Public Employees Retirement System of Ohio Cuts Position in Melco Resorts & Entertainment Limited $MLCO

Key Points

• Public Employees Retirement System of Ohio cut its Melco Resorts & Entertainment position by 64.6% in the first quarter, selling 501,257 shares and retaining 274,618 shares valued at approximately $1.56 million.
• Institutional ownership activity was mixed: Coronation Fund Managers increased its stake by 35.2%, while other funds including SG Americas Securities and Bleakley Financial also added shares. Hedge funds and institutions collectively own 39.62% of MLCO.
• MLCO opened at $5.73, near its 50-day and 200-day moving averages, while analysts hold a consensus “Hold” rating with an average price target of $7.32 after several recent target and rating changes.

Public Employees Retirement System of Ohio decreased its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 64.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 274,618 shares of the company's stock after selling 501,257 shares during the quarter. Public Employees Retirement System of Ohio owned 0.07% of Melco Resorts & Entertainment worth $1,560,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Coronation Fund Managers Ltd. increased its position in Melco Resorts & Entertainment by 35.2% in the first quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company's stock worth $64,010,000 after purchasing an additional 2,934,127 shares during the last quarter. Capula Management Ltd bought a new position in Melco Resorts & Entertainment during the first quarter valued at $1,326,000. SG Americas Securities LLC lifted its position in Melco Resorts & Entertainment by 190.9% during the first quarter. SG Americas Securities LLC now owns 461,100 shares of the company's stock valued at $2,619,000 after purchasing an additional 302,609 shares during the last quarter. Bleakley Financial Group LLC grew its stake in shares of Melco Resorts & Entertainment by 29.8% in the 1st quarter. Bleakley Financial Group LLC now owns 461,487 shares of the company's stock worth $2,621,000 after buying an additional 105,887 shares in the last quarter. Finally, Clough Capital Partners L P grew its stake in shares of Melco Resorts & Entertainment by 17.6% in the 4th quarter. Clough Capital Partners L P now owns 1,120,920 shares of the company's stock worth $8,485,000 after buying an additional 167,890 shares in the last quarter. 39.62% of the stock is owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Stock Performance

Shares of MLCO opened at $5.73 on Monday. The firm has a fifty day moving average price of $5.49 and a 200-day moving average price of $5.69. The firm has a market capitalization of $2.22 billion, a P/E ratio of 9.88, a P/E/G ratio of 3.58 and a beta of 0.59. 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

MLCO has been the topic of several recent research reports. Wall Street Zen cut shares of Melco Resorts & Entertainment from a "buy" rating to a "hold" rating in a research report on Sunday, June 28th. CICC Research raised Melco Resorts & Entertainment to an "outperform" rating in a research note on Sunday, April 19th. JPMorgan Chase & Co. dropped their target price on Melco Resorts & Entertainment from $6.00 to $5.70 and set a "neutral" rating for the company in a report on Thursday, July 16th. CLSA upgraded Melco Resorts & Entertainment from a "hold" rating to an "outperform" rating and decreased their price target for the company from $6.10 to $6.00 in a report on Friday, July 10th. Finally, Citigroup dropped their price objective on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a "buy" rating for the company in a research note on Friday, July 10th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $7.32.

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.

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