Hein Park Capital Management LP Makes New Investment in Caesars Entertainment, Inc. $CZR

Key Points

• Hein Park Capital Management LP acquired approximately 2.42 million shares of Caesars Entertainment, representing about 27.6% of its holdings, valued at around $60.49 million.
• Caesars Entertainment's stock price has decreased 1.8% recently, and currently trades at $26.77 with a market cap of $5.57 billion.
• The company missed earnings expectations by reporting a loss of ($0.39) EPS, while revenue was slightly above estimates at $2.91 billion.

Hein Park Capital Management LP purchased a new stake in Caesars Entertainment, Inc. (NASDAQ:CZR - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,419,684 shares of the company's stock, valued at approximately $60,492,000. Caesars Entertainment makes up about 27.6% of Hein Park Capital Management LP's holdings, making the stock its 2nd biggest position. Hein Park Capital Management LP owned about 1.16% of Caesars Entertainment at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Royal Bank of Canada raised its position in Caesars Entertainment by 477.7% during the first quarter. Royal Bank of Canada now owns 1,833,567 shares of the company's stock worth $45,839,000 after acquiring an additional 1,516,153 shares in the last quarter. Palogic Value Management L.P. raised its holdings in Caesars Entertainment by 20.4% during the 1st quarter. Palogic Value Management L.P. now owns 8,339 shares of the company's stock worth $208,000 after purchasing an additional 1,415 shares during the last quarter. Canada Pension Plan Investment Board raised its stake in Caesars Entertainment by 13,462.5% during the 1st quarter. Canada Pension Plan Investment Board now owns 217,000 shares of the company's stock worth $5,425,000 after buying an additional 215,400 shares during the period. State of Wyoming bought a new stake in Caesars Entertainment during the 1st quarter worth approximately $434,000. Finally, Contrarian Capital Management L.L.C. raised its position in Caesars Entertainment by 1.3% in the first quarter. Contrarian Capital Management L.L.C. now owns 119,500 shares of the company's stock worth $2,988,000 after acquiring an additional 1,500 shares during the period. Institutional investors and hedge funds own 91.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Susquehanna reduced their target price on Caesars Entertainment from $28.00 to $27.00 and set a "neutral" rating on the stock in a research note on Friday, August 1st. Barclays decreased their price objective on shares of Caesars Entertainment from $45.00 to $43.00 and set an "overweight" rating for the company in a research note on Wednesday, July 30th. Morgan Stanley dropped their target price on Caesars Entertainment from $32.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Cfra reiterated a "hold" rating and issued a $50.00 target price on shares of Caesars Entertainment in a report on Friday, July 11th. Finally, JMP Securities reduced their price objective on shares of Caesars Entertainment from $45.00 to $43.00 and set a "market outperform" rating on the stock in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $42.47.

Caesars Entertainment Trading Down 3.9%

Caesars Entertainment stock traded down $1.00 during midday trading on Wednesday, reaching $24.89. The stock had a trading volume of 5,524,902 shares, compared to its average volume of 5,646,707. The firm has a market cap of $5.18 billion, a price-to-earnings ratio of -27.05 and a beta of 2.24. The firm's fifty day simple moving average is $27.60 and its two-hundred day simple moving average is $28.01. The company has a debt-to-equity ratio of 6.08, a current ratio of 0.82 and a quick ratio of 0.81. Caesars Entertainment, Inc. has a twelve month low of $21.40 and a twelve month high of $45.93.

Caesars Entertainment (NASDAQ:CZR - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported ($0.39) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.46). The business had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.85 billion. Caesars Entertainment had a negative return on equity of 4.55% and a negative net margin of 1.71%.The firm's revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.56) earnings per share. Equities analysts anticipate that Caesars Entertainment, Inc. will post -0.77 EPS for the current fiscal year.

Caesars Entertainment Profile

Caesars Entertainment, Inc operates as a gaming and hospitality company. The company owns, leases, or manages domestic properties in 18 states with slot machines, video lottery terminals and e-tables, and hotel rooms, as well as table games, including poker. It also operates and conducts retail and online sports wagering across 31 jurisdictions in North America and operates iGaming in five jurisdictions in North America; sports betting from our retail and online sportsbooks; and other games, such as keno.