New York State Common Retirement Fund Sells 342,679 Shares of Melco Resorts & Entertainment Limited $MLCO

New York State Common Retirement Fund cut its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 19.6% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,405,042 shares of the company’s stock after selling 342,679 shares during the quarter. New York State Common Retirement Fund’s holdings in Melco Resorts & Entertainment were worth $12,884,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership lifted its stake in Melco Resorts & Entertainment by 1,819.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 5,497,684 shares of the company’s stock valued at $39,748,000 after buying an additional 5,211,263 shares during the period. Hudson Bay Capital Management LP raised its position in shares of Melco Resorts & Entertainment by 271.3% in the 2nd quarter. Hudson Bay Capital Management LP now owns 1,473,502 shares of the company’s stock valued at $10,653,000 after acquiring an additional 1,076,606 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Melco Resorts & Entertainment during the 2nd quarter worth approximately $1,000,000. Envestnet Asset Management Inc. acquired a new position in Melco Resorts & Entertainment during the second quarter valued at approximately $355,000. Finally, DAVENPORT & Co LLC increased its stake in Melco Resorts & Entertainment by 1.5% in the second quarter. DAVENPORT & Co LLC now owns 87,272 shares of the company’s stock valued at $631,000 after purchasing an additional 1,300 shares in the last quarter. Institutional investors and hedge funds own 39.62% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on MLCO. Zacks Research cut shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 16th. Wall Street Zen downgraded Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. Texas Capital upgraded Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. restated a “neutral” rating and issued a $7.70 price target (down from $11.00) on shares of Melco Resorts & Entertainment in a report on Friday, January 16th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $7.85.

Melco Resorts & Entertainment Trading Up 3.0%

Shares of NASDAQ MLCO opened at $6.24 on Tuesday. The company has a fifty day moving average price of $7.55 and a 200 day moving average price of $8.43. The firm has a market cap of $2.62 billion, a PE ratio of 24.00 and a beta of 0.63. Melco Resorts & Entertainment Limited has a 1-year low of $4.55 and a 1-year high of $10.15.

Melco Resorts & Entertainment (NASDAQ:MLCO) last issued its quarterly earnings results on Thursday, November 6th. The company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.10. The company had revenue of $1.31 billion for the quarter, compared to analyst estimates of $1.28 billion. Melco Resorts & Entertainment had a negative return on equity of 23.00% and a net margin of 2.06%.The company’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 earnings per share. Equities research analysts forecast that Melco Resorts & Entertainment Limited will post 0.16 EPS for the current year.

Melco Resorts & Entertainment 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.