Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Shares Bought by Ameriprise Financial Inc.

Ameriprise Financial Inc. boosted its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 1,166.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 147,363 shares of the company’s stock after acquiring an additional 135,723 shares during the period. Ameriprise Financial Inc.’s holdings in Melco Resorts & Entertainment were worth $853,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. ARGA Investment Management LP raised 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 valued at $171,688,000 after buying an additional 456,117 shares during the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in shares of Melco Resorts & Entertainment in the fourth quarter valued at approximately $28,989,000. Renaissance Technologies LLC raised 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 valued at $13,886,000 after buying an additional 1,150,500 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Melco Resorts & Entertainment by 1,240.2% in the fourth quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company’s stock valued at $7,771,000 after purchasing an additional 1,241,986 shares during the period. Finally, Trexquant Investment LP grew its holdings in Melco Resorts & Entertainment by 105.2% in the fourth quarter. Trexquant Investment LP now owns 1,134,648 shares of the company’s stock valued at $6,570,000 after purchasing an additional 581,778 shares during the period. Institutional investors and hedge funds own 39.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $7.50 to $6.70 in a report on Monday, March 3rd. Bank of America boosted their target price on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a “neutral” rating in a report on Tuesday, May 20th. Susquehanna lowered their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating for the company in a report on Monday, February 3rd. Citigroup raised shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 price target on the stock in a research report on Thursday, April 10th. Finally, UBS Group cut shares of Melco Resorts & Entertainment from a “buy” rating to a “sell” rating and set a $4.60 price target on the stock. in a research report on Wednesday, April 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $6.73.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO opened at $6.28 on Tuesday. The company’s fifty day simple moving average is $5.48 and its 200-day simple moving average is $5.73. Melco Resorts & Entertainment Limited has a 52 week low of $4.55 and a 52 week high of $8.90. The stock has a market cap of $2.64 billion, a P/E ratio of -28.54, a PEG ratio of 0.63 and a beta of 0.71.

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

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.