Arrowstreet Capital Limited Partnership Reduces Holdings in Melco Resorts & Entertainment Limited $MLCO

Arrowstreet Capital Limited Partnership reduced its position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 1.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,022,361 shares of the company’s stock after selling 170,934 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 2.22% of Melco Resorts & Entertainment worth $51,247,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Coronation Fund Managers Ltd. boosted its stake in Melco Resorts & Entertainment by 35.2% during the 1st quarter. Coronation Fund Managers Ltd. now owns 11,269,346 shares of the company’s stock worth $64,010,000 after purchasing an additional 2,934,127 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Melco Resorts & Entertainment by 16.4% in the first quarter. Goldman Sachs Group Inc. now owns 6,015,200 shares of the company’s stock valued at $31,700,000 after buying an additional 846,504 shares during the last quarter. FIL Ltd acquired a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at about $35,198,000. Balyasny Asset Management L.P. lifted its stake in shares of Melco Resorts & Entertainment by 257.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 3,864,347 shares of the company’s stock worth $29,253,000 after buying an additional 2,784,251 shares in the last quarter. Finally, National Bank of Canada FI lifted its stake in shares of Melco Resorts & Entertainment by 71,281.5% in the third quarter. National Bank of Canada FI now owns 2,206,402 shares of the company’s stock worth $20,233,000 after buying an additional 2,203,311 shares in the last quarter. 39.62% of the stock is owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Trading Up 3.9%

Shares of MLCO stock opened at $5.62 on Tuesday. The company’s 50-day moving average price is $5.47 and its 200-day moving average price is $5.72. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of 9.69, a PEG ratio of 3.38 and a beta of 0.59. Melco Resorts & Entertainment Limited has a twelve month low of $5.07 and a twelve month high of $10.15.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MLCO. CLSA raised shares of Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating and dropped their price objective for the company from $6.10 to $6.00 in a research note on Friday, July 10th. Citigroup decreased their target price on shares of Melco Resorts & Entertainment from $10.50 to $9.40 and set a “buy” rating on the stock in a research note on Friday, July 10th. CICC Research raised shares of Melco Resorts & Entertainment to an “outperform” rating in a research note on Sunday, April 19th. JPMorgan Chase & Co. lowered their target price on Melco Resorts & Entertainment from $6.00 to $5.70 and set a “neutral” rating on the stock in a report on Thursday, July 16th. Finally, Wall Street Zen lowered Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Sunday, June 28th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Melco Resorts & Entertainment currently has an average rating of “Moderate Buy” and a consensus target price of $7.77.

Melco Resorts & Entertainment Company Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.