Melco Resorts & Entertainment (MLCO) Sets New 52-Week Low Following Weak Earnings

Melco Resorts & Entertainment Limited (NASDAQ:MLCO)’s share price hit a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $15.33 and last traded at $16.28, with a volume of 208739 shares traded. The stock had previously closed at $18.17.

The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.18). Melco Resorts & Entertainment had a return on equity of 15.47% and a net margin of 7.83%. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.34 billion. During the same period last year, the business earned $0.24 EPS. The firm’s quarterly revenue was down 11.4% compared to the same quarter last year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 29th. Stockholders of record on Monday, November 19th will be paid a $0.1451 dividend. The ex-dividend date is Friday, November 16th. This represents a $0.58 annualized dividend and a dividend yield of 3.72%. This is an increase from Melco Resorts & Entertainment’s previous quarterly dividend of $0.15. Melco Resorts & Entertainment’s dividend payout ratio (DPR) is 61.96%.

Several analysts recently issued reports on MLCO shares. BidaskClub raised Melco Resorts & Entertainment from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Sanford C. Bernstein decreased their target price on Melco Resorts & Entertainment from $34.50 to $27.00 and set an “outperform” rating on the stock in a research note on Monday, September 17th. They noted that the move was a valuation call. UBS Group downgraded Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 12th. HSBC set a $33.00 target price on Melco Resorts & Entertainment and gave the company a “buy” rating in a research note on Tuesday, October 16th. Finally, Zacks Investment Research downgraded Melco Resorts & Entertainment from a “hold” rating to a “strong sell” rating in a research note on Sunday, July 15th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $32.73.

Several institutional investors have recently made changes to their positions in MLCO. First Hawaiian Bank purchased a new position in shares of Melco Resorts & Entertainment in the 3rd quarter worth approximately $163,000. FNY Investment Advisers LLC purchased a new position in shares of Melco Resorts & Entertainment in the 2nd quarter worth approximately $201,000. Sumitomo Life Insurance Co. purchased a new position in shares of Melco Resorts & Entertainment in the 3rd quarter worth approximately $201,000. Rothschild Investment Corp IL purchased a new position in shares of Melco Resorts & Entertainment in the 2nd quarter worth approximately $202,000. Finally, Lucia Wealth Services LLC purchased a new position in shares of Melco Resorts & Entertainment in the 2nd quarter worth approximately $210,000. Hedge funds and other institutional investors own 39.38% of the company’s stock.

The firm has a market capitalization of $8.98 billion, a P/E ratio of 16.96, a P/E/G ratio of 1.53 and a beta of 1.64. The company has a quick ratio of 1.02, a current ratio of 1.04 and a debt-to-equity ratio of 1.05.

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Melco Resorts & Entertainment Company Profile (NASDAQ:MLCO)

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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