Melco Resorts & Entertainment Limited $MLCO Stock Holdings Trimmed by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 5.2% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 9,086,866 shares of the company’s stock after selling 501,490 shares during the quarter. JPMorgan Chase & Co.’s holdings in Melco Resorts & Entertainment were worth $65,698,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Frank Rimerman Advisors LLC bought a new stake in shares of Melco Resorts & Entertainment in the 2nd quarter valued at approximately $80,000. Creative Planning boosted its holdings in Melco Resorts & Entertainment by 67.4% in the second quarter. Creative Planning now owns 17,981 shares of the company’s stock worth $130,000 after purchasing an additional 7,239 shares during the period. Geode Capital Management LLC increased its stake in Melco Resorts & Entertainment by 5.8% during the second quarter. Geode Capital Management LLC now owns 369,491 shares of the company’s stock valued at $2,669,000 after purchasing an additional 20,165 shares during the last quarter. Samalin Investment Counsel LLC raised its holdings in shares of Melco Resorts & Entertainment by 0.9% during the second quarter. Samalin Investment Counsel LLC now owns 263,773 shares of the company’s stock worth $1,907,000 after purchasing an additional 2,461 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new position in shares of Melco Resorts & Entertainment in the 2nd quarter worth about $75,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MLCO shares. JPMorgan Chase & Co. increased their price objective on shares of Melco Resorts & Entertainment from $10.50 to $11.00 and gave the stock an “overweight” rating in a research note on Monday, November 10th. Zacks Research cut Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 16th. Wall Street Zen raised Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. Weiss Ratings restated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research note on Wednesday, October 8th. Finally, CLSA raised Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a research report on Wednesday, September 3rd. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $8.40.

Melco Resorts & Entertainment Price Performance

Shares of MLCO stock opened at $9.12 on Friday. Melco Resorts & Entertainment Limited has a 12-month low of $4.55 and a 12-month high of $10.15. The firm has a market capitalization of $3.83 billion, a price-to-earnings ratio of 70.12 and a beta of 0.70. The business has a 50 day simple moving average of $8.63 and a 200 day simple moving average of $8.29.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its quarterly earnings results on Thursday, November 6th. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.10. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%.The company had revenue of $1.31 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the previous year, the firm posted $0.06 EPS. The firm’s quarterly revenue was up 11.5% on a year-over-year basis. On average, equities analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current fiscal year.

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.