Bank of America Corp DE Acquires 570,060 Shares of Melco Resorts & Entertainment Limited $MLCO

Key Points

• Bank of America increased its Melco Resorts & Entertainment stake by 177.7% in the first quarter, acquiring 570,060 additional shares and bringing its holdings to 890,787 shares valued at approximately $5.06 million.
• Analyst sentiment is mixed but leans positive, with Melco carrying a consensus “Moderate Buy” rating and an average price target of $7.27, despite recent downgrades from Morgan Stanley and JPMorgan.
• MLCO shares opened at $5.17, near their 52-week low of $5.07. Quarterly EPS matched estimates at $0.06, while revenue fell 5.7% year over year to $1.25 billion.

Bank of America Corp DE increased its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 177.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 890,787 shares of the company's stock after acquiring an additional 570,060 shares during the period. Bank of America Corp DE owned approximately 0.23% of Melco Resorts & Entertainment worth $5,060,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Osaic Holdings Inc. lifted its position in Melco Resorts & Entertainment by 8.3% during the second quarter. Osaic Holdings Inc. now owns 16,990 shares of the company's stock valued at $123,000 after acquiring an additional 1,295 shares during the last quarter. Orion Porfolio Solutions LLC grew its holdings in shares of Melco Resorts & Entertainment by 15.5% during the second quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company's stock valued at $98,000 after buying an additional 1,819 shares during the last quarter. Fox Run Management L.L.C. increased its position in shares of Melco Resorts & Entertainment by 5.1% in the 4th quarter. Fox Run Management L.L.C. now owns 46,211 shares of the company's stock valued at $350,000 after acquiring an additional 2,256 shares during the period. Ameriprise Financial Inc. raised its stake in Melco Resorts & Entertainment by 0.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company's stock worth $2,380,000 after acquiring an additional 2,442 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in Melco Resorts & Entertainment by 3.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company's stock worth $525,000 after acquiring an additional 2,444 shares during the last quarter. 39.62% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MLCO has been the subject of several recent research reports. CLSA raised shares of Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating and reduced their target price for the stock from $6.10 to $6.00 in a report on Friday, July 10th. Morgan Stanley lowered shares of Melco Resorts & Entertainment from an "overweight" rating to a "negative" rating in a report on Monday, June 22nd. JPMorgan Chase & Co. lowered their price target on shares of Melco Resorts & Entertainment from $6.00 to $5.70 and set a "neutral" rating on the stock in a report on Thursday, July 16th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Melco Resorts & Entertainment in a research report on Tuesday, August 18th. Finally, Susquehanna set a $7.00 price objective on Melco Resorts & Entertainment in a research note on Friday, August 14th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of "Moderate Buy" and an average target price of $7.27.

Melco Resorts & Entertainment Stock Down 4.4%

Shares of NASDAQ MLCO opened at $5.17 on Friday. The business's 50 day moving average is $5.44 and its two-hundred day moving average is $5.59. Melco Resorts & Entertainment Limited has a 52-week low of $5.07 and a 52-week high of $10.15. The firm has a market cap of $2.01 billion, a price-to-earnings ratio of 8.62, a PEG ratio of 3.98 and a beta of 0.59.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.06 EPS for the quarter, hitting the consensus estimate of $0.06. The business had revenue of $1.25 billion during the quarter, compared to analyst estimates of $1.26 billion. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%.The company's quarterly revenue was down 5.7% on a year-over-year basis. During the same period last year, the business posted $0.04 earnings per share. Analysts anticipate that Melco Resorts & Entertainment Limited will post 0.43 EPS for the current fiscal year.

About Melco Resorts & Entertainment

Melco Resorts & Entertainment Limited NASDAQ: MLCO is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company's portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco's properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.

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