National Bank of Canada FI Raises Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

National Bank of Canada FI increased its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 18,441,414.3% during the 1st quarter, HoldingsChannel reports. The fund owned 1,290,906 shares of the company’s stock after acquiring an additional 1,290,899 shares during the quarter. National Bank of Canada FI’s holdings in Melco Resorts & Entertainment were worth $6,803,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of MLCO. ARGA Investment Management LP grew its holdings in shares of Melco Resorts & Entertainment by 0.4% during the first quarter. ARGA Investment Management LP now owns 29,760,953 shares of the company’s stock valued at $156,840,000 after purchasing an additional 108,529 shares during the last quarter. Eminence Capital LP lifted its position in Melco Resorts & Entertainment by 22.1% in the fourth quarter. Eminence Capital LP now owns 7,735,919 shares of the company’s stock worth $44,791,000 after purchasing an additional 1,402,619 shares during the period. Nuveen Asset Management LLC lifted its position in Melco Resorts & Entertainment by 1.4% in the fourth quarter. Nuveen Asset Management LLC now owns 6,081,335 shares of the company’s stock worth $35,211,000 after purchasing an additional 83,268 shares during the period. BNP Paribas Financial Markets lifted its position in Melco Resorts & Entertainment by 206.5% in the fourth quarter. BNP Paribas Financial Markets now owns 2,009,189 shares of the company’s stock worth $11,633,000 after purchasing an additional 1,353,617 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in shares of Melco Resorts & Entertainment by 1,240.2% during the 4th quarter. JPMorgan Chase & Co. now owns 1,342,132 shares of the company’s stock valued at $7,771,000 after acquiring an additional 1,241,986 shares during the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Down 1.2%

Shares of MLCO stock opened at $8.58 on Thursday. Melco Resorts & Entertainment Limited has a 12-month low of $4.55 and a 12-month high of $9.16. The firm has a market capitalization of $3.60 billion, a price-to-earnings ratio of 66.01 and a beta of 0.83. The firm has a fifty day moving average of $7.93 and a 200-day moving average of $6.40.

Melco Resorts & Entertainment (NASDAQ:MLCO) last announced its earnings results on Thursday, July 31st. The company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the business earned $0.05 EPS. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. Research analysts expect that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Citigroup increased their price objective on Melco Resorts & Entertainment from $11.00 to $11.50 and gave the company a “buy” rating in a research report on Friday, August 1st. Wall Street Zen raised shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research note on Monday, July 7th. JPMorgan Chase & Co. raised shares of Melco Resorts & Entertainment from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $7.20 to $9.50 in a research report on Tuesday, July 1st. Bank of America raised their price target on Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a “neutral” rating in a research report on Tuesday, May 20th. Finally, Susquehanna raised their price target on Melco Resorts & Entertainment from $8.00 to $10.00 and gave the company a “positive” rating in a research report on Wednesday, July 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $8.15.

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.