JPMorgan Chase & Co. Sells 2,373,578 Shares of Melco Resorts & Entertainment Limited $MLCO

JPMorgan Chase & Co. cut its holdings in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 26.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 6,713,288 shares of the company’s stock after selling 2,373,578 shares during the quarter. JPMorgan Chase & Co.’s holdings in Melco Resorts & Entertainment were worth $61,561,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Osaic Holdings Inc. raised its position in Melco Resorts & Entertainment by 8.3% in the 2nd quarter. Osaic Holdings Inc. now owns 16,990 shares of the company’s stock worth $123,000 after purchasing an additional 1,295 shares during the period. Orion Porfolio Solutions LLC boosted its position in Melco Resorts & Entertainment by 15.5% during the second quarter. Orion Porfolio Solutions LLC now owns 13,556 shares of the company’s stock valued at $98,000 after buying an additional 1,819 shares during the period. Samalin Investment Counsel LLC grew its stake in shares of Melco Resorts & Entertainment by 0.9% during the second quarter. Samalin Investment Counsel LLC now owns 263,773 shares of the company’s stock valued at $1,907,000 after buying an additional 2,461 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Melco Resorts & Entertainment by 3.5% in the second quarter. Legal & General Group Plc now owns 146,728 shares of the company’s stock worth $1,061,000 after buying an additional 5,022 shares during the period. Finally, Creative Planning lifted its stake in shares of Melco Resorts & Entertainment by 67.4% in the 2nd quarter. Creative Planning now owns 17,981 shares of the company’s stock valued at $130,000 after acquiring an additional 7,239 shares during the last quarter. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Trading Down 0.3%

Shares of NASDAQ MLCO opened at $5.91 on Thursday. The firm has a fifty day simple moving average of $6.62 and a two-hundred day simple moving average of $8.09. Melco Resorts & Entertainment Limited has a 12 month low of $4.55 and a 12 month high of $10.15. The firm has a market capitalization of $2.31 billion, a PE ratio of 12.84 and a beta of 0.63.

Wall Street Analyst Weigh In

MLCO has been the subject of several analyst reports. Texas Capital upgraded Melco Resorts & Entertainment to a “strong-buy” rating in a report on Friday, January 23rd. UBS Group raised Melco Resorts & Entertainment from a “neutral” rating to a “buy” rating and set a $9.50 price objective for the company in a research note on Monday, February 16th. JPMorgan Chase & Co. restated a “neutral” rating and issued a $7.70 target price (down from $11.00) on shares of Melco Resorts & Entertainment in a report on Friday, January 16th. Wall Street Zen downgraded shares of Melco Resorts & Entertainment from a “strong-buy” rating to a “buy” rating in a research note on Saturday, December 27th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Melco Resorts & Entertainment in a report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $8.67.

Melco Resorts & Entertainment Profile

Melco Resorts & Entertainment Limited (NASDAQ: MLCO) is a developer, owner and operator of integrated resort destinations in Asia and Europe. The company’s portfolio spans casino gaming, hotel accommodations, retail, dining and entertainment facilities. Melco’s properties feature a mix of luxury hotels, award-winning restaurants, high-limit gaming salons and entertainment venues, catering to a broad range of leisure and business travelers.

In Macau, Melco owns and operates flagship properties including City of Dreams Macau, Altira Macau and Studio City.