Caesars Entertainment (CZR) Downgraded by Zacks Investment Research to “Sell”

Caesars Entertainment (NASDAQ:CZR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Thursday.

According to Zacks, “Caesars Entertainment Corporation is a gaming company engaged in providing casino entertainment services. The Company operates casino resorts on multiple continents and its casino entertainment facilities include land-based casinos, riverboat or dockside casinos, managed casinos, combination greyhound racetrack and casino, combination thoroughbred racetrack and casino, and harness racetrack and casino, hotel and convention space, restaurants, and non-gaming entertainment facilities. Its resorts operate primarily under the Harrah’s(TM), Caesars(TM) and Horseshoe(TM) brand names. Caesars Entertainment Corporation is based in Las Vegas, Nevada. “

A number of other brokerages have also weighed in on CZR. Deutsche Bank decreased their target price on Caesars Entertainment from $13.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday. Morgan Stanley set a $12.00 target price on Caesars Entertainment and gave the stock a “buy” rating in a research report on Friday, November 2nd. BidaskClub lowered Caesars Entertainment from a “hold” rating to a “sell” rating in a research report on Thursday, October 25th. Sanford C. Bernstein initiated coverage on Caesars Entertainment in a research report on Thursday, November 15th. They set a “market perform” rating for the company. Finally, UBS Group upgraded Caesars Entertainment from a “sell” rating to a “neutral” rating and cut their target price for the company from $9.00 to $7.00 in a research note on Wednesday, January 2nd. Three analysts have rated the stock with a sell rating, four have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $12.60.

Caesars Entertainment stock traded up $0.21 during mid-day trading on Thursday, reaching $7.99. The stock had a trading volume of 28,655,284 shares, compared to its average volume of 22,221,023. The company has a debt-to-equity ratio of 5.93, a quick ratio of 1.14 and a current ratio of 1.16. Caesars Entertainment has a fifty-two week low of $5.84 and a fifty-two week high of $14.50. The stock has a market capitalization of $4.71 billion, a PE ratio of -2.37 and a beta of 0.94.

Caesars Entertainment (NASDAQ:CZR) last posted its quarterly earnings data on Thursday, November 1st. The company reported ($0.03) earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.03). Caesars Entertainment had a return on equity of 2.26% and a net margin of 25.75%. The business had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.19 billion. Research analysts forecast that Caesars Entertainment will post 0.06 EPS for the current year.

In related news, insider Marco Roca sold 17,834 shares of the stock in a transaction that occurred on Tuesday, November 13th. The shares were sold at an average price of $8.21, for a total transaction of $146,417.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Don R. Kornstein acquired 20,000 shares of the stock in a transaction that occurred on Friday, December 21st. The shares were bought at an average cost of $6.29 per share, with a total value of $125,800.00. Following the transaction, the director now directly owns 88,552 shares in the company, valued at approximately $556,992.08. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 81,000 shares of company stock worth $585,190. Corporate insiders own 0.92% of the company’s stock.

A number of hedge funds have recently modified their holdings of the business. California Public Employees Retirement System raised its stake in Caesars Entertainment by 84.5% during the 2nd quarter. California Public Employees Retirement System now owns 594,800 shares of the company’s stock worth $6,364,000 after acquiring an additional 272,461 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Caesars Entertainment during the third quarter worth about $416,000. Tower Research Capital LLC TRC purchased a new stake in Caesars Entertainment during the second quarter worth about $181,000. Thompson Siegel & Walmsley LLC boosted its holdings in Caesars Entertainment by 3.5% during the third quarter. Thompson Siegel & Walmsley LLC now owns 8,542,816 shares of the company’s stock worth $87,564,000 after buying an additional 285,428 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Caesars Entertainment by 113.5% in the second quarter. Bank of New York Mellon Corp now owns 1,334,380 shares of the company’s stock valued at $14,278,000 after purchasing an additional 709,373 shares in the last quarter.

Caesars Entertainment Company Profile

Caesars Entertainment Corporation, through its subsidiaries, provides casino-entertainment and hospitality services in the United States and internationally. The company operates 36,000 slot machines and 2,700 table games, as well as other games comprising keno, poker, and race and sports books; and buffets, restaurants, bars, nightclubs, and lounges located throughout its casinos, as well as banquets and room service.

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