Eldorado Resorts, Inc. is a casino entertainment company. It provides casino and entertainment services primarily in Nevada and Louisiana, United States. The Company’s facilities and services include casino games; hotels; entertainment and events; signature and casual restaurants; various venues; and guest services. Its casino also provides facilities for meetings and special events; catering and banquet services; and golf, ski, Reno bowling, baseball, basecamp climbing, truckee river, Reno fernley raceway, and museum services. Eldorado Resorts, Inc. is based in Reno, Nevada. “
A number of other brokerages also recently issued reports on ERI. BidaskClub raised Eldorado Resorts from a hold rating to a buy rating in a research report on Saturday, August 25th. Jefferies Financial Group set a $57.00 price objective on Eldorado Resorts and gave the stock a buy rating in a research report on Friday, October 5th. JPMorgan Chase & Co. set a $60.00 target price on Eldorado Resorts and gave the company a buy rating in a research report on Tuesday, October 2nd. ValuEngine raised Eldorado Resorts from a hold rating to a buy rating in a research report on Wednesday, November 28th. Finally, Deutsche Bank set a $54.00 target price on Eldorado Resorts and gave the company a buy rating in a research report on Saturday, November 10th. Two research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The stock has an average rating of Buy and an average target price of $51.38.
NASDAQ ERI opened at $38.37 on Wednesday. Eldorado Resorts has a 52 week low of $29.16 and a 52 week high of $50.64. The company has a debt-to-equity ratio of 2.86, a quick ratio of 1.57 and a current ratio of 1.63. The firm has a market cap of $3.12 billion, a PE ratio of 3,837.00, a P/E/G ratio of 1.08 and a beta of 1.51.
Eldorado Resorts (NASDAQ:ERI) last posted its quarterly earnings results on Thursday, November 8th. The company reported $0.52 EPS for the quarter, missing the consensus estimate of $0.62 by ($0.10). The company had revenue of $487.25 million for the quarter, compared to analysts’ expectations of $494.60 million. Eldorado Resorts had a return on equity of 12.38% and a net margin of 10.21%. The firm’s revenue was up 3.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 EPS. Sell-side analysts expect that Eldorado Resorts will post 1.87 earnings per share for the current fiscal year.
In related news, Director David P. Tomick bought 700 shares of the company’s stock in a transaction dated Friday, November 30th. The shares were acquired at an average price of $43.83 per share, with a total value of $30,681.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Thomas Reeg bought 3,000 shares of the company’s stock in a transaction dated Tuesday, November 13th. The stock was bought at an average cost of $33.70 per share, for a total transaction of $101,100.00. Following the acquisition, the chief financial officer now owns 125,485 shares of the company’s stock, valued at approximately $4,228,844.50. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 13,700 shares of company stock valued at $470,881. 1.50% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. FMR LLC increased its holdings in shares of Eldorado Resorts by 4.8% in the second quarter. FMR LLC now owns 10,419,822 shares of the company’s stock valued at $407,415,000 after purchasing an additional 475,601 shares during the period. BlackRock Inc. grew its holdings in Eldorado Resorts by 70.8% during the third quarter. BlackRock Inc. now owns 7,239,083 shares of the company’s stock worth $351,819,000 after acquiring an additional 3,001,643 shares during the period. Vanguard Group Inc. grew its holdings in Eldorado Resorts by 6.2% during the third quarter. Vanguard Group Inc. now owns 5,313,352 shares of the company’s stock worth $258,228,000 after acquiring an additional 310,483 shares during the period. Frontier Capital Management Co. LLC grew its holdings in Eldorado Resorts by 308.9% during the third quarter. Frontier Capital Management Co. LLC now owns 2,569,788 shares of the company’s stock worth $124,509,000 after acquiring an additional 1,941,282 shares during the period. Finally, Millennium Management LLC grew its holdings in Eldorado Resorts by 39.2% during the second quarter. Millennium Management LLC now owns 1,825,582 shares of the company’s stock worth $71,380,000 after acquiring an additional 513,742 shares during the period. 94.84% of the stock is currently owned by institutional investors and hedge funds.
Eldorado Resorts Company Profile
Eldorado Resorts, Inc, a gaming and hospitality company, owns and operates gaming facilities in Ohio, Louisiana, Nevada, Pennsylvania, West Virginia, Colorado, Florida, Iowa, Mississippi, and Missouri. It owns and operates Eldorado Resort Casino Reno, a 814-room hotel, casino and entertainment facility; Silver Legacy Resort Casino, a 1,711-room themed hotel and casino; Circus Circus Reno, a 1,571-room hotel-casino and entertainment complex; Eldorado Resort Casino Shreveport, a 403-room, all suite art deco-style hotel and tri-level riverboat dockside casino; Mountaineer Casino, Racetrack & Resort, a 357-room hotel, casino, entertainment, and live thoroughbred horse racing facility; Presque Isle Downs & Casino, a casino and live thoroughbred horse racing facility; and Eldorado Gaming Scioto Downs, a modern racino.
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