Stonehill Capital Management LLC Acquires New Stake in Melco Resorts & Entertainment Limited (MLCO)

Stonehill Capital Management LLC acquired a new stake in shares of Melco Resorts & Entertainment Limited (NASDAQ:MLCO) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 728,000 shares of the company’s stock, valued at approximately $15,397,000. Melco Resorts & Entertainment comprises 5.8% of Stonehill Capital Management LLC’s investment portfolio, making the stock its 5th biggest holding. Stonehill Capital Management LLC owned 0.15% of Melco Resorts & Entertainment as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the business. Waterfront Capital Partners LLC purchased a new stake in shares of Melco Resorts & Entertainment in the third quarter valued at $5,506,000. Miracle Mile Advisors LLC raised its stake in shares of Melco Resorts & Entertainment by 20.4% in the third quarter. Miracle Mile Advisors LLC now owns 60,189 shares of the company’s stock valued at $1,273,000 after acquiring an additional 10,189 shares during the period. Canada Pension Plan Investment Board raised its stake in shares of Melco Resorts & Entertainment by 602.8% in the third quarter. Canada Pension Plan Investment Board now owns 1,150,155 shares of the company’s stock valued at $24,326,000 after acquiring an additional 986,500 shares during the period. FIL Ltd raised its stake in shares of Melco Resorts & Entertainment by 3.4% in the third quarter. FIL Ltd now owns 809,156 shares of the company’s stock valued at $17,113,000 after acquiring an additional 26,819 shares during the period. Finally, PNC Financial Services Group Inc. raised its stake in shares of Melco Resorts & Entertainment by 3.9% in the third quarter. PNC Financial Services Group Inc. now owns 309,630 shares of the company’s stock valued at $6,548,000 after acquiring an additional 11,641 shares during the period. Institutional investors and hedge funds own 38.26% of the company’s stock.

MLCO stock opened at $16.97 on Monday. The stock has a market capitalization of $8.39 billion, a P/E ratio of 18.45, a P/E/G ratio of 1.22 and a beta of 1.64. Melco Resorts & Entertainment Limited has a 12 month low of $15.33 and a 12 month high of $32.95. The company has a current ratio of 0.97, a quick ratio of 0.95 and a debt-to-equity ratio of 1.36.

Melco Resorts & Entertainment (NASDAQ:MLCO) last posted its quarterly earnings results on Thursday, November 8th. The company reported $0.04 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.22 by ($0.18). The company had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Melco Resorts & Entertainment had a return on equity of 11.89% and a net margin of 5.98%. The company’s quarterly revenue was down 11.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. On average, equities research analysts expect that Melco Resorts & Entertainment Limited will post 1.07 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 29th. Shareholders of record on Monday, November 19th will be given a dividend of $0.1451 per share. This is an increase from Melco Resorts & Entertainment’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, November 16th. This represents a $0.58 dividend on an annualized basis and a yield of 3.42%. Melco Resorts & Entertainment’s dividend payout ratio (DPR) is 61.96%.

Several brokerages have recently weighed in on MLCO. ValuEngine raised shares of Melco Resorts & Entertainment from a “sell” rating to a “hold” rating in a research note on Wednesday, August 22nd. BidaskClub downgraded shares of Melco Resorts & Entertainment from a “sell” rating to a “strong sell” rating in a research note on Tuesday, October 9th. TheStreet downgraded shares of Melco Resorts & Entertainment from a “b-” rating to a “c+” rating in a research note on Tuesday, October 30th. HSBC set a $33.00 price target on shares of Melco Resorts & Entertainment and gave the stock a “buy” rating in a research note on Tuesday, October 16th. Finally, UBS Group downgraded shares of Melco Resorts & Entertainment from a “buy” rating to a “neutral” rating in a research note on Wednesday, September 12th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $32.73.

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Melco Resorts & Entertainment 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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