Vanguard Group Inc. Has $817.18 Million Stock Position in MGM Resorts International $MGM

Vanguard Group Inc. raised its holdings in shares of MGM Resorts International (NYSE:MGM) by 1.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 23,576,877 shares of the company’s stock after buying an additional 340,629 shares during the period. Vanguard Group Inc. owned approximately 0.09% of MGM Resorts International worth $817,175,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Fifth Third Bancorp grew its position in MGM Resorts International by 13.4% in the third quarter. Fifth Third Bancorp now owns 15,661 shares of the company’s stock valued at $543,000 after purchasing an additional 1,854 shares in the last quarter. Pallas Capital Advisors LLC grew its holdings in shares of MGM Resorts International by 170.2% in the 3rd quarter. Pallas Capital Advisors LLC now owns 28,357 shares of the company’s stock valued at $983,000 after acquiring an additional 17,863 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in shares of MGM Resorts International by 3.4% in the 3rd quarter. Public Sector Pension Investment Board now owns 44,042 shares of the company’s stock valued at $1,526,000 after acquiring an additional 1,468 shares in the last quarter. Atria Investments Inc increased its position in shares of MGM Resorts International by 5.4% in the third quarter. Atria Investments Inc now owns 48,189 shares of the company’s stock valued at $1,670,000 after acquiring an additional 2,450 shares during the last quarter. Finally, Savvy Advisors Inc. bought a new stake in MGM Resorts International during the third quarter worth about $279,000. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 1.0%

MGM opened at $36.84 on Monday. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $40.16. The stock’s fifty day simple moving average is $35.58 and its 200 day simple moving average is $34.92. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. The stock has a market cap of $9.42 billion, a PE ratio of 49.12 and a beta of 1.44.

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

Analyst Upgrades and Downgrades

MGM has been the subject of a number of analyst reports. UBS Group decreased their price target on MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating for the company in a research note on Monday, November 17th. Susquehanna decreased their target price on shares of MGM Resorts International from $46.00 to $45.00 and set a “positive” rating for the company in a research note on Friday, February 6th. Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a report on Monday, December 29th. The Goldman Sachs Group reiterated a “sell” rating and issued a $33.00 price target on shares of MGM Resorts International in a research note on Monday, December 15th. Finally, Truist Financial lifted their price objective on shares of MGM Resorts International from $38.00 to $39.00 and gave the company a “hold” rating in a research report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $41.94.

Insider Activity at MGM Resorts International

In related news, major shareholder Iac Inc. bought 1,098,748 shares of MGM Resorts International stock in a transaction that occurred on Friday, December 5th. The stock was acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the acquisition, the insider 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.06% of the company’s stock.

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.