Engine Capital Management LP Has $19.54 Million Stock Holdings in Caesars Entertainment, Inc. $CZR

Engine Capital Management LP cut its position in Caesars Entertainment, Inc. (NASDAQ:CZR) by 8.1% during the 4th quarter, HoldingsChannel reports. The firm owned 835,231 shares of the company’s stock after selling 73,859 shares during the quarter. Caesars Entertainment comprises about 2.7% of Engine Capital Management LP’s portfolio, making the stock its 11th largest holding. Engine Capital Management LP’s holdings in Caesars Entertainment were worth $19,536,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CZR. Healthcare of Ontario Pension Plan Trust Fund raised its holdings in shares of Caesars Entertainment by 246,899,900.0% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,938,000 shares of the company’s stock worth $115,500,000 after acquiring an additional 4,937,998 shares during the period. Morgan Stanley raised its holdings in shares of Caesars Entertainment by 121.0% during the fourth quarter. Morgan Stanley now owns 7,141,899 shares of the company’s stock worth $167,049,000 after acquiring an additional 3,910,430 shares during the period. Capital World Investors raised its holdings in shares of Caesars Entertainment by 29.8% during the third quarter. Capital World Investors now owns 16,193,070 shares of the company’s stock worth $437,622,000 after acquiring an additional 3,716,148 shares during the period. Norges Bank acquired a new stake in shares of Caesars Entertainment during the fourth quarter worth $76,050,000. Finally, MUFG Securities EMEA plc acquired a new stake in shares of Caesars Entertainment during the fourth quarter worth $65,492,000. 91.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on CZR. Truist Financial lowered shares of Caesars Entertainment from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $32.00 to $31.00 in a report on Friday, May 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Caesars Entertainment in a report on Monday, May 18th. Citizens Jmp raised their price objective on shares of Caesars Entertainment from $34.00 to $35.00 and gave the stock a “market outperform” rating in a report on Wednesday, April 29th. Barclays dropped their price objective on shares of Caesars Entertainment from $39.00 to $35.00 and set an “overweight” rating on the stock in a report on Wednesday, February 18th. Finally, Jefferies Financial Group raised their price objective on shares of Caesars Entertainment from $24.00 to $26.00 and gave the stock a “hold” rating in a report on Monday, April 6th. Four research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Caesars Entertainment presently has an average rating of “Hold” and a consensus price target of $32.53.

Caesars Entertainment Stock Performance

NASDAQ CZR opened at $29.21 on Thursday. The company has a quick ratio of 0.83, a current ratio of 0.85 and a debt-to-equity ratio of 3.25. The company has a market capitalization of $5.95 billion, a P/E ratio of -12.32 and a beta of 1.77. Caesars Entertainment, Inc. has a 12-month low of $17.86 and a 12-month high of $31.58. The firm has a 50-day moving average price of $28.05 and a two-hundred day moving average price of $25.34.

Caesars Entertainment (NASDAQ:CZR) last posted its quarterly earnings data on Tuesday, April 28th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.24). The business had revenue of $2.87 billion during the quarter, compared to the consensus estimate of $2.85 billion. Caesars Entertainment had a negative net margin of 4.19% and a negative return on equity of 7.88%. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.54) EPS. Analysts anticipate that Caesars Entertainment, Inc. will post -0.49 earnings per share for the current year.

Insider Activity at Caesars Entertainment

In other news, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the business’s stock in a transaction that occurred on Tuesday, June 9th. The shares were sold at an average price of $29.35, for a total value of $2,393,962.10. Following the completion of the transaction, the insider directly owned 18,263 shares in the company, valued at approximately $536,019.05. The trade was a 81.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael E. Pegram sold 55,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $29.20, for a total transaction of $1,606,000.00. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 293,463 shares of company stock valued at $8,609,241 over the last 90 days. Corporate insiders own 1.18% of the company’s stock.

About Caesars Entertainment

Caesars Entertainment Corporation is a leading integrated gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates a global portfolio of resorts, casinos, and entertainment venues designed to deliver comprehensive hospitality experiences. Its business activities span hotel accommodations, gaming operations, food and beverage services, live events, and convention services, with a focus on delivering luxury and entertainment to both leisure and business travelers.

The company traces its lineage to the founding of Harrah’s by William F.