State of New Jersey Common Pension Fund D Makes New $88,000 Investment in Melco Resorts & Entertainment Limited $MLCO

State of New Jersey Common Pension Fund D bought a new position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 12,164 shares of the company’s stock, valued at approximately $88,000.

Several other large investors have also recently added to or reduced their stakes in the business. Bleakley Financial Group LLC lifted its holdings in shares of Melco Resorts & Entertainment by 53.8% during the 2nd quarter. Bleakley Financial Group LLC now owns 193,422 shares of the company’s stock worth $1,398,000 after acquiring an additional 67,686 shares during the period. FNY Investment Advisers LLC purchased a new position in Melco Resorts & Entertainment during the second quarter worth approximately $38,000. DAVENPORT & Co LLC raised its stake in Melco Resorts & Entertainment by 1.5% during the second quarter. DAVENPORT & Co LLC now owns 87,272 shares of the company’s stock worth $631,000 after purchasing an additional 1,300 shares during the period. Retireful LLC purchased a new position in Melco Resorts & Entertainment during the second quarter worth approximately $92,000. Finally, Goldman Sachs Group Inc. raised its stake in Melco Resorts & Entertainment by 16.4% during the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock worth $31,700,000 after purchasing an additional 846,504 shares during the period. 39.62% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MLCO. Citigroup increased their target price on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the stock a “buy” rating in a research report on Friday, August 1st. Wall Street Zen downgraded Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Wednesday, October 8th. CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a report on Wednesday, September 3rd. Finally, Susquehanna raised their target price on shares of Melco Resorts & Entertainment from $8.00 to $10.00 and gave the company a “positive” rating in a research note on Wednesday, July 30th. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $8.15.

Melco Resorts & Entertainment Stock Up 0.1%

MLCO opened at $8.20 on Monday. The firm has a market capitalization of $3.44 billion, a P/E ratio of 63.08 and a beta of 0.71. The firm’s 50 day moving average is $9.04 and its 200-day moving average is $7.83. Melco Resorts & Entertainment Limited has a 52-week low of $4.55 and a 52-week high of $10.15.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.14. Melco Resorts & Entertainment had a net margin of 1.15% and a negative return on equity of 18.47%. The firm had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the firm posted $0.05 EPS. The firm’s quarterly revenue was up 14.5% on a year-over-year basis. Equities analysts expect that Melco Resorts & Entertainment Limited will post 0.16 earnings per share 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.