Eminence Capital LP Acquires 2,154,509 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Eminence Capital LP lifted its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 14.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,502,002 shares of the company's stock after acquiring an additional 2,154,509 shares during the period. Melco Resorts & Entertainment accounts for approximately 2.1% of Eminence Capital LP's holdings, making the stock its 24th biggest position. Eminence Capital LP owned approximately 3.93% of Melco Resorts & Entertainment worth $130,565,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Jump Financial LLC acquired a new stake in Melco Resorts & Entertainment in the fourth quarter worth approximately $139,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Melco Resorts & Entertainment in the fourth quarter valued at $111,000. Janney Montgomery Scott LLC bought a new position in Melco Resorts & Entertainment during the fourth quarter valued at about $1,024,000. Arbor Capital Management Inc. ADV grew its holdings in Melco Resorts & Entertainment by 4.4% during the fourth quarter. Arbor Capital Management Inc. ADV now owns 115,705 shares of the company's stock worth $1,062,000 after acquiring an additional 4,898 shares during the period. Finally, Capital World Investors raised its position in Melco Resorts & Entertainment by 3.1% in the fourth quarter. Capital World Investors now owns 13,052,483 shares of the company's stock worth $115,776,000 after acquiring an additional 390,831 shares in the last quarter. 39.62% of the stock is currently owned by institutional investors.

Melco Resorts & Entertainment Stock Performance

MLCO traded up $1.04 during trading on Thursday, reaching $7.57. The company had a trading volume of 12,281,577 shares, compared to its average volume of 3,364,240. The firm's 50-day simple moving average is $5.57 and its 200 day simple moving average is $6.76. The company has a market cap of $3.36 billion, a price-to-earnings ratio of -17.33, a PEG ratio of 1.00 and a beta of 1.03. Melco Resorts & Entertainment Limited has a 12-month low of $4.78 and a 12-month high of $10.10.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last released its quarterly earnings results on Tuesday, August 13th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative net margin of 3.11% and a negative return on equity of 11.59%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.16 billion. During the same quarter in the prior year, the firm earned ($0.02) EPS. The firm's revenue was up 22.3% compared to the same quarter last year. On average, sell-side analysts expect that Melco Resorts & Entertainment Limited will post 0.2 EPS for the current year.

Analyst Upgrades and Downgrades

MLCO has been the subject of several research reports. Bank of America reduced 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 report on Monday, August 12th. JPMorgan Chase & Co. cut shares of Melco Resorts & Entertainment from an "overweight" rating to a "neutral" rating and reduced their target price for the stock from $10.00 to $7.00 in a report on Thursday, July 18th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $9.82.

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.