Sei Investments Co. Grows Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Sei Investments Co. grew its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 173.2% during the 2nd quarter, HoldingsChannel reports. The firm owned 602,058 shares of the company’s stock after buying an additional 381,653 shares during the quarter. Sei Investments Co.’s holdings in Melco Resorts & Entertainment were worth $4,491,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of MLCO. Capital Research Global Investors boosted its position in Melco Resorts & Entertainment by 22.6% in the 1st quarter. Capital Research Global Investors now owns 21,460,223 shares of the company’s stock worth $154,728,000 after purchasing an additional 3,958,998 shares in the last quarter. Invenomic Capital Management LP acquired a new position in shares of Melco Resorts & Entertainment during the 1st quarter worth approximately $15,963,000. Coronation Fund Managers Ltd. raised its stake in shares of Melco Resorts & Entertainment by 16.2% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 15,500,865 shares of the company’s stock worth $115,636,000 after buying an additional 2,166,524 shares during the period. ARGA Investment Management LP raised its stake in shares of Melco Resorts & Entertainment by 6.1% during the 1st quarter. ARGA Investment Management LP now owns 29,336,228 shares of the company’s stock worth $211,514,000 after buying an additional 1,695,442 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Melco Resorts & Entertainment by 92.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,216,700 shares of the company’s stock worth $15,982,000 after buying an additional 1,066,600 shares during the period. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. JPMorgan Chase & Co. downgraded 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 research note on Thursday, July 18th. Bank of America reduced their target price on 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 equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Melco Resorts & Entertainment has an average rating of “Moderate Buy” and a consensus price target of $9.82.

Melco Resorts & Entertainment Stock Performance

NASDAQ MLCO opened at $8.17 on Wednesday. The business has a fifty day moving average price of $5.71 and a 200 day moving average price of $6.76. Melco Resorts & Entertainment Limited has a one year low of $4.78 and a one year high of $9.83. The company has a market cap of $3.64 billion, a P/E ratio of -19.45, a P/E/G ratio of 1.00 and a beta of 1.03.

Melco Resorts & Entertainment (NASDAQ:MLCO) 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 net margin of 3.11% and a negative return on equity of 11.59%. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.16 billion. During the same period in the prior year, the company posted ($0.02) earnings per share. The firm’s revenue for the quarter was up 22.3% compared to the same quarter last year. As a group, sell-side analysts predict that Melco Resorts & Entertainment Limited will post 0.2 EPS for the current fiscal year.

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.