Sanctuary Advisors LLC Takes Position in MGM Resorts International $MGM

Sanctuary Advisors LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 74,902 shares of the company’s stock, valued at approximately $3,581,000.

Several other large investors also recently bought and sold shares of the stock. AQR Capital Management LLC grew its stake in shares of MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after purchasing an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of 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 worth $264,874,000 after purchasing an additional 3,429,946 shares during the period. Davis Selected Advisers grew its position in MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock valued at $978,669,000 after buying an additional 2,866,750 shares during the last quarter. Norges Bank purchased a new position in MGM Resorts International during the 4th quarter worth $82,348,000. Finally, Samlyn Capital LLC acquired a new stake in shares of MGM Resorts International in the 3rd quarter worth $62,787,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Down 0.7%

Shares of MGM stock opened at $43.37 on Wednesday. The stock has a market cap of $10.91 billion, a P/E ratio of 26.29, a P/E/G ratio of 2.23 and a beta of 1.31. 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 has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The business has a fifty day simple moving average of $45.78 and a 200-day simple moving average of $41.18.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 EPS 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 firm had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.42 billion. During the same period in the prior year, the company earned $0.79 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. On average, analysts forecast that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. UBS Group set a $48.00 price objective on MGM Resorts International in a report on Thursday, July 2nd. Barclays increased their price objective 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. Deutsche Bank Aktiengesellschaft upped their price target on shares of MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $53.37.

About MGM Resorts International

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.