MGM Resorts International $MGM Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC boosted its position in MGM Resorts International (NYSE:MGM) by 1.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 5,224,452 shares of the company’s stock after acquiring an additional 49,613 shares during the quarter. Geode Capital Management LLC’s holdings in MGM Resorts International were worth $190,295,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the company. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter valued at approximately $25,000. Global Retirement Partners LLC lifted its position in shares of MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after acquiring an additional 281 shares during the period. Elyxium Wealth LLC acquired a new stake in shares of MGM Resorts International during the 4th quarter valued at approximately $42,000. City Holding Co. acquired a new stake in shares of MGM Resorts International during the 4th quarter valued at approximately $44,000. Finally, Stance Capital LLC acquired a new stake in shares of MGM Resorts International during the 3rd quarter valued at approximately $46,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Down 0.0%

Shares of MGM opened at $48.35 on Thursday. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The firm has a 50 day simple moving average of $38.77 and a 200-day simple moving average of $36.61. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The stock has a market cap of $12.37 billion, a price-to-earnings ratio of 67.15 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.37 billion. During the same period last year, the business earned $0.69 earnings per share. The company’s revenue for the quarter was up 4.2% on a year-over-year basis. Equities analysts forecast that MGM Resorts International will post 2 EPS for the current fiscal year.

Key Stories Impacting MGM Resorts International

Here are the key news stories impacting MGM Resorts International this week:

• Positive Sentiment: Barry Diller’s offer to take MGM private has created a potential acquisition premium and renewed M&A interest in the stock.
• Positive Sentiment: Deutsche Bank raised its price target on MGM to $55 and reiterated a buy rating, signaling upside versus the current trading range.
• Positive Sentiment: Analysts and industry coverage continue to highlight MGM’s digital growth, real estate assets, and improving gaming demand as reasons the company may be worth more than the current bid.
• Neutral Sentiment: Trading activity in MGM call options spiked, suggesting traders are positioning for continued volatility around the takeover story.
• Neutral Sentiment: Recent industry outlook pieces noted stronger Macau gaming and online betting trends, which are supportive for MGM’s broader gaming business.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 37,500 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the transaction, the director directly owned 5,347,978 shares of the company’s stock, valued at $183,275,206.06. This trade represents a 0.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel J. Taylor sold 6,675 shares of the firm’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MGM. UBS Group reduced their price target on shares of MGM Resorts International from $40.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, April 10th. JPMorgan Chase & Co. upgraded shares of MGM Resorts International from a “neutral” rating to an “overweight” rating and set a $46.00 price target for the company in a research report on Wednesday, May 27th. Susquehanna lifted their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Monday. Citigroup reduced their price target on shares of MGM Resorts International from $41.00 to $40.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Finally, Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, six have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $49.12.

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.