Brokerages Expect Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Will Announce Quarterly Sales of $499.71 Million

Wall Street brokerages expect Melco Resorts & Entertainment Limited (NASDAQ:MLCOGet Rating) to post sales of $499.71 million for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Melco Resorts & Entertainment’s earnings, with the highest sales estimate coming in at $518.61 million and the lowest estimate coming in at $480.81 million. Melco Resorts & Entertainment reported sales of $518.92 million during the same quarter last year, which indicates a negative year-over-year growth rate of 3.7%. The business is scheduled to issue its next quarterly earnings report on Monday, January 1st.

According to Zacks, analysts expect that Melco Resorts & Entertainment will report full-year sales of $2.34 billion for the current year, with estimates ranging from $2.33 billion to $2.35 billion. For the next year, analysts anticipate that the firm will post sales of $4.21 billion, with estimates ranging from $4.19 billion to $4.23 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that follow Melco Resorts & Entertainment.

Melco Resorts & Entertainment (NASDAQ:MLCOGet Rating) last posted its quarterly earnings results on Tuesday, March 1st. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.57) by $0.23. Melco Resorts & Entertainment had a negative return on equity of 61.79% and a negative net margin of 40.34%. The company had revenue of $480.60 million during the quarter, compared to analysts’ expectations of $576.80 million. During the same quarter in the previous year, the firm earned ($0.40) EPS. Melco Resorts & Entertainment’s revenue was down 9.0% on a year-over-year basis.

MLCO has been the topic of a number of analyst reports. StockNews.com started coverage on Melco Resorts & Entertainment in a research report on Thursday, March 31st. They issued a “sell” rating on the stock. Zacks Investment Research lowered shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research note on Wednesday, February 9th. Finally, Citigroup lifted their target price on shares of Melco Resorts & Entertainment from $13.50 to $15.00 in a research note on Tuesday, January 18th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $13.73.

Several hedge funds and other institutional investors have recently made changes to their positions in MLCO. Hardman Johnston Global Advisors LLC grew its stake in shares of Melco Resorts & Entertainment by 4.1% in the 4th quarter. Hardman Johnston Global Advisors LLC now owns 22,191,425 shares of the company’s stock valued at $225,909,000 after buying an additional 881,286 shares during the period. Capital World Investors lifted its position in Melco Resorts & Entertainment by 4.9% in the 4th quarter. Capital World Investors now owns 22,089,735 shares of the company’s stock valued at $224,874,000 after acquiring an additional 1,036,962 shares in the last quarter. ARGA Investment Management LP boosted its position in shares of Melco Resorts & Entertainment by 2.2% during the fourth quarter. ARGA Investment Management LP now owns 17,240,002 shares of the company’s stock valued at $175,503,000 after buying an additional 373,638 shares during the last quarter. BlackRock Inc. boosted its holdings in Melco Resorts & Entertainment by 17.8% during the 4th quarter. BlackRock Inc. now owns 12,820,734 shares of the company’s stock worth $130,513,000 after acquiring an additional 1,938,923 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in Melco Resorts & Entertainment by 24.2% during the fourth quarter. Nuveen Asset Management LLC now owns 12,196,201 shares of the company’s stock worth $124,158,000 after purchasing an additional 2,376,369 shares during the last quarter. Hedge funds and other institutional investors own 38.85% of the company’s stock.

Shares of Melco Resorts & Entertainment stock traded up $0.32 during trading on Friday, hitting $6.86. The company’s stock had a trading volume of 63,271 shares, compared to its average volume of 4,396,287. The stock has a market capitalization of $3.33 billion, a PE ratio of -3.82 and a beta of 1.71. The company has a debt-to-equity ratio of 8.42, a quick ratio of 1.80 and a current ratio of 1.83. Melco Resorts & Entertainment has a 52 week low of $5.75 and a 52 week high of $20.09. The firm’s 50-day moving average is $8.92.

Melco Resorts & Entertainment Company Profile (Get Rating)

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.

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