OLD National Bancorp IN Takes Position in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

OLD National Bancorp IN acquired a new stake in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 10,852 shares of the company’s stock, valued at approximately $236,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hardman Johnston Global Advisors LLC increased its position in Melco Resorts & Entertainment by 3.6% during the 1st quarter. Hardman Johnston Global Advisors LLC now owns 11,143,247 shares of the company’s stock worth $251,726,000 after buying an additional 383,562 shares during the period. Boston Partners increased its position in Melco Resorts & Entertainment by 2.3% during the 1st quarter. Boston Partners now owns 5,084,092 shares of the company’s stock worth $114,850,000 after buying an additional 114,673 shares during the period. Flowering Tree Investment Management Pte. Ltd. increased its position in Melco Resorts & Entertainment by 6.6% during the 1st quarter. Flowering Tree Investment Management Pte. Ltd. now owns 3,704,227 shares of the company’s stock worth $83,678,000 after buying an additional 229,104 shares during the period. Clearbridge Investments LLC increased its position in Melco Resorts & Entertainment by 15.7% during the 1st quarter. Clearbridge Investments LLC now owns 1,308,392 shares of the company’s stock worth $29,557,000 after buying an additional 177,573 shares during the period. Finally, Geode Capital Management LLC increased its position in Melco Resorts & Entertainment by 4.3% during the 4th quarter. Geode Capital Management LLC now owns 972,075 shares of the company’s stock worth $16,965,000 after buying an additional 40,510 shares during the period. 33.34% of the stock is owned by institutional investors.

Several research analysts have weighed in on the company. Goldman Sachs Group set a $27.00 price objective on Melco Resorts & Entertainment and gave the stock a “buy” rating in a research report on Tuesday, May 28th. Wolfe Research cut Melco Resorts & Entertainment from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, May 8th. Zacks Investment Research upgraded Melco Resorts & Entertainment from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a research report on Thursday, July 25th. ValuEngine cut Melco Resorts & Entertainment from a “buy” rating to a “hold” rating in a research report on Saturday, July 27th. Finally, Nomura increased their price objective on Melco Resorts & Entertainment from $27.00 to $30.00 and gave the stock a “buy” rating in a research report on Wednesday, May 8th. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $27.46.

Shares of NASDAQ MLCO traded down $0.86 during mid-day trading on Friday, reaching $20.93. The company had a trading volume of 70,198 shares, compared to its average volume of 1,499,192. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.80 and a current ratio of 0.82. Melco Resorts & Entertainment Limited has a one year low of $15.33 and a one year high of $26.97. The firm has a market cap of $11.72 billion, a price-to-earnings ratio of 23.26, a price-to-earnings-growth ratio of 1.04 and a beta of 1.77. The company has a 50-day moving average price of $22.89.

Melco Resorts & Entertainment (NASDAQ:MLCO) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.04. The business had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.32 billion. Melco Resorts & Entertainment had a return on equity of 14.53% and a net margin of 6.55%. Melco Resorts & Entertainment’s revenue was up 17.4% compared to the same quarter last year. During the same period last year, the firm posted $0.12 earnings per share. Equities research analysts predict that Melco Resorts & Entertainment Limited will post 1.03 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Monday, August 5th will be paid a $0.1651 dividend. The ex-dividend date is Friday, August 2nd. This is a positive change from Melco Resorts & Entertainment’s previous quarterly dividend of $0.02. This represents a $0.66 annualized dividend and a yield of 3.16%. Melco Resorts & Entertainment’s dividend payout ratio (DPR) is 68.54%.

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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