Northwestern Mutual Wealth Management Co. Buys New Stake in MGM Resorts International $MGM

Northwestern Mutual Wealth Management Co. bought a new position in MGM Resorts International (NYSE:MGM) during the 2nd quarter, Holdings Channel reports. The fund bought 27,657 shares of the company’s stock, valued at approximately $1,322,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of MGM. Ieq Capital LLC acquired a new stake in shares of MGM Resorts International in the second quarter valued at about $1,596,000. Callan Family Office LLC bought a new position in shares of MGM Resorts International in the second quarter worth about $1,114,000. Keebeck Wealth Management acquired a new position in shares of MGM Resorts International during the 2nd quarter worth about $428,000. Allworth Financial LP acquired a new position in shares of MGM Resorts International during the 2nd quarter worth about $451,000. Finally, Vise Technologies Inc. bought a new stake in MGM Resorts International during the 2nd quarter valued at approximately $577,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MGM. Argus raised their target price on MGM Resorts International from $45.00 to $55.00 and gave the company a “buy” rating in a report on Monday, August 17th. Susquehanna upped their price target on MGM Resorts International from $52.00 to $53.00 and gave the stock a “positive” rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. increased their price objective on MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. The Goldman Sachs Group restated a “sell” rating and issued a $43.00 price objective on shares of MGM Resorts International in a research note on Wednesday, July 15th. Finally, Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $33.00 to $48.30 in a research report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and an average price target of $53.37.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $43.37 on Wednesday. The firm has a market capitalization of $10.91 billion, a PE ratio of 26.29, a PEG ratio of 2.23 and a beta of 1.31. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The business’s 50 day moving average is $45.78 and its 200-day moving average is $41.18.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same period last year, the business earned $0.79 earnings per share. MGM Resorts International’s quarterly revenue was up 2.2% compared to the same quarter last year. Sell-side analysts predict that MGM Resorts International will post 1.96 earnings per share for the current year.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.