Ameriprise Financial Inc. Increases Stock Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Ameriprise Financial Inc. lifted its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 1,166.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 147,363 shares of the company's stock after purchasing an additional 135,723 shares during the period. Ameriprise Financial Inc.'s holdings in Melco Resorts & Entertainment were worth $853,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. ARGA Investment Management LP lifted its holdings in Melco Resorts & Entertainment by 1.6% in the fourth quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company's stock worth $171,688,000 after buying an additional 456,117 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in Melco Resorts & Entertainment in the fourth quarter worth about $28,989,000. Renaissance Technologies LLC lifted its holdings in Melco Resorts & Entertainment by 92.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock worth $13,886,000 after buying an additional 1,150,500 shares during the period. JPMorgan Chase & Co. lifted its holdings in Melco Resorts & Entertainment by 1,240.2% in the fourth quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company's stock worth $7,771,000 after buying an additional 1,241,986 shares during the period. Finally, Trexquant Investment LP lifted its holdings in Melco Resorts & Entertainment by 105.2% in the fourth quarter. Trexquant Investment LP now owns 1,134,648 shares of the company's stock worth $6,570,000 after buying an additional 581,778 shares during the period. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MLCO. Bank of America raised their price objective on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a "neutral" rating in a report on Tuesday, May 20th. Citigroup upgraded shares of Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 target price for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. lifted their target price on shares of Melco Resorts & Entertainment from $6.50 to $7.20 and gave the company a "neutral" rating in a report on Monday. UBS Group lowered shares of Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 target price for the company. in a report on Wednesday, April 30th. Finally, Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and lowered their target price for the company from $7.50 to $6.70 in a report on Monday, March 3rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Melco Resorts & Entertainment currently has an average rating of "Hold" and an average price target of $6.73.

Melco Resorts & Entertainment Stock Down 2.6%

Shares of MLCO stock traded down $0.16 during trading hours on Wednesday, hitting $6.09. 1,792,138 shares of the company's stock traded hands, compared to its average volume of 3,683,472. The stock's fifty day simple moving average is $5.50 and its two-hundred day simple moving average is $5.74. Melco Resorts & Entertainment Limited has a 12-month low of $4.55 and a 12-month high of $8.90. The stock has a market cap of $2.56 billion, a price-to-earnings ratio of -27.68, a PEG ratio of 0.63 and a beta of 0.71.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $1.23 billion during the quarter, compared to analyst estimates of $1.21 billion. During the same period in the previous year, the business earned $0.04 EPS. The firm's revenue for the quarter was up 10.8% on a year-over-year basis. On average, equities analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current fiscal year.

Melco Resorts & Entertainment 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.