State Street Corp Trims Stock Holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO)

State Street Corp lessened its holdings in Melco Resorts & Entertainment Limited (NASDAQ:MLCO) by 1.4% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,856,534 shares of the company’s stock after selling 26,410 shares during the quarter. State Street Corp owned about 0.42% of Melco Resorts & Entertainment worth $14,462,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Ridgewood Investments LLC bought a new position in Melco Resorts & Entertainment in the second quarter valued at about $42,000. Panagora Asset Management Inc. boosted its holdings in shares of Melco Resorts & Entertainment by 1,297.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 246,001 shares of the company’s stock valued at $1,835,000 after purchasing an additional 228,394 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Melco Resorts & Entertainment in the second quarter valued at $56,000. Hsbc Holdings PLC grew its position in Melco Resorts & Entertainment by 47.5% in the second quarter. Hsbc Holdings PLC now owns 52,486 shares of the company’s stock worth $395,000 after acquiring an additional 16,901 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in Melco Resorts & Entertainment by 173.2% during the second quarter. Sei Investments Co. now owns 602,058 shares of the company’s stock worth $4,491,000 after buying an additional 381,653 shares during the period. Hedge funds and other institutional investors own 39.62% of the company’s stock.

Melco Resorts & Entertainment Stock Performance

Shares of Melco Resorts & Entertainment stock opened at $5.98 on Wednesday. The company’s fifty day moving average is $6.54 and its two-hundred day moving average is $6.50. Melco Resorts & Entertainment Limited has a 1 year low of $4.78 and a 1 year high of $9.56. The company has a market capitalization of $2.51 billion, a P/E ratio of -27.18, a PEG ratio of 0.98 and a beta of 1.05.

Wall Street Analyst Weigh In

Separately, Morgan Stanley restated an “equal weight” rating and issued a $7.50 price target (down from $9.60) on shares of Melco Resorts & Entertainment in a report on Tuesday, December 17th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Melco Resorts & Entertainment presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.40.

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.