Eldorado Resorts, Inc. (ERI) Bond Prices Rise 4.3%
An issue of Eldorado Resorts, Inc. (NASDAQ:ERI) bonds rose 4.3% against their face value during trading on Wednesday. The high-yield debt issue has a 6% coupon and will mature on April 1, 2025. The bonds in the issue are now trading at $105.50 and were trading at $106.25 last week. Price moves in a company’s bonds in credit markets sometimes predict parallel moves in its share price.
A number of research firms have recently issued reports on ERI. J P Morgan Chase & Co increased their price objective on shares of Eldorado Resorts from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday. BidaskClub downgraded shares of Eldorado Resorts from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. Zacks Investment Research upgraded shares of Eldorado Resorts from a “hold” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Tuesday, November 7th. Deutsche Bank AG assumed coverage on shares of Eldorado Resorts in a research note on Monday, September 25th. They issued a “buy” rating and a $32.00 target price for the company. Finally, SunTrust Banks, Inc. restated a “buy” rating and issued a $29.00 target price on shares of Eldorado Resorts in a research note on Friday, November 3rd. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $30.00.
Shares of Eldorado Resorts, Inc. (NASDAQ:ERI) traded up $0.25 on Wednesday, reaching $29.05. 845,900 shares of the company’s stock traded hands, compared to its average volume of 712,955. Eldorado Resorts, Inc. has a 52 week low of $12.60 and a 52 week high of $30.00. 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 (NASDAQ:ERI) last announced its earnings results on Thursday, November 2nd. The company reported $0.38 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The company had revenue of $444.87 million during the quarter, compared to the consensus estimate of $448.30 million. Eldorado Resorts had a negative net margin of 1.20% and a negative return on equity of 2.83%. Eldorado Resorts’s revenue was down 1.0% compared to the same quarter last year. During the same period last year, the firm earned $0.20 earnings per share. equities analysts predict that Eldorado Resorts, Inc. will post -0.08 earnings per share for the current fiscal year.
In other news, Director David P. Tomick bought 1,700 shares of the stock in a transaction on Thursday, November 9th. The stock was bought at an average cost of $28.70 per share, for a total transaction of $48,790.00. Following the completion of the purchase, the director now directly owns 10,400 shares in the company, valued at $298,480. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.14% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of ERI. Citigroup Inc. raised its holdings in shares of Eldorado Resorts by 58,900.0% in the second quarter. Citigroup Inc. now owns 5,900 shares of the company’s stock worth $118,000 after buying an additional 5,890 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in shares of Eldorado Resorts by 8,127.7% in the second quarter. BNP Paribas Arbitrage SA now owns 7,734 shares of the company’s stock worth $155,000 after buying an additional 7,640 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Eldorado Resorts by 17.6% in the second quarter. Victory Capital Management Inc. now owns 8,062 shares of the company’s stock worth $161,000 after buying an additional 1,209 shares during the last quarter. Public Employees Retirement Association of Colorado purchased a new position in shares of Eldorado Resorts in the second quarter worth $174,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Eldorado Resorts in the second quarter worth $208,000. 73.50% of the stock is owned by institutional investors and hedge funds.
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About Eldorado Resorts
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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