State Board of Administration of Florida Retirement System Has $1.33 Million Holdings in Eldorado Resorts, Inc. (ERI)
State Board of Administration of Florida Retirement System grew its stake in Eldorado Resorts, Inc. (NASDAQ:ERI) by 14.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,954 shares of the company’s stock after buying an additional 6,386 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Eldorado Resorts were worth $1,333,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of ERI. Renaissance Technologies LLC lifted its position 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 during the last quarter. FMR LLC increased its stake in Eldorado Resorts by 75.0% during the second quarter. FMR LLC now owns 3,389,255 shares of the company’s stock valued at $67,785,000 after acquiring an additional 1,452,155 shares during the period. Principal Financial Group Inc. increased its stake in Eldorado Resorts by 11,003.8% during the second quarter. Principal Financial Group Inc. now owns 1,164,679 shares of the company’s stock valued at $23,294,000 after acquiring an additional 1,154,190 shares during the period. Vaughan Nelson Investment Management L.P. bought a new position in Eldorado Resorts during the third quarter valued at about $26,211,000. Finally, Peregrine Capital Management LLC increased its stake in Eldorado Resorts by 130.0% during the third quarter. Peregrine Capital Management LLC now owns 1,584,460 shares of the company’s stock valued at $40,641,000 after acquiring an additional 895,489 shares during the period. 73.50% of the stock is owned by institutional investors and hedge funds.
Shares of Eldorado Resorts, Inc. (NASDAQ ERI) opened at $29.20 on Friday. Eldorado Resorts, Inc. has a 12-month low of $13.00 and a 12-month high of $30.00. The company has a quick ratio of 1.71, a current ratio of 1.78 and a debt-to-equity ratio of 2.60.
Eldorado Resorts (NASDAQ:ERI) last released its quarterly earnings results on Thursday, November 2nd. The company reported $0.38 EPS for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.02. The business 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%. Eldorado Resorts’s revenue for the quarter was down 1.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.20 EPS. sell-side analysts predict that Eldorado Resorts, Inc. will post -0.08 earnings per share for the current year.
Several brokerages recently issued reports on ERI. BidaskClub lowered Eldorado Resorts from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. TheStreet upgraded Eldorado Resorts from a “c” rating to a “b-” rating in a research note on Wednesday, November 1st. Deutsche Bank AG assumed coverage on Eldorado Resorts in a research note on Monday, September 25th. They issued a “buy” rating and a $32.00 price objective on the stock. SunTrust Banks, Inc. reiterated a “buy” rating and issued a $29.00 price objective on shares of Eldorado Resorts in a research note on Friday, November 3rd. Finally, J P Morgan Chase & Co upped their price objective on Eldorado Resorts from $29.00 to $31.00 and gave the company an “overweight” rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Eldorado Resorts currently has an average rating of “Buy” and an average target price of $30.00.
In other Eldorado Resorts news, Director Bonnie Biumi sold 13,079 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $29.50, for a total transaction of $385,830.50. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director David P. Tomick acquired 1,700 shares of Eldorado Resorts stock in a transaction on Thursday, November 9th. The shares were purchased at an average cost of $28.70 per share, for a total transaction of $48,790.00. Following the acquisition, the director now owns 10,400 shares in the company, valued at approximately $298,480. The disclosure for this purchase can be found here. 1.18% of the stock is owned by corporate insiders.
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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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