Bessemer Group Inc. Has $140.41 Million Stock Holdings in MGM Resorts International (NYSE:MGM)

Bessemer Group Inc. lowered its position in shares of MGM Resorts International (NYSE:MGM) by 1.2% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,196,917 shares of the company’s stock after selling 39,070 shares during the quarter. Bessemer Group Inc. owned 0.91% of MGM Resorts International worth $140,409,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. PSI Advisors LLC increased its stake in MGM Resorts International by 15.1% during the 2nd quarter. PSI Advisors LLC now owns 1,525 shares of the company’s stock worth $67,000 after purchasing an additional 200 shares in the last quarter. Invst LLC raised its stake in shares of MGM Resorts International by 1.3% in the 2nd quarter. Invst LLC now owns 17,609 shares of the company’s stock valued at $773,000 after purchasing an additional 223 shares during the period. CWM LLC grew its holdings in shares of MGM Resorts International by 4.7% during the first quarter. CWM LLC now owns 5,868 shares of the company’s stock worth $261,000 after buying an additional 261 shares in the last quarter. Epoch Investment Partners Inc. raised its holdings in shares of MGM Resorts International by 2.0% in the first quarter. Epoch Investment Partners Inc. now owns 13,686 shares of the company’s stock valued at $608,000 after purchasing an additional 273 shares during the last quarter. Finally, Aspire Private Capital LLC bought a new stake in shares of MGM Resorts International in the first quarter worth $12,314,468,000. Institutional investors own 66.46% of the company’s stock.

MGM Resorts International Price Performance

MGM stock opened at $40.31 on Tuesday. The stock has a market cap of $13.77 billion, a price-to-earnings ratio of 13.71 and a beta of 2.17. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.78 and a quick ratio of 1.73. The company has a 50 day simple moving average of $37.50 and a 200 day simple moving average of $41.73. MGM Resorts International has a 1 year low of $32.43 and a 1 year high of $51.35.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, November 8th. The company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.12. The company had revenue of $3.97 billion for the quarter, compared to analysts’ expectations of $3.86 billion. MGM Resorts International had a return on equity of 18.04% and a net margin of 7.23%. The business’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.39) earnings per share. Research analysts anticipate that MGM Resorts International will post 2.22 EPS for the current fiscal year.

MGM Resorts International declared that its Board of Directors has initiated a share buyback program on Wednesday, November 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 14.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. TheStreet downgraded MGM Resorts International from a “b” rating to a “c+” rating in a research note on Wednesday, August 2nd. Truist Financial cut their price objective on shares of MGM Resorts International from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, October 18th. StockNews.com downgraded shares of MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, October 13th. HSBC started coverage on MGM Resorts International in a research note on Monday, October 23rd. They issued a “buy” rating and a $49.00 price target for the company. Finally, Citigroup increased their price objective on shares of MGM Resorts International from $63.00 to $66.50 in a research note on Friday, August 4th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $56.35.

MGM Resorts International Company Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.