Melco Resorts & Entertainment Limited (NASDAQ:MLCO) Position Reduced by Hardman Johnston Global Advisors LLC

Hardman Johnston Global Advisors LLC lessened its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCOFree Report) by 4.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,929,063 shares of the company’s stock after selling 493,799 shares during the period. Melco Resorts & Entertainment accounts for about 3.4% of Hardman Johnston Global Advisors LLC’s portfolio, making the stock its 8th largest position. Hardman Johnston Global Advisors LLC owned 2.68% of Melco Resorts & Entertainment worth $105,811,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Matthews International Capital Management LLC increased its position in Melco Resorts & Entertainment by 247.0% during the 3rd quarter. Matthews International Capital Management LLC now owns 1,194,039 shares of the company’s stock valued at $11,809,000 after purchasing an additional 849,949 shares during the period. Qube Research & Technologies Ltd increased its position in Melco Resorts & Entertainment by 77.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 411,430 shares of the company’s stock valued at $4,069,000 after purchasing an additional 179,070 shares during the period. Barclays PLC increased its position in Melco Resorts & Entertainment by 107.7% during the 3rd quarter. Barclays PLC now owns 1,914,993 shares of the company’s stock valued at $18,940,000 after purchasing an additional 992,813 shares during the period. Clough Capital Partners L P increased its position in Melco Resorts & Entertainment by 57.3% during the 3rd quarter. Clough Capital Partners L P now owns 960,100 shares of the company’s stock valued at $9,495,000 after purchasing an additional 349,600 shares during the period. Finally, DAVENPORT & Co LLC boosted its holdings in shares of Melco Resorts & Entertainment by 6.5% in the 4th quarter. DAVENPORT & Co LLC now owns 94,002 shares of the company’s stock valued at $834,000 after buying an additional 5,750 shares in the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Analyst Ratings Changes

MLCO has been the topic of a number of recent analyst reports. StockNews.com upgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a report on Friday, April 5th. Morgan Stanley restated an “equal weight” rating and issued a $9.60 price target on shares of Melco Resorts & Entertainment in a report on Tuesday, January 2nd. Finally, Susquehanna initiated coverage on shares of Melco Resorts & Entertainment in a report on Friday, December 15th. They issued a “positive” rating and a $15.00 price target on the stock. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $14.78.

Read Our Latest Stock Report on Melco Resorts & Entertainment

Melco Resorts & Entertainment Stock Performance

MLCO stock traded down $0.32 during trading on Friday, reaching $6.95. The company had a trading volume of 3,458,582 shares, compared to its average volume of 2,990,074. The firm has a 50-day simple moving average of $7.76 and a 200-day simple moving average of $8.07. The company has a market cap of $3.09 billion, a price-to-earnings ratio of -11.03 and a beta of 1.11. Melco Resorts & Entertainment Limited has a twelve month low of $6.61 and a twelve month high of $14.45.

Melco Resorts & Entertainment (NASDAQ:MLCOGet Free Report) last released its earnings results on Thursday, February 29th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.03 by $0.10. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.14 billion. The firm’s revenue for the quarter was up 224.4% on a year-over-year basis. During the same quarter last year, the business earned ($0.51) earnings per share. Sell-side analysts expect that Melco Resorts & Entertainment Limited will post 0.28 earnings per share for the current year.

About Melco Resorts & Entertainment

(Free Report)

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.

Further Reading

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

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