Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Holdings Decreased by ARGA Investment Management LP

ARGA Investment Management LP reduced its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 0.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 29,196,307 shares of the company’s stock after selling 271,711 shares during the quarter. Melco Resorts & Entertainment comprises about 7.5% of ARGA Investment Management LP’s portfolio, making the stock its 4th largest holding. ARGA Investment Management LP owned about 0.07% of Melco Resorts & Entertainment worth $227,439,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Ridgewood Investments LLC acquired a new position in shares of Melco Resorts & Entertainment in the second quarter valued at about $42,000. Blue Trust Inc. raised its holdings in shares of Melco Resorts & Entertainment by 243.4% during the second quarter. Blue Trust Inc. now owns 7,324 shares of the company’s stock worth $53,000 after purchasing an additional 5,191 shares during the last quarter. Headlands Technologies LLC acquired a new position in Melco Resorts & Entertainment during the second quarter valued at $56,000. Russell Investments Group Ltd. purchased a new stake in Melco Resorts & Entertainment in the first quarter valued at $56,000. Finally, Ballentine Partners LLC purchased a new position in Melco Resorts & Entertainment during the third quarter valued at approximately $81,000. 39.62% of the stock is currently owned by institutional investors and hedge funds.

Melco Resorts & Entertainment Trading Up 3.5 %

Shares of MLCO stock opened at $6.42 on Friday. The business’s 50 day moving average is $6.92 and its two-hundred day moving average is $6.72. Melco Resorts & Entertainment Limited has a 12-month low of $4.78 and a 12-month high of $9.56.

Wall Street Analyst Weigh In

Separately, Bank of America dropped their price objective on shares of Melco Resorts & Entertainment from $8.50 to $7.50 and set a “buy” rating on the stock 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 stock. According to data from MarketBeat, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.82.

About Melco Resorts & Entertainment

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.