Zacks Investment Research Lowers Caesars Entertainment Corporation (CZR) to Hold
Caesars Entertainment Corporation (NASDAQ:CZR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Monday.
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. “
Several other analysts have also weighed in on CZR. BidaskClub upgraded Caesars Entertainment Corporation from a “sell” rating to a “hold” rating in a report on Monday, September 18th. ValuEngine upgraded shares of Caesars Entertainment Corporation from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Wolfe Research began coverage on shares of Caesars Entertainment Corporation in a research note on Friday, July 21st. They issued an “outperform” rating and a $16.00 target price on the stock. SunTrust Banks, Inc. initiated coverage on shares of Caesars Entertainment Corporation in a research note on Friday, September 15th. They issued a “buy” rating and a $14.00 target price on the stock. Finally, Imperial Capital initiated coverage on shares of Caesars Entertainment Corporation in a report on Wednesday, July 19th. They issued an “outperform” rating and a $15.50 target price for the company. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Caesars Entertainment Corporation currently has a consensus rating of “Buy” and a consensus price target of $14.50.
Shares of Caesars Entertainment Corporation (NASDAQ:CZR) remained flat at $13.35 during trading on Monday. The company’s stock had a trading volume of 7,869,853 shares. Caesars Entertainment Corporation has a one year low of $6.70 and a one year high of $13.57. The stock’s 50-day moving average is $11.76 and its 200 day moving average is $11.26. The firm’s market capitalization is $1.99 billion. Caesars Entertainment Corporation also was the recipient of some unusual options trading activity on Friday. Traders acquired 5,250 put options on the company. This is an increase of 382% compared to the average daily volume of 1,089 put options.
Caesars Entertainment Corporation (NASDAQ:CZR) last announced its quarterly earnings results on Thursday, August 3rd. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of $0.26 by ($0.47). The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $2.11 billion. On average, equities research analysts anticipate that Caesars Entertainment Corporation will post $0.06 EPS for the current year.
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Several large investors have recently modified their holdings of CZR. Capital Research Global Investors raised its stake in shares of Caesars Entertainment Corporation by 61.1% during the second quarter. Capital Research Global Investors now owns 5,639,686 shares of the company’s stock valued at $67,676,000 after acquiring an additional 2,139,086 shares in the last quarter. Vanguard Group Inc. grew its stake in Caesars Entertainment Corporation by 7.6% in the second quarter. Vanguard Group Inc. now owns 4,910,696 shares of the company’s stock worth $58,929,000 after purchasing an additional 346,270 shares in the last quarter. Shapiro Capital Management LLC bought a new position in Caesars Entertainment Corporation in the second quarter worth approximately $51,714,000. Eagle Asset Management Inc. bought a new position in Caesars Entertainment Corporation in the second quarter worth approximately $18,119,000. Finally, Nicholas Investment Partners LP bought a new position in Caesars Entertainment Corporation in the second quarter worth approximately $18,000,000. 76.68% of the stock is currently owned by institutional investors and hedge funds.
About Caesars Entertainment Corporation
Caesars Entertainment Corporation is a holding company. The Company provides casino-entertainment and hospitality services. The Company’s segments include Caesars Entertainment Resort Properties, LLC (CERP), Caesars Growth Partners, LLC (CGP) and Other. The Company’s facilities include gaming offerings, food and beverage outlets, hotel and convention space, and non-gaming entertainment options.
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