Melco Resorts & Entertainment Limited $MLCO Holdings Lessened by ARGA Investment Management LP

ARGA Investment Management LP lessened its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 15.5% during the 3rd quarter, HoldingsChannel reports. The fund owned 25,194,785 shares of the company’s stock after selling 4,618,813 shares during the quarter. Melco Resorts & Entertainment comprises approximately 6.1% of ARGA Investment Management LP’s portfolio, making the stock its 6th biggest holding. ARGA Investment Management LP owned 0.06% of Melco Resorts & Entertainment worth $231,036,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. FNY Investment Advisers LLC purchased a new position in shares of Melco Resorts & Entertainment during the 2nd quarter valued at about $38,000. Solstein Capital LLC lifted its stake in shares of Melco Resorts & Entertainment by 74.9% during the 2nd quarter. Solstein Capital LLC now owns 9,340 shares of the company’s stock valued at $68,000 after buying an additional 4,000 shares in the last quarter. Northwestern Mutual Wealth Management Co. purchased a new position in shares of Melco Resorts & Entertainment during the 2nd quarter valued at $71,000. Campbell & CO Investment Adviser LLC purchased a new stake in Melco Resorts & Entertainment in the 2nd quarter worth $75,000. Finally, Global Retirement Partners LLC lifted its position in shares of Melco Resorts & Entertainment by 6,805.6% in the third quarter. Global Retirement Partners LLC now owns 8,632 shares of the company’s stock valued at $79,000 after acquiring an additional 8,507 shares in the last quarter. Institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Price Performance

Shares of Melco Resorts & Entertainment stock opened at $6.35 on Friday. The business has a 50 day simple moving average of $7.86 and a two-hundred day simple moving average of $8.55. The stock has a market capitalization of $2.67 billion, a P/E ratio of 24.42 and a beta of 0.66. Melco Resorts & Entertainment Limited has a 12 month low of $4.55 and a 12 month high of $10.15.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.11 by $0.10. Melco Resorts & Entertainment had a negative return on equity of 23.00% and a net margin of 2.06%.The business had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the company posted $0.06 EPS. The company’s quarterly revenue was up 11.5% on a year-over-year basis. As a group, research analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Wednesday, October 8th. Wall Street Zen cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research report on Saturday, December 27th. Zacks Research downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 16th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $7.70 price target (down from $11.00) on shares of Melco Resorts & Entertainment in a report on Friday, January 16th. Four analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Melco Resorts & Entertainment presently has an average rating of “Hold” and a consensus target price of $7.85.

Melco Resorts & Entertainment 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.