Arrowstreet Capital Limited Partnership Trims Stock Position in Melco Resorts & Entertainment Limited $MLCO

Arrowstreet Capital Limited Partnership cut its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 1.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,022,361 shares of the company’s stock after selling 170,934 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Melco Resorts & Entertainment were worth $51,247,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in MLCO. FIL Ltd acquired a new stake in Melco Resorts & Entertainment during the fourth quarter worth $35,198,000. Coronation Fund Managers Ltd. lifted its stake in shares of Melco Resorts & Entertainment by 35.2% in the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock valued at $64,010,000 after purchasing an additional 2,934,127 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake in shares of Melco Resorts & Entertainment by 257.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock valued at $29,253,000 after purchasing an additional 2,784,251 shares during the last quarter. National Bank of Canada FI lifted its stake in shares of Melco Resorts & Entertainment by 71,281.5% in the 3rd quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock valued at $20,233,000 after purchasing an additional 2,203,311 shares during the last quarter. Finally, Capitolis Liquid Global Markets LLC purchased a new position in shares of Melco Resorts & Entertainment during the 4th quarter worth $9,205,000. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and cut their price objective for the stock from $6.10 to $6.00 in a research report on Friday, July 10th. JPMorgan Chase & Co. decreased their target price on shares of Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating on the stock in a research report on Thursday, July 16th. Morgan Stanley lowered shares of Melco Resorts & Entertainment from an “overweight” rating to a “negative” rating in a research note on Monday, June 22nd. 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. Finally, Citigroup reduced their price target on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a research note on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, two have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Melco Resorts & Entertainment has an average rating of “Moderate Buy” and an average price target of $7.77.

Melco Resorts & Entertainment Stock Up 3.9%

MLCO opened at $5.62 on Tuesday. Melco Resorts & Entertainment Limited has a 52 week low of $5.07 and a 52 week high of $10.15. The business has a fifty day simple moving average of $5.47 and a 200-day simple moving average of $5.72. The firm has a market cap of $2.18 billion, a P/E ratio of 9.69, a P/E/G ratio of 3.38 and a beta of 0.59.

About Melco Resorts & Entertainment

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.