At the end of the fourth quarter of 2018, GoldenTree Asset Management held another large stake in Eagle Bulk Shipping Inc. (NASDAQ:EGLE). This was $57.8 million worth a position, on the account of 12.54 million shares. Eagle Bulk Shipping, is a transportation company and shipowner-operator that mainly transports dry bulk commodities. It has a market cap of $365.87 million, and over the last 12 months, its stock gained 2.43%, having its closing price on February 25th of $5.04. At the end of Q3 2018, there were 17 investors from Insider Monkey’s database long this stock, up from 13 in the previous quarter. On February 15th, Morgan Stanley set a price target on the stock of $5.00 and placed a “hold” rating, while Maxim Group reiterated “buy’ rating on the stock, with a price target of $7.00.
GoldenTree Asset Management initiated the biggest new position during the fourth quarter in Caesars Entertainment Corporation Common Stock (NASDAQ:CZR), by purchasing 7.58 million shares, with a value of $51.5 million. This position accounted for 8.12% of the fund’s equity portfolio. Caesars Entertainment is one of the world’s largest gaming companies based in Paradise, Nevada. It has a market cap of $6 billion, and it is trading at a price-to-earnings ratio of 23.94. Over the last 12 months, its stock dropped by 32.12%, and it had a closing price on February 25th of $8.96. On February 25th, Deutsche Bank reiterated its “buy” rating on the stock, with a price target of $11.00, while on January 16th, Bank of America downgraded its rating to “neutral” from “buy. For the fourth quarter of 2018, Caesars reported net revenue of $2.12 billion, compared to net revenue of $1.90 billion for the corresponding quarter of 2017, and diluted earnings per share of $0.25 compared to diluted EPS of $2.48 in the fourth quarter of 2017. There were 62 smart money investors from our table with long positions in Caesars Corp at the end of Q3 2018, up from 58 in Q2 2018. The second biggest new stake GoldenTree Asset Management established in International Game Technology PLC (NYSE:IGT), by acquiring 1.93 million shares, valued $28.3 million.
During the fourth quarter of 2018, GoldenTree Asset Management decided to dump 11 companies. The largest stake it had sold out was in Constellium NV (NYSE:CSTM) and it was worth $21.14 million, on the account of 1.71 million shares. Next in line among the biggest drops was $19.44 million worth a position in Encana Corp (NYSE:ECA), which counted 1.48 million shares. The fund also said goodbye to its position in PG&E Corporation (NYSE:PCG), which included 396,215 shares with a value of $18.23 million.
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This article was originally published at Insider Monkey.
