ARGA Investment Management LP lifted its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,640,786 shares of the company's stock after buying an additional 217,725 shares during the quarter. Melco Resorts & Entertainment makes up 8.5% of ARGA Investment Management LP's holdings, making the stock its 2nd largest position. ARGA Investment Management LP owned about 6.21% of Melco Resorts & Entertainment worth $245,174,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC acquired a new stake in Melco Resorts & Entertainment in the fourth quarter valued at approximately $37,000. FNY Investment Advisers LLC purchased a new stake in Melco Resorts & Entertainment in the 4th quarter worth $88,000. Greenleaf Trust purchased a new stake in Melco Resorts & Entertainment in the 4th quarter worth $92,000. Vanguard Personalized Indexing Management LLC acquired a new position in Melco Resorts & Entertainment during the fourth quarter worth $111,000. Finally, Tobam lifted its holdings in Melco Resorts & Entertainment by 38.5% during the fourth quarter. Tobam now owns 13,728 shares of the company's stock valued at $122,000 after purchasing an additional 3,818 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company's stock.
Melco Resorts & Entertainment Price Performance
Shares of MLCO stock traded up $0.34 during trading on Thursday, hitting $8.56. 2,433,508 shares of the stock traded hands, compared to its average volume of 3,407,695. The firm has a market capitalization of $3.81 billion, a P/E ratio of -20.19 and a beta of 1.10. Melco Resorts & Entertainment Limited has a 52-week low of $6.10 and a 52-week high of $13.91. The firm's fifty day moving average price is $7.13 and its 200-day moving average price is $7.78.
Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its earnings results on Tuesday, April 30th. The company reported $0.04 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.02. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.11 billion. Melco Resorts & Entertainment had a negative return on equity of 7.61% and a negative net margin of 4.34%. The company's revenue for the quarter was up 55.2% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.14) earnings per share. As a group, equities research analysts expect that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current year.
Wall Street Analyst Weigh In
Several research firms recently weighed in on MLCO. Citigroup upped their price target on shares of Melco Resorts & Entertainment from $13.75 to $14.00 and gave the stock a "buy" rating in a research report on Wednesday, May 1st. Morgan Stanley raised Melco Resorts & Entertainment from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $8.30 to $9.60 in a research note on Monday, May 6th. StockNews.com raised Melco Resorts & Entertainment from a "sell" rating to a "hold" rating in a research note on Friday, April 5th. Finally, Susquehanna decreased their price objective on Melco Resorts & Entertainment from $15.00 to $11.00 and set a "positive" rating on the stock in a report on Monday, April 29th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Melco Resorts & Entertainment currently has an average rating of "Moderate Buy" and a consensus price target of $13.82.
Read Our Latest Stock Report on MLCO
Melco Resorts & Entertainment Profile
(
Free Report)
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.
Further Reading
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