ARGA Investment Management LP Has $156.84 Million Stock Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

ARGA Investment Management LP raised its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 0.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 29,760,953 shares of the company's stock after acquiring an additional 108,529 shares during the period. Melco Resorts & Entertainment makes up 5.3% of ARGA Investment Management LP's portfolio, making the stock its 8th biggest position. ARGA Investment Management LP owned approximately 6.99% of Melco Resorts & Entertainment worth $156,840,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Eminence Capital LP increased its holdings in shares of Melco Resorts & Entertainment by 22.1% in the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock worth $44,791,000 after buying an additional 1,402,619 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Melco Resorts & Entertainment by 1.4% in the 4th quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company's stock valued at $35,211,000 after buying an additional 83,268 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Melco Resorts & Entertainment in the 4th quarter worth approximately $28,989,000. Renaissance Technologies LLC raised its stake in shares of Melco Resorts & Entertainment by 92.2% during the 4th quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock worth $13,886,000 after acquiring an additional 1,150,500 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its stake in Melco Resorts & Entertainment by 206.5% during the 4th quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company's stock valued at $11,633,000 after purchasing an additional 1,353,617 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company's stock.

Analysts Set New Price Targets

MLCO has been the topic of several recent analyst reports. Bank of America increased their price objective on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a report on Tuesday, May 20th. UBS Group cut shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price target for the company. in a research report on Wednesday, April 30th. JPMorgan Chase & Co. upgraded shares of Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and lifted their price target for the company from $7.20 to $9.50 in a research report on Tuesday, July 1st. Citigroup raised shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 price objective for the company in a research note on Thursday, April 10th. Finally, Wall Street Zen upgraded shares of Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research note on Monday. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $7.11.

Melco Resorts & Entertainment Stock Up 0.6%

NASDAQ:MLCO opened at $8.61 on Tuesday. Melco Resorts & Entertainment Limited has a fifty-two week low of $4.55 and a fifty-two week high of $8.90. The stock has a market cap of $3.61 billion, a PE ratio of 61.50, a price-to-earnings-growth ratio of 0.66 and a beta of 0.82. The firm's fifty day simple moving average is $6.42 and its 200-day simple moving average is $5.82.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of ($0.01) by $0.13. The firm had revenue of $1.23 billion for the quarter, compared to analysts' expectations of $1.21 billion. Melco Resorts & Entertainment had a net margin of 1.28% and a negative return on equity of 12.58%. The firm's revenue was up 10.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.04 EPS. Equities analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 earnings per share 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.

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