Shares of Melco Crown Entertainment Ltd. (NASDAQ:MPEL) hit a new 52-week low during trading on Wednesday . The company traded as low as $11.98 and last traded at $12.12, with a volume of 1,405,283 shares trading hands. The stock had previously closed at $12.30.

A number of brokerages recently commented on MPEL. Sanford C. Bernstein restated an “outperform” rating on shares of Melco Crown Entertainment in a research note on Wednesday, June 8th. Goldman Sachs Group Inc. reiterated a “neutral” rating and issued a $16.80 target price (up from $16.40) on shares of Melco Crown Entertainment in a research note on Wednesday, June 8th. HSBC cut shares of Melco Crown Entertainment from a “buy” rating to a “hold” rating in a research note on Wednesday, April 20th. Morgan Stanley cut shares of Melco Crown Entertainment from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $16.50 to $15.50 in a research note on Thursday, June 2nd. Finally, Wells Fargo & Co. reiterated a “hold” rating on shares of Melco Crown Entertainment in a research note on Saturday, June 4th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the company’s stock. Melco Crown Entertainment currently has a consensus rating of “Hold” and an average price target of $19.18.

The company’s 50-day moving average is $13.65 and its 200-day moving average is $14.97. The firm has a market cap of $6.52 billion and a P/E ratio of 77.50.

Melco Crown Entertainment (NASDAQ:MPEL) last announced its earnings results on Wednesday, May 4th. The company reported $0.07 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.07. The business had revenue of $1.10 billion for the quarter, compared to the consensus estimate of $1.14 billion. During the same quarter last year, the firm posted $0.11 earnings per share. The business’s quarterly revenue was up 4.7% compared to the same quarter last year. On average, equities research analysts forecast that Melco Crown Entertainment Ltd. will post $0.36 earnings per share for the current year.

Other institutional investors have recently modified their holdings of the company. Korea Investment CORP purchased a new position in shares of Melco Crown Entertainment during the fourth quarter valued at $1,285,000. State of Wisconsin Investment Board purchased a new position in shares of Melco Crown Entertainment during the fourth quarter valued at $1,386,000. Bank of Montreal Can increased its position in shares of Melco Crown Entertainment by 0.9% in the fourth quarter. Bank of Montreal Can now owns 106,721 shares of the company’s stock valued at $1,793,000 after buying an additional 989 shares in the last quarter. Mizuho Trust & Banking Co. Ltd. purchased a new position in shares of Melco Crown Entertainment during the fourth quarter valued at $2,453,000. Finally, Nationwide Fund Advisors increased its position in shares of Melco Crown Entertainment by 17.8% in the fourth quarter. Nationwide Fund Advisors now owns 206,581 shares of the company’s stock valued at $3,471,000 after buying an additional 31,281 shares in the last quarter.

Melco Crown Entertainment Limited is a developer, owner and operator of casino gaming and entertainment resort facilities. The Company is principally engaged in the gaming and hospitality business in Asia and its principal operating and developmental activities occur in two geographic areas: Macau and the Philippines.

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