Melco Crown Entertainment Ltd. (MPEL) Sees Significant Drop in Short Interest
Melco Crown Entertainment Ltd. (NASDAQ:MPEL) was the target of a significant drop in short interest in the month of November. As of November 15th, there was short interest totalling 14,791,546 shares, a drop of 8.9% from the October 31st total of 16,236,679 shares. Based on an average daily trading volume, of 3,827,207 shares, the short-interest ratio is presently 3.9 days.
MPEL has been the subject of several research analyst reports. Zacks Investment Research lowered shares of Melco Crown Entertainment from a “hold” rating to a “sell” rating in a report on Thursday, October 6th. Wells Fargo & Co. reiterated a “neutral” rating on shares of Melco Crown Entertainment in a report on Monday, October 10th. BNP Paribas reiterated a “sell” rating on shares of Melco Crown Entertainment in a report on Sunday, August 28th. Deutsche Bank AG upgraded shares of Melco Crown Entertainment from a “hold” rating to a “buy” rating and lifted their target price for the company from $14.00 to $17.00 in a report on Friday, September 9th. Finally, Credit Suisse Group AG upgraded shares of Melco Crown Entertainment from a “neutral” rating to an “outperform” rating in a report on Monday, November 21st. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Melco Crown Entertainment has a consensus rating of “Hold” and an average price target of $16.88.
Shares of Melco Crown Entertainment (NASDAQ:MPEL) opened at 19.66 on Thursday. Melco Crown Entertainment has a 12 month low of $11.90 and a 12 month high of $20.00. The stock’s 50 day moving average is $0.00 and its 200-day moving average is $0.00.
Melco Crown Entertainment (NASDAQ:MPEL) last announced its quarterly earnings results on Thursday, November 3rd. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.07. Melco Crown Entertainment had a net margin of 2.70% and a return on equity of 4.12%. The firm earned $1.15 billion during the quarter, compared to analysts’ expectations of $1.09 billion. During the same quarter in the prior year, the company earned $0.06 EPS. The company’s revenue was up 21.9% compared to the same quarter last year. On average, analysts anticipate that Melco Crown Entertainment will post $0.38 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 30th. Stockholders of record on Tuesday, November 15th were given a $0.0126 dividend. This represents a $0.05 annualized dividend and a dividend yield of 0.26%. The ex-dividend date was Thursday, November 10th. This is a boost from Melco Crown Entertainment’s previous quarterly dividend of $0.01. Melco Crown Entertainment’s dividend payout ratio is presently 25.00%.
Large investors have recently made changes to their positions in the company. Hillhouse Capital Management Ltd. purchased a new stake in Melco Crown Entertainment during the third quarter worth approximately $125,309,000. Harris Associates L P boosted its stake in Melco Crown Entertainment by 25.9% in the second quarter. Harris Associates L P now owns 36,969,470 shares of the company’s stock worth $465,076,000 after buying an additional 7,616,069 shares during the last quarter. Teachers Advisors LLC boosted its stake in Melco Crown Entertainment by 1,373.7% in the third quarter. Teachers Advisors LLC now owns 5,098,451 shares of the company’s stock worth $82,136,000 after buying an additional 4,752,485 shares during the last quarter. Coronation Fund Managers Ltd. purchased a new stake in Melco Crown Entertainment during the second quarter worth approximately $59,043,000. Finally, ARGA Investment Management LP boosted its stake in Melco Crown Entertainment by 1,624.6% in the second quarter. ARGA Investment Management LP now owns 2,680,000 shares of the company’s stock worth $33,714,000 after buying an additional 2,524,600 shares during the last quarter. 29.16% of the stock is owned by hedge funds and other institutional investors.
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Melco Crown Entertainment Company Profile
Melco Crown Entertainment Limited is a holding company. The Company, through its subsidiaries, develops, owns and operates casino gaming and entertainment casino resort facilities in Asia. The Company is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in over two geographic areas, which include Macau and the Philippines.
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