Arrowstreet Capital Limited Partnership Acquires Shares of 5,006,703 Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

Arrowstreet Capital Limited Partnership acquired a new stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) during the 4th quarter, Holdings Channel.com reports. The fund acquired 5,006,703 shares of the company’s stock, valued at approximately $28,989,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in Melco Resorts & Entertainment by 140.7% in the fourth quarter. GAMMA Investing LLC now owns 7,533 shares of the company’s stock valued at $44,000 after purchasing an additional 4,403 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Melco Resorts & Entertainment by 12.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,152 shares of the company’s stock worth $437,000 after acquiring an additional 6,148 shares during the period. Samalin Investment Counsel LLC raised its position in Melco Resorts & Entertainment by 11.6% during the fourth quarter. Samalin Investment Counsel LLC now owns 96,273 shares of the company’s stock valued at $557,000 after acquiring an additional 10,000 shares in the last quarter. Patriot Financial Group Insurance Agency LLC acquired a new position in Melco Resorts & Entertainment in the fourth quarter valued at approximately $58,000. Finally, Empirical Asset Management LLC purchased a new stake in Melco Resorts & Entertainment in the 4th quarter worth approximately $73,000. Institutional investors and hedge funds own 39.62% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MLCO shares. Morgan Stanley raised shares of Melco Resorts & Entertainment from an “equal weight” rating to an “overweight” rating and cut their target price for the company from $7.50 to $6.70 in a report on Monday, March 3rd. Citigroup cut shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating and cut their price objective for the company from $10.00 to $6.00 in a report on Monday, February 10th. Finally, Susquehanna lowered their target price on shares of Melco Resorts & Entertainment from $10.00 to $9.00 and set a “positive” rating on the stock in a research note on Monday, February 3rd. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and an average target price of $7.24.

Melco Resorts & Entertainment Stock Performance

NASDAQ:MLCO opened at $5.33 on Thursday. The company has a fifty day moving average of $5.65 and a two-hundred day moving average of $6.20. Melco Resorts & Entertainment Limited has a fifty-two week low of $4.78 and a fifty-two week high of $8.90. The stock has a market capitalization of $2.24 billion, a PE ratio of -24.23, a P/E/G ratio of 0.63 and a beta of 1.02.

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.