Isle of Capri Casinos (ISLE) Shares Tumble After Second Quarter Results Disappoint

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Isle of Capri Casinos (NASDAQ:ISLE) shares are down significantly in afternoon trading after the company today reported their financial results for Q2 of fiscal year 2016 ended October 25, 2015. The company which has 14 casinos located all over the United States, from Pompano Florida to Kansas City Missouri, hopes that the forthcoming quarters provide for better financial results.

Isle of Capri Casinos (NASDAQ:ISLE) saw revenues fall short of analysts’ predictions of $241.1 million, with actual revenues coming in at just $236.3 million. While this news would seem quite negative for a company hoping to grow, they did reports some good news as well.

Net income for the quarter came in at $0.28/share or $11.5 million total. After adjustments for discontinued operations, this number came out to $0.19/share which beat the Street’s forcast by $0.01. The $11.5 million net income is quite significant as the company reported a loss during this period last year.

The stock is down 14.21% or $2.69 following the news, hitting $16.27 per share. About 1.31 million shares traded hands or 329.69% up from the average. ISLE has risen 26.97% since April 29, 2015 and is uptrending. It has outperformed the S&P500 by 27.17%.

From a total of 2 analysts covering Isle of Capri Casinos (NASDAQ:ISLE) stock, 2 rate it a “Buy”, 0 a “Sell”, and 0 a “Hold”. This means that 100% of the ratings are positive. The highest target price is $23 while the lowest target price is $22. The mean of all analyst targets is $22.50 which is 38.29% above today’s ($16.27) stock price. Isle of Capri Casinos was the topic of 3 analyst reports since August 11, 2015 according to the firm StockzIntelligence Inc. Zacks upgraded shares on September 4 to a “Strong-Buy” rating.

The institutional sentiment decreased to 1.45 in Q2 2015. It’s down 0.02, from 1.47 in 2015Q1. The ratio is negative, as 13 funds sold all their Isle of Capri Casinos shares they owned while 43 reduced their positions. 28 funds bought stakes while 53 increased their total positions. Institutions now own 20.97 million shares which is 13.94% more than the previous share count of 18.40 million in 2015Q1.

Rotella Capital Management Inc. holds 2.17% of its total portfolio in Isle of Capri Casinos, equating to 145,293 shares. Schonfeld Group Holdings Llc owns 46,390 shares representing 0.78% of their total US portfolio. Moreover, Brigade Capital Management Lp has 0.76% of their total portfolio invested in the company, equating to 746,708 shares. The New York-based Waterfront Capital Partners Llc has a total of 0.49% of their portfolio invested in the stock. Bogle Investment Management L P De, a Massachusetts-based fund reported 334,473 shares owned.

Since June 15, 2015, the stock had 0 buys, and 13 selling transactions for a total of $123.69 million in net activity. Glazer Alan sold 30,000 shares worth $576,802. Biumi Bonnie sold 10,000 shares worth $197,200. Kozicz Gregory J. sold 10,000 shares worth $197,260. Wielansky Lee S sold 20,000 shares worth $382,194. The insider Goldstein Richard A sold 1.60 million shares worth $30.05M.

Isle of Capri Casinos, Inc. is a developer, owner and operator of branded gaming facilities and related dining, lodging and entertainment facilities. The company has a market cap of $822.16 million. The Firm owns or operates around 15 gaming and entertainment facilities in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri and Pennsylvania. It has 41.78 P/E ratio. Collectively, these properties feature approximately 12,700 slot machines and over 300 table games over 2,300 hotel rooms and around 45 restaurants.

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