Fifth Third Bancorp reduced its stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 17.8% in the 2nd quarter, Holdings Channel reports. The firm owned 15,116 shares of the company’s stock after selling 3,264 shares during the quarter. Fifth Third Bancorp’s holdings in Melco Resorts & Entertainment were worth $235,000 as of its most recent SEC filing.
Other large investors also recently added to or reduced their stakes in the company. Lindbrook Capital LLC grew its stake in shares of Melco Resorts & Entertainment by 74.5% in the first quarter. Lindbrook Capital LLC now owns 2,030 shares of the company’s stock valued at $25,000 after buying an additional 867 shares in the last quarter. American International Group Inc. raised its stake in shares of Melco Resorts & Entertainment by 3.9% in the 1st quarter. American International Group Inc. now owns 24,430 shares of the company’s stock valued at $303,000 after purchasing an additional 917 shares in the last quarter. IFM Investors Pty Ltd lifted its position in shares of Melco Resorts & Entertainment by 5.6% during the second quarter. IFM Investors Pty Ltd now owns 17,723 shares of the company’s stock worth $275,000 after purchasing an additional 936 shares during the last quarter. Principal Financial Group Inc. grew its stake in Melco Resorts & Entertainment by 4.8% in the first quarter. Principal Financial Group Inc. now owns 24,045 shares of the company’s stock worth $298,000 after purchasing an additional 1,091 shares in the last quarter. Finally, Comerica Bank increased its holdings in Melco Resorts & Entertainment by 5.2% in the second quarter. Comerica Bank now owns 25,063 shares of the company’s stock valued at $398,000 after buying an additional 1,232 shares during the last quarter. 37.10% of the stock is currently owned by institutional investors.
Melco Resorts & Entertainment stock opened at $19.23 on Wednesday. The company has a 50-day simple moving average of $16.98 and a 200-day simple moving average of $16.50. The firm has a market capitalization of $8.96 billion, a P/E ratio of -83.61 and a beta of 1.97. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.50 and a current ratio of 1.53. Melco Resorts & Entertainment Limited has a one year low of $10.81 and a one year high of $25.22.
A number of equities research analysts have recently weighed in on MLCO shares. Nomura reiterated a “buy” rating and issued a $20.00 price target on shares of Melco Resorts & Entertainment in a report on Sunday, May 17th. UBS Group boosted their target price on shares of Melco Resorts & Entertainment from $19.60 to $21.80 and gave the company a “buy” rating in a research note on Friday, June 5th. BidaskClub downgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “strong sell” rating in a research report on Friday, May 15th. Bank of America reaffirmed a “buy” rating and issued a $20.00 price target on shares of Melco Resorts & Entertainment in a report on Friday, August 7th. Finally, Zacks Investment Research lowered shares of Melco Resorts & Entertainment from a “buy” rating to a “strong sell” rating in a research note on Thursday, July 23rd. Two research analysts have rated the stock with a sell rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $22.69.
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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