Main Street Financial Solutions LLC Acquires New Position in MGM Resorts International $MGM

Main Street Financial Solutions LLC acquired a new stake in MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 55,801 shares of the company’s stock, valued at approximately $2,668,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGM. Davis Selected Advisers grew its holdings in shares of MGM Resorts International by 12.0% during the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock valued at $978,669,000 after acquiring an additional 2,866,750 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of MGM Resorts International by 0.9% in the fourth quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock worth $867,805,000 after acquiring an additional 205,127 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of MGM Resorts International by 202.5% during the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after acquiring an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its position in MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after purchasing an additional 3,429,946 shares during the last quarter. Finally, State Street Corp boosted its position in MGM Resorts International by 0.4% during the fourth quarter. State Street Corp now owns 7,517,622 shares of the company’s stock valued at $274,318,000 after purchasing an additional 30,962 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

MGM has been the topic of several research reports. Barclays upped their target price on MGM Resorts International from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 9th. HSBC upgraded MGM Resorts International to a “strong-buy” rating in a report on Thursday, July 30th. Citigroup boosted their price target on MGM Resorts International from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft increased their price objective on MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Finally, Argus raised their price objective on shares of MGM Resorts International from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Monday. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $53.37.

MGM Resorts International Stock Down 0.9%

MGM Resorts International stock opened at $43.37 on Wednesday. The firm has a market cap of $10.91 billion, a price-to-earnings ratio of 26.28 and a beta of 1.31. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The firm has a fifty day moving average price of $46.22 and a two-hundred day moving average price of $40.86.

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

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, 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 value of $256,587.00. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.38% of the stock is owned by company insiders.

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.