Jupiter Topco LLC Acquires New Position in MGM Resorts International $MGM

Jupiter Topco LLC acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 77,000 shares of the company’s stock, valued at approximately $3,684,000.

Other large investors have also recently bought and sold shares of the company. CYBER HORNET ETFs LLC bought a new position in shares of MGM Resorts International during the second quarter valued at approximately $25,000. Global Retirement Partners LLC lifted its holdings in shares of MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after purchasing an additional 281 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of MGM Resorts International in the 1st quarter worth approximately $30,000. Optiver Holding B.V. acquired a new position in MGM Resorts International during the 1st quarter valued at approximately $35,000. Finally, Elyxium Wealth LLC acquired a new position in MGM Resorts International during the 4th quarter valued at approximately $42,000. Institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on MGM. JPMorgan Chase & Co. increased their target price on MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Argus upped their price target on shares of MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $33.00 to $48.30 in a report on Tuesday, July 7th. Morgan Stanley reiterated an “underweight” rating on shares of MGM Resorts International in a research report on Wednesday, July 22nd. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $43.00 target price on shares of MGM Resorts International in a research note on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average target price of $53.37.

MGM Resorts International Trading Down 1.7%

Shares of MGM stock opened at $40.65 on Wednesday. The stock has a 50-day simple moving average of $45.31 and a 200 day simple moving average of $41.36. The stock has a market capitalization of $10.23 billion, a P/E ratio of 24.64, a P/E/G ratio of 2.11 and a beta of 1.28. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80.

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

MGM Resorts International Profile

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.