Bleakley Financial Group LLC Increases Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Bleakley Financial Group LLC lifted its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 69.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 125,736 shares of the company's stock after purchasing an additional 51,327 shares during the quarter. Bleakley Financial Group LLC's holdings in Melco Resorts & Entertainment were worth $663,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. DAVENPORT & Co LLC grew its stake in shares of Melco Resorts & Entertainment by 5.9% in the first quarter. DAVENPORT & Co LLC now owns 85,972 shares of the company's stock valued at $453,000 after buying an additional 4,815 shares in the last quarter. Northern Trust Corp grew its stake in Melco Resorts & Entertainment by 274.4% during the 4th quarter. Northern Trust Corp now owns 362,738 shares of the company's stock worth $2,100,000 after purchasing an additional 265,848 shares in the last quarter. Bank of America Corp DE grew its stake in Melco Resorts & Entertainment by 133.7% during the 4th quarter. Bank of America Corp DE now owns 642,726 shares of the company's stock worth $3,721,000 after purchasing an additional 367,652 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Melco Resorts & Entertainment during the 4th quarter worth $649,000. Finally, Renaissance Technologies LLC grew its stake in 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 purchasing an additional 1,150,500 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company's stock.

Analyst Ratings Changes

MLCO has been the subject of several analyst reports. UBS Group cut Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price objective for the company. in a research report on Wednesday, April 30th. JPMorgan Chase & Co. raised Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $7.20 to $9.50 in a research report on Tuesday, July 1st. Citigroup increased their price objective on Melco Resorts & Entertainment from $8.60 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday, July 9th. Wall Street Zen raised Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a research report on Monday, July 7th. Finally, Bank of America raised their price target on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Melco Resorts & Entertainment has an average rating of "Moderate Buy" and an average target price of $7.90.

Melco Resorts & Entertainment Stock Up 1.2%

Shares of Melco Resorts & Entertainment stock traded up $0.11 during trading hours on Thursday, hitting $8.92. The company's stock had a trading volume of 4,272,273 shares, compared to its average volume of 3,894,228. Melco Resorts & Entertainment Limited has a 1-year low of $4.55 and a 1-year high of $9.04. The business has a fifty day moving average of $6.91 and a 200 day moving average of $5.96. The company has a market capitalization of $3.74 billion, a PE ratio of 35.24 and a beta of 0.82.

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, topping analysts' consensus estimates of ($0.01) by $0.13. The company 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 12.58% and a net margin of 1.28%. The firm's quarterly revenue was up 10.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.04 earnings per share. On average, sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current fiscal 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.