Ieq Capital LLC Makes New $1.60 Million Investment in MGM Resorts International $MGM

Ieq Capital LLC acquired a new stake in MGM Resorts International (NYSE:MGM) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 33,372 shares of the company’s stock, valued at approximately $1,596,000.

A number of other large investors also recently modified their holdings of the stock. Hsbc Holdings PLC raised its position in MGM Resorts International by 31.0% in the 1st quarter. Hsbc Holdings PLC now owns 254,801 shares of the company’s stock worth $9,415,000 after purchasing an additional 60,340 shares during the last quarter. Bastion Asset Management Inc. bought a new position in MGM Resorts International in the 1st quarter valued at $6,212,000. Todd Asset Management LLC increased its stake in shares of MGM Resorts International by 9.2% in the 4th quarter. Todd Asset Management LLC now owns 709,520 shares of the company’s stock valued at $25,890,000 after buying an additional 59,691 shares during the period. California Public Employees Retirement System increased its stake in shares of MGM Resorts International by 6.3% in the 1st quarter. California Public Employees Retirement System now owns 424,481 shares of the company’s stock valued at $15,710,000 after buying an additional 25,266 shares during the period. Finally, Quantinno Capital Management LP raised its position in shares of MGM Resorts International by 76.0% during the first quarter. Quantinno Capital Management LP now owns 353,320 shares of the company’s stock worth $13,076,000 after acquiring an additional 152,529 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MGM shares. Jefferies Financial Group reaffirmed a “hold” rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. Truist Financial raised MGM Resorts International from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $42.00 to $55.00 in a report on Wednesday, May 27th. Barclays upped their target price on shares of MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. raised their target price 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. Finally, Susquehanna lifted their price target on shares of MGM Resorts International from $52.00 to $53.00 and gave the stock a “positive” rating in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $53.37.

MGM Resorts International Stock Down 0.7%

NYSE:MGM opened at $43.37 on Wednesday. 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 12-month low of $29.18 and a 12-month high of $51.59. The stock’s fifty day simple moving average is $45.78 and its 200-day simple moving average is $41.18. The firm 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 (NYSE:MGM) last released 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 return on equity of 23.30% and a net margin of 2.40%.The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same quarter in the prior year, the company posted $0.79 earnings per share. The firm’s revenue was up 2.2% on a year-over-year basis. Equities research analysts expect that MGM Resorts International will post 1.96 earnings per share for the current 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.