Bank of America Corp DE Acquires 367,652 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Bank of America Corp DE boosted its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 133.7% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 642,726 shares of the company's stock after buying an additional 367,652 shares during the quarter. Bank of America Corp DE owned 0.15% of Melco Resorts & Entertainment worth $3,721,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its holdings in shares of Melco Resorts & Entertainment by 8.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 50,215 shares of the company's stock worth $291,000 after acquiring an additional 3,873 shares during the last quarter. Samalin Investment Counsel LLC raised its position in Melco Resorts & Entertainment by 11.6% in the 4th quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company's stock worth $557,000 after purchasing an additional 10,000 shares during the period. Patriot Financial Group Insurance Agency LLC bought a new stake in Melco Resorts & Entertainment in the fourth quarter worth about $58,000. Mariner LLC boosted its position in shares of Melco Resorts & Entertainment by 12.3% during the fourth quarter. Mariner LLC now owns 95,939 shares of the company's stock valued at $555,000 after buying an additional 10,491 shares during the period. Finally, Mcdonald Partners LLC boosted its position in shares of Melco Resorts & Entertainment by 19.4% during the fourth quarter. Mcdonald Partners LLC now owns 92,360 shares of the company's stock valued at $535,000 after buying an additional 15,021 shares during the period. 39.62% of the stock is owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO traded down $0.16 on Wednesday, reaching $6.09. 1,792,138 shares of the stock traded hands, compared to its average volume of 3,684,794. Melco Resorts & Entertainment Limited has a 12 month low of $4.55 and a 12 month high of $8.90. The company has a market cap of $2.56 billion, a price-to-earnings ratio of -27.68, a PEG ratio of 0.63 and a beta of 0.71. The company has a fifty day moving average price of $5.52 and a 200-day moving average price of $5.74.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released 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. Melco Resorts & Entertainment had a negative return on equity of 16.35% and a negative net margin of 2.04%. The firm had revenue of $1.23 billion during the quarter, compared to the consensus estimate of $1.21 billion. During the same period in the previous year, the company posted $0.04 earnings per share. The firm's quarterly revenue was up 10.8% on a year-over-year basis. As a group, research analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current fiscal year.

Analyst Ratings Changes

MLCO has been the topic of several recent analyst reports. Bank of America increased their price target on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a report on Tuesday, May 20th. JPMorgan Chase & Co. increased their target price on Melco Resorts & Entertainment from $6.50 to $7.20 and gave the stock a "neutral" rating in a research note on Monday. Citigroup upgraded Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 target price for the company in a research report on Thursday, April 10th. UBS Group cut shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price target on the stock. in a report on Wednesday, April 30th. Finally, Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and decreased their price objective for the company from $7.50 to $6.70 in a report on Monday, March 3rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $6.73.

Melco Resorts & Entertainment Profile

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.