Bleakley Financial Group LLC Cuts Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Bleakley Financial Group LLC lowered its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO - Free Report) by 79.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 58,101 shares of the company's stock after selling 223,146 shares during the period. Bleakley Financial Group LLC's holdings in Melco Resorts & Entertainment were worth $453,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Creative Planning increased its position in shares of Melco Resorts & Entertainment by 35.9% in the 3rd quarter. Creative Planning now owns 15,962 shares of the company's stock valued at $124,000 after acquiring an additional 4,220 shares during the period. Clearbridge Investments LLC increased its position in shares of Melco Resorts & Entertainment by 3.9% in the 2nd quarter. Clearbridge Investments LLC now owns 668,801 shares of the company's stock valued at $4,989,000 after acquiring an additional 24,905 shares during the period. Cetera Investment Advisers increased its position in shares of Melco Resorts & Entertainment by 5.3% in the 2nd quarter. Cetera Investment Advisers now owns 169,277 shares of the company's stock valued at $1,263,000 after acquiring an additional 8,507 shares during the period. Point72 Asset Management L.P. acquired a new position in shares of Melco Resorts & Entertainment in the 2nd quarter valued at $2,914,000. Finally, Eminence Capital LP increased its position in shares of Melco Resorts & Entertainment by 14.0% in the 2nd quarter. Eminence Capital LP now owns 17,502,002 shares of the company's stock valued at $130,565,000 after acquiring an additional 2,154,509 shares during the period. Hedge funds and other institutional investors own 39.62% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on MLCO. JPMorgan Chase & Co. downgraded Melco Resorts & Entertainment from an "overweight" rating to a "neutral" rating and cut their target price for the company from $10.00 to $7.00 in a research report on Thursday, July 18th. Bank of America cut their price target on Melco Resorts & Entertainment from $8.50 to $7.50 and set a "buy" rating on the stock in a research report on Monday, August 12th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $9.82.

Melco Resorts & Entertainment Trading Down 3.5 %

NASDAQ:MLCO traded down $0.24 during trading hours on Wednesday, hitting $6.66. 1,670,256 shares of the stock were exchanged, compared to its average volume of 3,363,997. Melco Resorts & Entertainment Limited has a 52-week low of $4.78 and a 52-week high of $9.56. The firm's fifty day moving average price is $6.34 and its 200 day moving average price is $6.82. The company has a market cap of $2.96 billion, a P/E ratio of -16.43, a P/E/G ratio of 1.31 and a beta of 1.06.

Melco Resorts & Entertainment (NASDAQ:MLCO - Get Free Report) last posted its quarterly earnings data on Tuesday, August 13th. The company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.05). Melco Resorts & Entertainment had a negative return on equity of 11.59% and a negative net margin of 3.11%. The firm had revenue of $1.16 billion for the quarter, compared to analysts' expectations of $1.16 billion. During the same quarter last year, the firm posted ($0.02) earnings per share. Melco Resorts & Entertainment's quarterly revenue was up 22.3% on a year-over-year basis. Equities analysts expect that Melco Resorts & Entertainment Limited will post 0.2 EPS for the current fiscal year.

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.