Melco Resorts & Entertainment (NASDAQ:MLCO) Posts Quarterly Earnings Results, Beats Estimates By $0.10 EPS

Melco Resorts & Entertainment (NASDAQ:MLCO) issued its quarterly earnings data on Thursday. The company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.10, Zacks reports. Melco Resorts & Entertainment had a negative return on equity of 18.47% and a net margin of 1.15%.The firm had revenue of $1.31 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same period in the prior year, the business posted $0.06 EPS. The firm’s quarterly revenue was up 11.5% on a year-over-year basis.

Melco Resorts & Entertainment Trading Up 1.1%

Shares of NASDAQ:MLCO traded up $0.09 on Friday, hitting $8.50. 2,465,859 shares of the company were exchanged, compared to its average volume of 3,581,131. The firm has a market capitalization of $3.57 billion, a P/E ratio of 65.39 and a beta of 0.70. Melco Resorts & Entertainment has a 1-year low of $4.55 and a 1-year high of $10.15. The stock’s 50 day moving average price is $8.89 and its 200 day moving average price is $7.91.

Institutional Trading of Melco Resorts & Entertainment

Several large investors have recently added to or reduced their stakes in MLCO. Royal Bank of Canada lifted its holdings in shares of Melco Resorts & Entertainment by 11.1% during the first quarter. Royal Bank of Canada now owns 180,161 shares of the company’s stock worth $949,000 after purchasing an additional 18,010 shares during the period. California State Teachers Retirement System increased its holdings in Melco Resorts & Entertainment by 4.3% in the 2nd quarter. California State Teachers Retirement System now owns 201,895 shares of the company’s stock worth $1,460,000 after buying an additional 8,333 shares during the period. Balyasny Asset Management L.P. raised its position in Melco Resorts & Entertainment by 526.0% during the 2nd quarter. Balyasny Asset Management L.P. now owns 1,537,034 shares of the company’s stock worth $11,113,000 after buying an additional 1,291,495 shares during the last quarter. Geode Capital Management LLC raised its position in Melco Resorts & Entertainment by 5.8% during the 2nd quarter. Geode Capital Management LLC now owns 369,491 shares of the company’s stock worth $2,669,000 after buying an additional 20,165 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in Melco Resorts & Entertainment by 1,406.4% during the 2nd quarter. Ameriprise Financial Inc. now owns 257,189 shares of the company’s stock valued at $1,859,000 after acquiring an additional 240,116 shares during the period. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Wall Street Analysts Forecast Growth

MLCO has been the subject of several analyst reports. Weiss Ratings reissued a “sell (d)” rating on shares of Melco Resorts & Entertainment in a research report on Wednesday, October 8th. Susquehanna boosted their price objective on shares of Melco Resorts & Entertainment from $8.00 to $10.00 and gave the stock a “positive” rating in a research note on Wednesday, July 30th. Zacks Research downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 16th. Wall Street Zen raised shares of Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a report on Saturday. Finally, CLSA upgraded Melco Resorts & Entertainment from a “hold” rating to an “outperform” rating in a report on Wednesday, September 3rd. Five research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, Melco Resorts & Entertainment currently has a consensus rating of “Hold” and a consensus target price of $8.15.

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.