Park West Asset Management LLC cut its stake in shares of Eldorado Resorts, Inc. (NASDAQ:ERI) by 50.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,400,000 shares of the company’s stock after selling 1,439,757 shares during the period. Eldorado Resorts comprises about 1.5% of Park West Asset Management LLC’s holdings, making the stock its 23rd largest position. Park West Asset Management LLC owned about 2.97% of Eldorado Resorts worth $26,495,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in ERI. Bank of New York Mellon Corp raised its position in Eldorado Resorts by 82.6% in the first quarter. Bank of New York Mellon Corp now owns 393,181 shares of the company’s stock valued at $7,441,000 after buying an additional 177,902 shares during the period. Monarch Partners Asset Management LLC bought a new position in Eldorado Resorts during the first quarter valued at about $2,257,000. Putnam Investments LLC raised its position in Eldorado Resorts by 16.2% in the fourth quarter. Putnam Investments LLC now owns 433,670 shares of the company’s stock valued at $7,351,000 after buying an additional 60,410 shares during the period. Boothbay Fund Management LLC raised its position in Eldorado Resorts by 15.9% in the fourth quarter. Boothbay Fund Management LLC now owns 47,750 shares of the company’s stock valued at $809,000 after buying an additional 6,533 shares during the period. Finally, AQR Capital Management LLC raised its position in Eldorado Resorts by 2.7% in the fourth quarter. AQR Capital Management LLC now owns 328,935 shares of the company’s stock valued at $5,575,000 after buying an additional 8,646 shares during the period. Hedge funds and other institutional investors own 65.18% of the company’s stock.
Shares of Eldorado Resorts, Inc. (NASDAQ ERI) traded down 1.45% during midday trading on Tuesday, hitting $20.45. The stock had a trading volume of 594,913 shares. The stock has a market cap of $1.55 billion, a PE ratio of 43.60 and a beta of 1.00. The firm has a 50 day moving average price of $20.53 and a 200 day moving average price of $18.02. Eldorado Resorts, Inc. has a one year low of $10.65 and a one year high of $21.83.
Eldorado Resorts (NASDAQ:ERI) last announced its earnings results on Thursday, May 4th. The company reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.20 by $0.16. Eldorado Resorts had a net margin of 2.49% and a return on equity of 7.95%. The company had revenue of $200.90 million during the quarter, compared to analysts’ expectations of $209.75 million. During the same quarter last year, the business posted $0.07 earnings per share. The company’s revenue for the quarter was down 5.9% compared to the same quarter last year. On average, equities analysts forecast that Eldorado Resorts, Inc. will post $0.76 earnings per share for the current fiscal year.
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Several equities analysts have issued reports on ERI shares. Imperial Capital reiterated an “outperform” rating and issued a $24.00 target price (up previously from $21.00) on shares of Eldorado Resorts in a research note on Monday, March 13th. Zacks Investment Research upgraded Eldorado Resorts from a “strong sell” rating to a “hold” rating in a research note on Monday, May 8th. BidaskClub lowered Eldorado Resorts from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Finally, TheStreet upgraded Eldorado Resorts from a “d+” rating to a “c” rating in a research note on Wednesday, May 17th. One analyst has rated the stock with a hold rating and three have given a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $21.50.
In other Eldorado Resorts news, major shareholder Hotel Casino Management, Inc. sold 20,864 shares of Eldorado Resorts stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $20.51, for a total value of $427,920.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Thomas Reeg bought 2,500 shares of the stock in a transaction on Friday, June 16th. The stock was bought at an average price of $20.03 per share, for a total transaction of $50,075.00. Following the completion of the purchase, the insider now directly owns 46,200 shares in the company, valued at approximately $925,386. The disclosure for this purchase can be found here. Company insiders own 1.14% of the company’s stock.
Eldorado Resorts Company Profile
Eldorado Resorts, Inc is a gaming and hospitality company that owns and operates gaming facilities located in Ohio, Louisiana, Nevada, Pennsylvania and West Virginia. The Company’s segments are Nevada, Louisiana, Eastern and Corporate. As of May 1, 2017, the Company owned and operated approximately 503,000 square feet of casino space with approximately 20,000 slot machines and video lottery terminals (VLTs), over 550 table and poker games, 45 restaurants and 6,500 hotel rooms.
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