Eminence Capital LP Acquires 1,402,619 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Eminence Capital LP raised its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 22.1% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 7,735,919 shares of the company's stock after purchasing an additional 1,402,619 shares during the quarter. Eminence Capital LP owned approximately 1.84% of Melco Resorts & Entertainment worth $44,791,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. ARGA Investment Management LP grew its position in shares of Melco Resorts & Entertainment by 1.6% during the 4th quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company's stock worth $171,688,000 after buying an additional 456,117 shares during the period. Arrowstreet Capital Limited Partnership bought a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth $28,989,000. Renaissance Technologies LLC lifted its holdings in shares of Melco Resorts & Entertainment by 92.2% in the 4th quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock worth $13,886,000 after purchasing an additional 1,150,500 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Melco Resorts & Entertainment by 206.5% in the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock worth $11,633,000 after purchasing an additional 1,353,617 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Melco Resorts & Entertainment by 1,240.2% in the 4th quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company's stock worth $7,771,000 after purchasing an additional 1,241,986 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Citigroup upgraded Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 target price on the stock in a report on Thursday, April 10th. Morgan Stanley upgraded Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and cut their target price for the stock from $7.50 to $6.70 in a report on Monday, March 3rd. UBS Group cut Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 target price on the stock. in a report on Wednesday, April 30th. Finally, Susquehanna cut their target price on Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating on the stock in a report on Monday, February 3rd. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $6.84.

Melco Resorts & Entertainment Stock Up 5.9%

NASDAQ:MLCO traded up $0.36 during trading hours on Monday, hitting $6.35. 2,060,637 shares of the company traded hands, compared to its average volume of 3,727,333. The firm's 50-day simple moving average is $5.26 and its 200-day simple moving average is $5.78. Melco Resorts & Entertainment Limited has a one year low of $4.55 and a one year high of $8.90. The company has a market cap of $2.70 billion, a PE ratio of -28.84, a PEG ratio of 0.63 and a beta of 0.71.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. The business had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.21 billion. Melco Resorts & Entertainment had a negative return on equity of 16.35% and a negative net margin of 2.04%. The business's revenue was up 10.8% on a year-over-year basis. During the same period last year, the business earned $0.04 EPS. As a group, equities research analysts expect that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited, through its subsidiaries, develops, owns, and operates casino gaming and entertainment casino resort facilities in Asia. It owns and operates City of Dreams, an integrated casino resort that has 500 gaming tables and 800 gaming machines; approximately 1,400 hotel rooms and suites; a wet stage performance theater with approximately 2,000 seats; approximately 30 restaurants and bars, and 150 retail outlets; and recreation and leisure facilities, including health and fitness clubs, swimming pools, spa and salons, and banquet and meeting facilities.