Shell Asset Management Co. Cuts Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Shell Asset Management Co. cut its position in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO – Get Rating) by 13.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,548 shares of the company’s stock after selling 2,300 shares during the quarter. Shell Asset Management Co.’s holdings in Melco Resorts & Entertainment were worth $96,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Chiron Capital Management LLC boosted its holdings in Melco Resorts & Entertainment by 3.6% during the third quarter. Chiron Capital Management LLC now owns 51,900 shares of the company’s stock worth $344,000 after purchasing an additional 1,800 shares during the last quarter. Great West Life Assurance Co. Can boosted its stake in Melco Resorts & Entertainment by 1.4% in the first quarter. Great West Life Assurance Co. Can now owns 174,880 shares of the company’s stock valued at $1,408,000 after acquiring an additional 2,344 shares during the last quarter. McDonald Partners LLC boosted its stake in Melco Resorts & Entertainment by 3.4% in the third quarter. McDonald Partners LLC now owns 81,680 shares of the company’s stock valued at $542,000 after acquiring an additional 2,670 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in Melco Resorts & Entertainment by 103.0% in the second quarter. Quadrant Capital Group LLC now owns 6,661 shares of the company’s stock valued at $38,000 after acquiring an additional 3,380 shares during the last quarter. Finally, Cetera Investment Advisers boosted its stake in Melco Resorts & Entertainment by 14.3% in the first quarter. Cetera Investment Advisers now owns 30,024 shares of the company’s stock valued at $229,000 after acquiring an additional 3,750 shares during the last quarter. 39.70% of the stock is currently owned by hedge funds and other institutional investors.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO opened at $13.87 on Friday. The company’s 50 day moving average is $12.88 and its 200-day moving average is $9.04. Melco Resorts & Entertainment Limited has a 12-month low of $4.06 and a 12-month high of $14.24. The company has a quick ratio of 2.31, a current ratio of 2.34 and a debt-to-equity ratio of 21.09. The firm has a market cap of $6.17 billion, a P/E ratio of -7.75 and a beta of 1.15.

Melco Resorts & Entertainment (NASDAQ:MLCO – Get Rating) last posted its quarterly earnings results on Wednesday, March 1st. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.60) by $0.09. Melco Resorts & Entertainment had a negative net margin of 56.15% and a negative return on equity of 182.94%. The company had revenue of $337.09 million for the quarter, compared to analyst estimates of $406.81 million. During the same quarter in the previous year, the firm posted ($0.32) earnings per share. The company’s quarterly revenue was down 29.9% compared to the same quarter last year. Sell-side analysts predict that Melco Resorts & Entertainment Limited will post -2.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. StockNews.com upgraded shares of Melco Resorts & Entertainment to a “sell” rating in a research note on Monday. JPMorgan Chase & Co. upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $7.00 to $10.00 in a research note on Monday, November 28th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Melco Resorts & Entertainment currently has a consensus rating of “Hold” and a consensus target price of $10.75.

Melco Resorts & Entertainment Profile

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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.