Melco Resorts & Entertainment (MLCO) Stock Rating Lowered by Zacks Investment Research

Melco Resorts & Entertainment (NASDAQ:MLCO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Saturday.

According to Zacks, “Melco Resorts & Entertainment Ltd is a developer, owner and operator of casino gaming and entertainment casino resort facilities primarily in Asia. Melco Resorts & Entertainment Ltd, formerly known as Melco Crown Entertainment Limited, is based in Hong Kong. “

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MLCO has been the subject of a number of other research reports. BidaskClub upgraded Melco Resorts & Entertainment from a “hold” rating to a “buy” rating in a research report on Tuesday, March 27th. Goldman Sachs upgraded Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating in a research report on Sunday, February 4th. JPMorgan Chase upgraded Melco Resorts & Entertainment from a “neutral” rating to an “overweight” rating and set a $32.00 price objective for the company in a research report on Tuesday, December 19th. Finally, CLSA assumed coverage on Melco Resorts & Entertainment in a research report on Monday, February 26th. They set an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating and fourteen have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $28.78.

Melco Resorts & Entertainment stock traded up $0.70 during mid-day trading on Friday, reaching $31.59. 2,112,189 shares of the stock traded hands, compared to its average volume of 2,715,356. The stock has a market cap of $15,197.11, a PE ratio of 34.34, a price-to-earnings-growth ratio of 2.30 and a beta of 1.55. The company has a debt-to-equity ratio of 1.13, a quick ratio of 1.07 and a current ratio of 1.10. Melco Resorts & Entertainment has a 12-month low of $19.56 and a 12-month high of $31.80.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings data on Thursday, February 8th. The company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $1.33 billion for the quarter, compared to analysts’ expectations of $1.36 billion. Melco Resorts & Entertainment had a net margin of 6.47% and a return on equity of 13.83%. The company’s revenue was up 11.7% compared to the same quarter last year. sell-side analysts predict that Melco Resorts & Entertainment will post 1.12 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Financial Counselors Inc. increased its position in Melco Resorts & Entertainment by 23.6% in the fourth quarter. Financial Counselors Inc. now owns 12,617 shares of the company’s stock worth $366,000 after buying an additional 2,406 shares in the last quarter. American International Group Inc. increased its position in Melco Resorts & Entertainment by 9.3% in the fourth quarter. American International Group Inc. now owns 30,776 shares of the company’s stock worth $894,000 after buying an additional 2,624 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD increased its position in Melco Resorts & Entertainment by 18.8% in the fourth quarter. Sumitomo Mitsui Asset Management Company LTD now owns 22,001 shares of the company’s stock worth $638,000 after buying an additional 3,487 shares in the last quarter. Lenox Wealth Management Inc. increased its position in Melco Resorts & Entertainment by 20.3% in the fourth quarter. Lenox Wealth Management Inc. now owns 33,454 shares of the company’s stock worth $972,000 after buying an additional 5,646 shares in the last quarter. Finally, Swiss National Bank increased its position in Melco Resorts & Entertainment by 0.7% in the fourth quarter. Swiss National Bank now owns 921,347 shares of the company’s stock worth $26,756,000 after buying an additional 6,100 shares in the last quarter. Institutional investors and hedge funds own 41.02% of the company’s stock.

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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.

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