Man Group plc Buys New Shares in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Man Group plc bought a new stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 660,488 shares of the company's stock, valued at approximately $3,824,000. Man Group plc owned about 0.16% of Melco Resorts & Entertainment at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership bought a new stake in Melco Resorts & Entertainment in the 4th quarter valued at $28,989,000. Eminence Capital LP increased its holdings in Melco Resorts & Entertainment by 22.1% in the 4th quarter. Eminence Capital LP now owns 7,735,919 shares of the company's stock valued at $44,791,000 after buying an additional 1,402,619 shares during the period. BNP Paribas Financial Markets increased its holdings in 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 valued at $11,633,000 after buying an additional 1,353,617 shares during the period. JPMorgan Chase & Co. increased its holdings in 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 valued at $7,771,000 after buying an additional 1,241,986 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in Melco Resorts & Entertainment by 92.2% in the 4th quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock valued at $13,886,000 after buying an additional 1,150,500 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on MLCO. UBS Group lowered 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. Citigroup raised shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 price target on the stock in a report on Thursday, April 10th. Susquehanna lowered their price target on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating on the stock in a report on Monday, February 3rd. Bank of America boosted their price target on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a report on Tuesday. Finally, Morgan Stanley raised shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and lowered their target price for the stock from $7.50 to $6.70 in a report on Monday, March 3rd. One equities research 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 data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $6.69.

Melco Resorts & Entertainment Stock Performance

MLCO opened at $6.15 on Thursday. The firm's 50-day simple moving average is $5.38 and its 200-day simple moving average is $5.76. Melco Resorts & Entertainment Limited has a twelve month low of $4.55 and a twelve month high of $8.90. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -27.95, a PEG ratio of 0.63 and a beta of 0.71.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of ($0.01) by $0.13. Melco Resorts & Entertainment had a negative net margin of 2.04% and a negative return on equity of 16.35%. The business had revenue of $1.23 billion for the quarter, compared to analyst estimates of $1.21 billion. During the same quarter in the prior year, the firm earned $0.04 EPS. The firm's quarterly revenue was up 10.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current fiscal year.

Melco Resorts & Entertainment Company 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.

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