Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp cut its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 4.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 95,706 shares of the company’s stock after selling 4,584 shares during the period. Van ECK Associates Corp’s holdings in Melco Resorts & Entertainment were worth $1,586,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of MLCO. Amundi Pioneer Asset Management Inc. grew its position in shares of Melco Resorts & Entertainment by 4.5% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 232,975 shares of the company’s stock valued at $5,263,000 after acquiring an additional 10,046 shares during the period. Comerica Bank grew its position in shares of Melco Resorts & Entertainment by 3.9% during the 1st quarter. Comerica Bank now owns 26,698 shares of the company’s stock valued at $501,000 after acquiring an additional 1,011 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Melco Resorts & Entertainment by 15.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 97,532 shares of the company’s stock valued at $1,942,000 after acquiring an additional 13,300 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Melco Resorts & Entertainment by 22.0% during the 1st quarter. Envestnet Asset Management Inc. now owns 73,614 shares of the company’s stock valued at $1,466,000 after acquiring an additional 13,280 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Melco Resorts & Entertainment during the 1st quarter valued at about $823,000. Hedge funds and other institutional investors own 38.68% of the company’s stock.

MLCO opened at $10.04 on Wednesday. The company has a debt-to-equity ratio of 4.84, a current ratio of 2.03 and a quick ratio of 1.99. The company’s 50 day simple moving average is $13.09 and its two-hundred day simple moving average is $16.58. Melco Resorts & Entertainment Limited has a 1-year low of $9.77 and a 1-year high of $23.65. The firm has a market capitalization of $4.81 billion, a price-to-earnings ratio of -5.02 and a beta of 1.72.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its earnings results on Tuesday, July 27th. The company reported ($0.35) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.31) by ($0.04). Melco Resorts & Entertainment had a negative return on equity of 51.60% and a negative net margin of 52.01%. The business had revenue of $566.44 million during the quarter, compared to analysts’ expectations of $594.49 million. During the same period last year, the business earned ($0.77) earnings per share. The company’s revenue for the quarter was up 222.1% compared to the same quarter last year. On average, equities analysts anticipate that Melco Resorts & Entertainment Limited will post -0.94 earnings per share for the current fiscal year.

A number of brokerages recently weighed in on MLCO. HSBC raised shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating and set a $16.90 price target on the stock in a research note on Wednesday, July 28th. JPMorgan Chase & Co. lowered shares of Melco Resorts & Entertainment from an “overweight” rating to a “neutral” rating and set a $10.00 price target on the stock. in a research note on Thursday, September 16th. Finally, Zacks Investment Research lowered shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research note on Friday, June 11th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $17.98.

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.

Recommended Story: What is Cost of Goods Sold (COGS)?

Want to see what other hedge funds are holding MLCO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Melco Resorts & Entertainment Limited (NASDAQ:MLCO).

Institutional Ownership by Quarter for Melco Resorts & Entertainment (NASDAQ:MLCO)

Receive News & Ratings for Melco Resorts & Entertainment Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Melco Resorts & Entertainment and related companies with MarketBeat.com's FREE daily email newsletter.