Ionic Capital Management LLC Reduces Position in Caesars Entertainment, Inc. $CZR

Ionic Capital Management LLC lessened its stake in shares of Caesars Entertainment, Inc. (NASDAQ:CZR) by 75.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,000 shares of the company’s stock after selling 45,000 shares during the quarter. Ionic Capital Management LLC’s holdings in Caesars Entertainment were worth $351,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Capital World Investors lifted its stake in Caesars Entertainment by 29.8% in 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. State Street Corp lifted its stake in Caesars Entertainment by 0.8% in the second quarter. State Street Corp now owns 7,569,822 shares of the company’s stock worth $214,907,000 after acquiring an additional 61,065 shares during the period. Morgan Stanley lifted its stake in Caesars Entertainment by 121.0% in 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. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Caesars Entertainment by 246,899,900.0% in 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. Finally, DAVENPORT & Co LLC lifted its stake in Caesars Entertainment by 0.4% in the fourth quarter. DAVENPORT & Co LLC now owns 4,339,172 shares of the company’s stock worth $101,797,000 after acquiring an additional 18,414 shares during the period. Hedge funds and other institutional investors own 91.79% of the company’s stock.

Insider Buying and Selling at Caesars Entertainment

In other news, Director Michael E. Pegram sold 55,000 shares of the firm’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $29.20, for a total transaction of $1,606,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Edmund L. Quatmann, Jr. sold 81,566 shares of the firm’s stock in a transaction 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 transaction, the insider owned 18,263 shares of the company’s stock, valued at $536,019.05. The trade was a 81.71% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 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.

Caesars Entertainment Price Performance

CZR opened at $29.21 on Thursday. The stock has a fifty day simple moving average of $28.05 and a two-hundred day simple moving average of $25.34. The company has a current ratio of 0.85, a quick ratio of 0.83 and a debt-to-equity ratio of 3.25. The company has a market cap of $5.95 billion, a price-to-earnings 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.

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 firm had revenue of $2.87 billion during the quarter, compared to the consensus estimate of $2.85 billion. Caesars Entertainment had a negative return on equity of 7.88% and a negative net margin of 4.19%.Caesars Entertainment’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the company posted ($0.54) EPS. Research analysts predict that Caesars Entertainment, Inc. will post -0.49 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Susquehanna raised Caesars Entertainment from a “positive” rating to a “positive” rating in a research note on Friday, May 29th. Stifel Nicolaus lowered Caesars Entertainment from a “buy” rating to a “hold” rating and set a $31.00 price target for the company. in a research note on Monday. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $31.00 price target (down from $35.00) on shares of Caesars Entertainment in a research note on Monday, June 1st. Truist Financial lowered Caesars Entertainment from a “buy” rating to a “hold” rating and dropped their price target for the stock from $32.00 to $31.00 in a research note on Friday, May 29th. Finally, Citigroup increased their price objective on Caesars Entertainment from $23.00 to $30.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Four analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Caesars Entertainment currently has a consensus rating of “Hold” and an average price target of $32.53.

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.