Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Stock Holdings Trimmed by ARGA Investment Management LP

ARGA Investment Management LP lessened its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 0.9% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,196,307 shares of the company's stock after selling 271,711 shares during the quarter. Melco Resorts & Entertainment makes up 7.5% of ARGA Investment Management LP's holdings, making the stock its 4th largest holding. ARGA Investment Management LP owned about 6.63% of Melco Resorts & Entertainment worth $227,439,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MLCO. Ridgewood Investments LLC bought a new stake in shares of Melco Resorts & Entertainment during the second quarter valued at approximately $42,000. Blue Trust Inc. raised its position in Melco Resorts & Entertainment by 243.4% during the 2nd quarter. Blue Trust Inc. now owns 7,324 shares of the company's stock valued at $53,000 after purchasing an additional 5,191 shares in the last quarter. Headlands Technologies LLC purchased a new stake in shares of Melco Resorts & Entertainment in the 2nd quarter worth $56,000. Russell Investments Group Ltd. bought a new position in shares of Melco Resorts & Entertainment during the 1st quarter worth $56,000. Finally, Ballentine Partners LLC purchased a new position in shares of Melco Resorts & Entertainment during the third quarter valued at $81,000. Hedge funds and other institutional investors own 39.62% of the company's stock.

Melco Resorts & Entertainment Trading Up 3.5 %

Shares of NASDAQ:MLCO traded up $0.22 on Friday, reaching $6.42. The company had a trading volume of 3,327,519 shares, compared to its average volume of 3,479,705. The firm has a market capitalization of $2.83 billion, a PE ratio of -29.18, a PEG ratio of 0.93 and a beta of 1.07. Melco Resorts & Entertainment Limited has a 52-week low of $4.78 and a 52-week high of $9.56. The firm's 50 day simple moving average is $6.92 and its 200-day simple moving average is $6.71.

Analyst Ratings Changes

Separately, Bank of America lowered their price objective on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a "buy" rating for the company in a research note on Monday, August 12th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $9.82.

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.