An issue of Eldorado Resorts, Inc. (NASDAQ:ERI) debt rose 4.3% against its face value during trading on Tuesday. The high-yield debt issue has a 6% coupon and is set to mature on April 1, 2025. The bonds in the issue are now trading at $105.50 and were trading at $106.25 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its stock price.
A number of brokerages recently weighed in on ERI. BidaskClub downgraded Eldorado Resorts from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. J P Morgan Chase & Co began coverage on Eldorado Resorts in a research note on Thursday, July 20th. They issued an “overweight” rating and a $24.00 price objective on the stock. TheStreet raised Eldorado Resorts from a “c” rating to a “b-” rating in a research note on Wednesday, November 1st. Deutsche Bank AG initiated coverage on Eldorado Resorts in a report on Monday, September 25th. They issued a “buy” rating and a $32.00 target price on the stock. Finally, SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $29.00 target price on shares of Eldorado Resorts in a report on Friday, November 3rd. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Eldorado Resorts presently has a consensus rating of “Buy” and an average target price of $28.60.
Shares of Eldorado Resorts, Inc. (NASDAQ ERI) opened at $29.05 on Wednesday. The company has a debt-to-equity ratio of 2.60, a current ratio of 1.78 and a quick ratio of 1.71. Eldorado Resorts, Inc. has a fifty-two week low of $12.60 and a fifty-two week high of $30.00.
Eldorado Resorts (NASDAQ:ERI) last released its earnings results on Thursday, November 2nd. The company reported $0.38 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.02. The firm had revenue of $444.87 million for the quarter, compared to analyst estimates of $448.30 million. Eldorado Resorts had a negative return on equity of 2.83% and a negative net margin of 1.20%. The company’s revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.20 EPS. sell-side analysts predict that Eldorado Resorts, Inc. will post -0.08 EPS for the current year.
In other news, Director David P. Tomick acquired 1,700 shares of the firm’s stock in a transaction dated Thursday, November 9th. The shares were bought at an average price of $28.70 per share, with a total value of $48,790.00. Following the acquisition, the director now owns 10,400 shares of the company’s stock, valued at $298,480. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.14% of the company’s stock.
Several large investors have recently made changes to their positions in ERI. Renaissance Technologies LLC grew its holdings in shares of Eldorado Resorts by 204.2% during the 2nd quarter. Renaissance Technologies LLC now owns 2,419,521 shares of the company’s stock worth $48,390,000 after purchasing an additional 1,624,021 shares in the last quarter. FMR LLC lifted its position in shares of Eldorado Resorts by 75.0% during the 2nd quarter. FMR LLC now owns 3,389,255 shares of the company’s stock worth $67,785,000 after buying an additional 1,452,155 shares during the period. Principal Financial Group Inc. lifted its position in shares of Eldorado Resorts by 11,003.8% during the 2nd quarter. Principal Financial Group Inc. now owns 1,164,679 shares of the company’s stock worth $23,294,000 after buying an additional 1,154,190 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in shares of Eldorado Resorts during the 3rd quarter worth approximately $26,211,000. Finally, Hood River Capital Management LLC bought a new position in shares of Eldorado Resorts during the 3rd quarter worth approximately $25,562,000. 73.50% of the stock is currently owned by institutional investors.
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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