Commerce Bank Purchases New Shares in MGM Resorts International $MGM

Commerce Bank acquired a new stake in MGM Resorts International (NYSE:MGM) during the second quarter, Holdings Channel.com reports. The institutional investor acquired 28,152 shares of the company’s stock, valued at approximately $1,346,000.

Other hedge funds have also modified their holdings of the company. CYBER HORNET ETFs LLC bought a new position in MGM Resorts International during the second quarter worth about $25,000. Global Retirement Partners LLC lifted its position in shares of MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 281 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of MGM Resorts International during the 1st quarter worth about $30,000. Optiver Holding B.V. acquired a new position in MGM Resorts International in the 1st quarter valued at $35,000. Finally, Elyxium Wealth LLC bought a new position in shares of MGM Resorts International during the fourth quarter worth approximately $42,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

NYSE MGM opened at $43.37 on Wednesday. The company has a market capitalization 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. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The company has a fifty day moving average of $45.78 and a 200-day moving average of $41.18. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.03. The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The firm’s revenue was up 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.79 EPS. As a group, equities research analysts predict that MGM Resorts International will post 1.96 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Deutsche Bank Aktiengesellschaft increased their price target on MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a research note on Wednesday, July 22nd. Jefferies Financial Group reaffirmed a “hold” rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. Finally, Argus increased their price target on MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $53.37.

MGM Resorts International Company 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.