The Manufacturers Life Insurance Company Acquires Shares of 152,329 MGM Resorts International $MGM

The Manufacturers Life Insurance Company acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 152,329 shares of the company’s stock, valued at approximately $7,283,000. The Manufacturers Life Insurance Company owned about 0.06% of MGM Resorts International at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MGM. Whittier Trust Co. lifted its position in shares of MGM Resorts International by 2.5% during the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock valued at $405,000 after purchasing an additional 262 shares in the last quarter. Global Retirement Partners LLC increased its stake in MGM Resorts International by 55.9% in the 4th 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. Tema ETFs LLC increased its stake in MGM Resorts International by 10.6% in the 2nd quarter. Tema ETFs LLC now owns 3,016 shares of the company’s stock valued at $144,000 after buying an additional 290 shares during the last quarter. Brown Brothers Harriman & Co. lifted its position in shares of MGM Resorts International by 23.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock worth $69,000 after buying an additional 355 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock worth $2,218,000 after buying an additional 397 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $42.39 on Monday. The firm has a market capitalization of $10.66 billion, a PE ratio of 25.69, a P/E/G ratio of 2.16 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. The company has a 50-day moving average price of $45.53 and a two-hundred day moving average price of $41.30. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59.

MGM Resorts International (NYSE:MGM) last posted 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 analyst estimates of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company’s quarterly revenue was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.79 earnings per share. Equities analysts forecast that MGM Resorts International will post 1.96 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Susquehanna lifted their price target on MGM Resorts International from $52.00 to $53.00 and gave the stock a “positive” rating in a report on Wednesday, July 29th. Citigroup raised their target price on MGM Resorts International from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, July 2nd. UBS Group set a $48.00 price target on shares of MGM Resorts International in a report on Thursday, July 2nd. Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Finally, Barclays boosted 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 note on Thursday, July 9th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and an average price target 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.