Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Shares Bought by Northern Trust Corp

Northern Trust Corp lifted its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 274.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 362,738 shares of the company’s stock after purchasing an additional 265,848 shares during the period. Northern Trust Corp owned about 0.09% of Melco Resorts & Entertainment worth $2,100,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new position in shares of Melco Resorts & Entertainment in the 4th quarter worth approximately $649,000. Charles Schwab Investment Management Inc. increased its position in shares of Melco Resorts & Entertainment by 47.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 353,196 shares of the company’s stock worth $2,045,000 after acquiring an additional 113,328 shares in the last quarter. Renaissance Technologies LLC increased its position in shares of Melco Resorts & Entertainment by 92.2% in the fourth quarter. Renaissance Technologies LLC now owns 2,398,300 shares of the company’s stock worth $13,886,000 after acquiring an additional 1,150,500 shares in the last quarter. ARGA Investment Management LP increased its position in shares of Melco Resorts & Entertainment by 1.6% in the fourth quarter. ARGA Investment Management LP now owns 29,652,424 shares of the company’s stock worth $171,688,000 after acquiring an additional 456,117 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D purchased a new position in shares of Melco Resorts & Entertainment in the fourth quarter worth approximately $407,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Performance

MLCO stock opened at $6.11 on Monday. The stock has a market cap of $2.56 billion, a P/E ratio of -27.77, a P/E/G ratio of 0.63 and a beta of 0.71. The firm has a 50 day simple moving average of $5.39 and a 200 day simple moving average of $5.74. Melco Resorts & Entertainment Limited has a 52 week low of $4.55 and a 52 week high of $8.90.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.12 EPS for the quarter, topping the consensus estimate of ($0.01) by $0.13. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.21 billion. Melco Resorts & Entertainment had a negative net margin of 2.04% and a negative return on equity of 16.35%. The firm’s quarterly revenue was up 10.8% compared to the same quarter last year. During the same period last year, the company posted $0.04 earnings per share. Sell-side analysts predict that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Citigroup raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 target price on the stock in a research report on Thursday, April 10th. Susquehanna dropped their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, February 3rd. Bank of America lifted their target price on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the stock a “neutral” rating in a research report on Tuesday, May 20th. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and dropped their target price for the stock from $7.50 to $6.70 in a research report on Monday, March 3rd. Finally, UBS Group downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “sell” rating and set a $4.60 target price on the stock. in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Hold” and an average price target of $6.69.

Melco Resorts & Entertainment Profile

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.