Bank of America Corp DE Has $3.72 Million Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Bank of America Corp DE raised its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 133.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 642,726 shares of the company’s stock after purchasing an additional 367,652 shares during the period. Bank of America Corp DE’s holdings in Melco Resorts & Entertainment were worth $3,721,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Patriot Financial Group Insurance Agency LLC acquired a new position in Melco Resorts & Entertainment during the 4th quarter valued at about $58,000. Wealthspire Advisors LLC acquired a new stake in shares of Melco Resorts & Entertainment in the 4th quarter valued at approximately $145,000. Tower Research Capital LLC TRC raised its position in shares of Melco Resorts & Entertainment by 546.9% in the 4th quarter. Tower Research Capital LLC TRC now owns 26,460 shares of the company’s stock valued at $153,000 after acquiring an additional 22,370 shares during the period. Virtu Financial LLC acquired a new stake in shares of Melco Resorts & Entertainment in the 4th quarter valued at approximately $167,000. Finally, Invesco Ltd. raised its position in shares of Melco Resorts & Entertainment by 216.2% in the 4th quarter. Invesco Ltd. now owns 31,745 shares of the company’s stock valued at $184,000 after acquiring an additional 21,707 shares during the period. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Stock Down 1.1%

Shares of MLCO opened at $6.28 on Friday. The stock has a market capitalization of $2.64 billion, a P/E ratio of -28.54, a P/E/G ratio of 0.63 and a beta of 0.71. Melco Resorts & Entertainment Limited has a twelve month low of $4.55 and a twelve month high of $8.90. The company has a 50 day moving average of $5.46 and a 200-day moving average of $5.74.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Thursday, May 8th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of ($0.01) by $0.13. Melco Resorts & Entertainment had a negative net margin of 2.04% and a negative return on equity of 16.35%. The business had revenue of $1.23 billion during the quarter, compared to analysts’ expectations of $1.21 billion. During the same period last year, the business earned $0.04 earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. On average, sell-side analysts anticipate that Melco Resorts & Entertainment Limited will post 0.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MLCO has been the topic of a number of analyst reports. Susquehanna cut their price target on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research report on Monday, February 3rd. UBS Group downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “sell” rating and set a $4.60 price target on the stock. in a research report on Wednesday, April 30th. Morgan Stanley upgraded shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and cut their price target for the company from $7.50 to $6.70 in a research report on Monday, March 3rd. Citigroup upgraded shares of Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $6.25 price target on the stock in a research report on Thursday, April 10th. Finally, Bank of America increased their price target on shares of Melco Resorts & Entertainment from $5.70 to $6.60 and gave the company a “neutral” rating in a research report on Tuesday, May 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $6.69.

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.