Pallas Capital Advisors LLC Purchases 17,863 Shares of MGM Resorts International $MGM

Pallas Capital Advisors LLC increased its position in MGM Resorts International (NYSE:MGM) by 170.2% in the 3rd quarter, HoldingsChannel reports. The fund owned 28,357 shares of the company’s stock after purchasing an additional 17,863 shares during the period. Pallas Capital Advisors LLC’s holdings in MGM Resorts International were worth $983,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Helikon Investments Ltd lifted its holdings in shares of MGM Resorts International by 379.9% in the second quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after buying an additional 6,974,347 shares in the last quarter. Davis Selected Advisers increased its holdings in MGM Resorts International by 14.4% during the 2nd quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after acquiring an additional 3,006,052 shares during the period. Arrowstreet Capital Limited Partnership boosted its holdings in MGM Resorts International by 119.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock valued at $144,855,000 after purchasing an additional 2,293,797 shares during the period. Norges Bank bought a new position in MGM Resorts International in the 2nd quarter valued at $60,570,000. Finally, Goldentree Asset Management LP grew its position in shares of MGM Resorts International by 20.7% during the 2nd quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock valued at $185,778,000 after purchasing an additional 924,810 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. acquired 1,098,748 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The shares were bought at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the transaction, the insider directly owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. This represents a 1.70% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.06% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MGM. Stifel Nicolaus increased their price objective on MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. Barclays set a $37.00 target price on MGM Resorts International in a research note on Friday, February 6th. Mizuho set a $62.00 target price on shares of MGM Resorts International in a research report on Thursday, October 30th. Morgan Stanley restated an “underweight” rating and issued a $34.00 target price on shares of MGM Resorts International in a research report on Wednesday, February 11th. Finally, Zacks Research raised shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International presently has an average rating of “Hold” and a consensus target price of $41.94.

MGM Resorts International Trading Up 0.4%

NYSE:MGM opened at $34.29 on Wednesday. MGM Resorts International has a one year low of $25.30 and a one year high of $40.16. The company’s 50-day simple moving average is $35.61 and its 200 day simple moving average is $34.89. The firm has a market capitalization of $8.77 billion, a P/E ratio of 45.72 and a beta of 1.44. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 1.20.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.96. The company had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same quarter in the prior year, the business posted $0.45 EPS. As a group, analysts forecast that MGM Resorts International will post 2.21 EPS 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.