Northern Trust Corp Buys 265,848 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Northern Trust Corp increased its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 274.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 362,738 shares of the company's stock after purchasing an additional 265,848 shares during the quarter. Northern Trust Corp owned 0.09% of Melco Resorts & Entertainment worth $2,100,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in MLCO. ARGA Investment Management LP lifted its holdings in shares of Melco Resorts & Entertainment by 1.6% during the fourth quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company's stock worth $171,688,000 after purchasing an additional 456,117 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Melco Resorts & Entertainment during the fourth quarter valued at $28,989,000. Renaissance Technologies LLC grew its position in shares of Melco Resorts & Entertainment by 92.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company's stock valued at $13,886,000 after purchasing an additional 1,150,500 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of 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 purchasing an additional 1,241,986 shares during the last quarter. Finally, Trexquant Investment LP raised 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 valued at $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.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO traded down $0.05 during mid-day trading on Friday, hitting $6.31. The company had a trading volume of 262,224 shares, compared to its average volume of 4,227,211. The firm has a market cap of $2.65 billion, a P/E ratio of -28.62, a P/E/G ratio of 0.63 and a beta of 0.71. The business's fifty day moving average is $5.45 and its two-hundred day moving average is $5.74. Melco Resorts & Entertainment Limited has a fifty-two week low of $4.55 and a fifty-two week high of $8.90.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, beating 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 company had revenue of $1.23 billion during the quarter, compared to analysts' expectations of $1.21 billion. During the same quarter in the prior year, the company earned $0.04 earnings per share. The business's quarterly revenue was up 10.8% compared to the same quarter last year. Equities analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have issued reports on MLCO shares. Citigroup raised Melco Resorts & Entertainment from a "neutral" rating to a "buy" rating and set a $6.25 target price on the stock in a research report on Thursday, April 10th. UBS Group downgraded Melco Resorts & Entertainment from a "buy" rating to a "sell" rating and set a $4.60 price objective for the company. in a research report on Wednesday, April 30th. Susquehanna lowered their price objective on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a "positive" rating on the stock in a research report on Monday, February 3rd. Morgan Stanley upgraded Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and cut their target price for the company from $7.50 to $6.70 in a report on Monday, March 3rd. Finally, Bank of America raised their target price on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a "neutral" rating in a research note on Tuesday, May 20th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $6.69.

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.