Samalin Investment Counsel LLC Increases Stock Holdings in Melco Resorts & Entertainment Limited $MLCO

Key Points

• Samalin Investment Counsel LLC increased its stake in Melco Resorts by 171.4%, owning 261,312 shares valued at approximately $1.38 million after purchasing 165,039 additional shares.
• Several institutional investors, including Bank of America and Ameriprise Financial, significantly raised their positions in Melco Resorts, indicating strong institutional interest in the company.
• Recent analyst ratings have been mixed, with Citigroup setting a target price of $11.50 and a "buy" rating, while UBS downgraded the stock to a "sell" rating with a target of $4.60.

Samalin Investment Counsel LLC boosted its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 171.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 261,312 shares of the company's stock after purchasing an additional 165,039 shares during the quarter. Samalin Investment Counsel LLC owned about 0.06% of Melco Resorts & Entertainment worth $1,377,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in MLCO. Caitong International Asset Management Co. Ltd bought a new stake in Melco Resorts & Entertainment in the first quarter worth approximately $34,000. Brown Advisory Inc. bought a new stake in Melco Resorts & Entertainment in the first quarter worth approximately $53,000. Aigen Investment Management LP bought a new stake in Melco Resorts & Entertainment in the first quarter worth approximately $59,000. GAMMA Investing LLC increased its holdings in Melco Resorts & Entertainment by 88.1% in the first quarter. GAMMA Investing LLC now owns 14,171 shares of the company's stock worth $75,000 after purchasing an additional 6,638 shares in the last quarter. Finally, US Bancorp DE increased its holdings in Melco Resorts & Entertainment by 294.1% in the first quarter. US Bancorp DE now owns 20,874 shares of the company's stock worth $110,000 after purchasing an additional 15,578 shares in the last quarter. 39.62% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MLCO has been the subject of a number of research analyst reports. JPMorgan Chase & Co. upgraded Melco Resorts & Entertainment from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $7.20 to $9.50 in a report on Tuesday, July 1st. Susquehanna lifted their target price on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a "positive" rating in a report on Wednesday, July 30th. Citigroup boosted their price objective on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a "buy" rating in a report on Friday, August 1st. Bank of America boosted their price objective on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a report on Tuesday, May 20th. Finally, Wall Street Zen upgraded Melco Resorts & Entertainment from a "hold" rating to a "buy" rating in a report on Monday, July 7th. Four equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $8.15.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ MLCO traded down $0.13 during midday trading on Friday, hitting $9.94. 3,147,921 shares of the stock traded hands, compared to its average volume of 2,846,393. The company has a market cap of $4.17 billion, a PE ratio of 76.47 and a beta of 0.83. Melco Resorts & Entertainment Limited has a one year low of $4.55 and a one year high of $10.08. The business has a 50 day moving average price of $8.65 and a two-hundred day moving average price of $6.71.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.14. The company had revenue of $1.33 billion for the quarter, compared to analysts' expectations of $1.20 billion. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%.Melco Resorts & Entertainment's quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.05 earnings per share. As a group, equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 EPS 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.