Van ECK Associates Corp Buys 42,436 Shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Van ECK Associates Corp increased its stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 73.4% during the first quarter, HoldingsChannel reports. The fund owned 100,290 shares of the company’s stock after acquiring an additional 42,436 shares during the quarter. Van ECK Associates Corp’s holdings in Melco Resorts & Entertainment were worth $1,997,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. Russell Investments Group Ltd. boosted its stake in Melco Resorts & Entertainment by 17.5% during the first quarter. Russell Investments Group Ltd. now owns 505,105 shares of the company’s stock worth $10,055,000 after buying an additional 75,377 shares in the last quarter. Stifel Financial Corp boosted its stake in Melco Resorts & Entertainment by 24.2% during the fourth quarter. Stifel Financial Corp now owns 156,672 shares of the company’s stock worth $2,906,000 after buying an additional 30,575 shares in the last quarter. King Street Capital Management L.P. boosted its stake in Melco Resorts & Entertainment by 12.8% during the fourth quarter. King Street Capital Management L.P. now owns 5,300,000 shares of the company’s stock worth $98,315,000 after buying an additional 600,000 shares in the last quarter. Tobam boosted its stake in Melco Resorts & Entertainment by 6.8% during the first quarter. Tobam now owns 494,048 shares of the company’s stock worth $9,836,000 after buying an additional 31,497 shares in the last quarter. Finally, Toronto Dominion Bank boosted its stake in shares of Melco Resorts & Entertainment by 993.6% in the 1st quarter. Toronto Dominion Bank now owns 88,312 shares of the company’s stock valued at $1,759,000 after purchasing an additional 80,237 shares in the last quarter. 39.12% of the stock is currently owned by institutional investors and hedge funds.

Shares of MLCO opened at $17.02 on Friday. The company has a debt-to-equity ratio of 4.00, a current ratio of 1.89 and a quick ratio of 1.85. The company has a 50 day simple moving average of $17.82. Melco Resorts & Entertainment Limited has a 52-week low of $14.50 and a 52-week high of $23.65. The firm has a market cap of $8.15 billion, a price-to-earnings ratio of -7.15 and a beta of 1.78.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings results on Wednesday, April 28th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.13). Melco Resorts & Entertainment had a negative return on equity of 75.32% and a negative net margin of 78.87%. The firm had revenue of $518.90 million for the quarter, compared to analyst estimates of $704.33 million. During the same period last year, the company earned ($0.76) EPS. The company’s revenue was down 36.0% compared to the same quarter last year. As a group, research analysts anticipate that Melco Resorts & Entertainment Limited will post -0.7 EPS for the current fiscal year.

Several equities research analysts have recently commented on the stock. Zacks Investment Research downgraded shares of Melco Resorts & Entertainment from a “hold” rating to a “sell” rating in a research note on Friday, June 11th. Morgan Stanley cut Melco Resorts & Entertainment from an “overweight” rating to an “equal weight” rating and set a $17.00 price target for the company. in a report on Monday, May 24th. CLSA raised Melco Resorts & Entertainment from an “underperform” rating to an “outperform” rating in a report on Thursday, February 25th. Finally, TheStreet cut Melco Resorts & Entertainment from a “c-” rating to a “d+” rating in a report on Monday, May 24th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $20.71.

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.

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

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