Arrowstreet Capital Limited Partnership Acquires 5,211,263 Shares of Melco Resorts & Entertainment Limited $MLCO

Arrowstreet Capital Limited Partnership boosted its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 1,819.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,497,684 shares of the company’s stock after acquiring an additional 5,211,263 shares during the period. Arrowstreet Capital Limited Partnership owned 1.31% of Melco Resorts & Entertainment worth $39,748,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC bought a new stake in shares of Melco Resorts & Entertainment in the first quarter valued at about $31,946,000. Goldman Sachs Group Inc. grew its position 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 buying an additional 846,504 shares in the last quarter. Brightlight Capital Management LP bought a new position in Melco Resorts & Entertainment during the 1st quarter worth $15,141,000. Millennium Management LLC increased its stake in Melco Resorts & Entertainment by 69.3% during the 1st quarter. Millennium Management LLC now owns 1,915,978 shares of the company’s stock worth $10,097,000 after acquiring an additional 784,403 shares during the period. Finally, Trexquant Investment LP raised its holdings in Melco Resorts & Entertainment by 15.2% in the 1st quarter. Trexquant Investment LP now owns 1,306,608 shares of the company’s stock valued at $6,886,000 after acquiring an additional 171,960 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Performance

Shares of NASDAQ MLCO opened at $8.78 on Friday. The firm has a 50 day moving average price of $8.58 and a two-hundred day moving average price of $8.37. The stock has a market cap of $3.69 billion, a P/E ratio of 33.77 and a beta of 0.64. 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 issued its quarterly earnings data on Thursday, November 6th. The company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.10. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.28 billion. Melco Resorts & Entertainment had a net margin of 2.06% and a negative return on equity of 23.00%. Melco Resorts & Entertainment’s revenue for the quarter was up 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.06 earnings per share. Analysts predict that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on MLCO. JPMorgan Chase & Co. raised their price target on Melco Resorts & Entertainment from $10.50 to $11.00 and gave the stock an “overweight” rating in a research report on Monday, November 10th. Zacks Research lowered Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Wednesday, October 8th. CLSA upgraded shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research note on Wednesday, September 3rd. Finally, Wall Street Zen upgraded shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.40.

Melco Resorts & Entertainment Company 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.