Melco Resorts & Entertainment Limited $MLCO Stock: ARGA Investment Management LP Reduces Position

ARGA Investment Management LP lessened its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 2.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,106,432 shares of the company's stock after selling 298,590 shares during the quarter. Melco Resorts & Entertainment accounts for 1.4% of ARGA Investment Management LP's portfolio, making the stock its 16th largest position. ARGA Investment Management LP owned approximately 3.18% of Melco Resorts & Entertainment worth $54,237,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Coronation Fund Managers Ltd. lifted its stake in Melco Resorts & Entertainment by 35.2% during the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company's stock valued at $64,010,000 after acquiring an additional 2,934,127 shares during the period. Renaissance Technologies LLC grew its position in Melco Resorts & Entertainment by 7.9% during the 1st quarter. Renaissance Technologies LLC now owns 4,461,600 shares of the company's stock worth $25,342,000 after purchasing an additional 325,900 shares during the period. Bank of America Corp DE grew its position in Melco Resorts & Entertainment by 177.7% during the 1st quarter. Bank of America Corp DE now owns 890,787 shares of the company's stock worth $5,060,000 after purchasing an additional 570,060 shares during the period. Bleakley Financial Group LLC grew its position in Melco Resorts & Entertainment by 29.8% during the 1st quarter. Bleakley Financial Group LLC now owns 461,487 shares of the company's stock worth $2,621,000 after purchasing an additional 105,887 shares during the period. Finally, Capula Management Ltd purchased a new position in shares of Melco Resorts & Entertainment during the 1st quarter valued at about $1,326,000. 39.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Weiss Ratings reissued a "sell (d)" rating on shares of Melco Resorts & Entertainment in a report on Tuesday, August 18th. Capital One Financial set a $5.50 target price on Melco Resorts & Entertainment in a research note on Friday, October 16th. Susquehanna set a $7.00 target price on Melco Resorts & Entertainment in a report on Friday, August 14th. Citigroup initiated coverage on Melco Resorts & Entertainment in a research report on Monday, October 12th. They set a "buy" rating and a $9.40 price target for the company. Finally, CICC Research cut Melco Resorts & Entertainment from an "outperform" rating to a "market perform" rating in a research report on Sunday, October 18th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $6.83.

Melco Resorts & Entertainment Stock Up 1.9%

Shares of NASDAQ:MLCO opened at $4.20 on Wednesday. The business has a fifty day moving average of $4.52 and a two-hundred day moving average of $5.38. The stock has a market cap of $1.60 billion, a P/E ratio of 7.00, a PEG ratio of 3.17 and a beta of 0.49. Melco Resorts & Entertainment Limited has a 52-week low of $3.67 and a 52-week high of $9.53.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported $0.06 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.06. Melco Resorts & Entertainment had a negative return on equity of 23.81% and a net margin of 4.50%. The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period last year, the company earned $0.04 EPS. The company's revenue for the quarter was down 5.7% on a year-over-year basis. On average, equities analysts anticipate that Melco Resorts & Entertainment Limited will post 0.41 earnings per share for the current year.

Melco Resorts & Entertainment Profile

Melco Resorts & Entertainment Limited is a developer, owner and operator of integrated resort facilities focused on gaming, hospitality, entertainment, dining, retail and convention services. The company's properties combine casinos with luxury hotels, restaurants, shopping areas, theaters and other leisure attractions.

Melco operates several major resorts in Macau, including City of Dreams, Altira Macau and Studio City. Its Macau operations also include the Mocha Clubs electronic gaming-machine business.

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