Melco Resorts & Entertainment Limited $MLCO is ARGA Investment Management LP's 10th Largest Position

Key Points

• ARGA Investment Management LP cut its Melco Resorts & Entertainment stake by 36.5% in the first quarter, but the stock is still its 10th-largest holding and represents 2.7% of its portfolio.
• Melco Resorts & Entertainment has seen mixed institutional activity, with several other investors adding modestly to positions while hedge funds and other institutions own about 39.62% of the shares.
• Analyst sentiment is cautious but still constructive: the stock has a Moderate Buy consensus with a target price of $8.10, though recent rating changes were mixed and the shares were trading near $5.49.

ARGA Investment Management LP lowered its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 36.5% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 14,508,114 shares of the company's stock after selling 8,344,481 shares during the period. Melco Resorts & Entertainment makes up 2.7% of ARGA Investment Management LP's holdings, making the stock its 10th biggest holding. ARGA Investment Management LP owned approximately 3.57% of Melco Resorts & Entertainment worth $82,406,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Osaic Holdings Inc. boosted its position in Melco Resorts & Entertainment by 8.3% in the 2nd quarter. Osaic Holdings Inc. now owns 16,990 shares of the company's stock valued at $123,000 after buying an additional 1,295 shares during the period. Orion Porfolio Solutions LLC increased its position 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 worth $98,000 after acquiring an additional 1,819 shares during the period. Fox Run Management L.L.C. raised its stake in shares of Melco Resorts & Entertainment by 5.1% in the fourth 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 in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Melco Resorts & Entertainment by 0.9% in the third quarter. Ameriprise Financial Inc. now owns 259,631 shares of the company's stock valued at $2,380,000 after acquiring an additional 2,442 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in Melco Resorts & Entertainment by 3.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 69,325 shares of the company's stock valued at $525,000 after purchasing an additional 2,444 shares during the period. 39.62% of the stock is owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Price Performance

NASDAQ:MLCO opened at $5.49 on Friday. The firm has a market capitalization of $2.13 billion, a PE ratio of 9.47, a price-to-earnings-growth ratio of 3.30 and a beta of 0.59. The business's fifty day moving average price is $5.48 and its 200 day moving average price is $5.91. Melco Resorts & Entertainment Limited has a 12 month low of $5.07 and a 12 month high of $10.15.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MLCO. Citigroup lowered their target price on Melco Resorts & Entertainment from $10.50 to $9.40 and set a "buy" rating for the company in a research note on Friday. Morgan Stanley cut Melco Resorts & Entertainment from an "overweight" rating to a "negative" rating in a research note on Monday, June 22nd. CICC Research raised Melco Resorts & Entertainment to an "outperform" rating in a research report on Sunday, April 19th. CLSA upgraded shares of Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating and cut their target price for the stock from $6.10 to $6.00 in a research note on Friday. Finally, Wall Street Zen cut shares of Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a report on Sunday, June 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Melco Resorts & Entertainment has an average rating of "Moderate Buy" and a consensus target price of $8.10.

Melco Resorts & Entertainment Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.