42,000 Shares in MGM Resorts International $MGM Bought by Harvest Management LLC

Harvest Management LLC purchased a new stake in MGM Resorts International (NYSE:MGM) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 42,000 shares of the company’s stock, valued at approximately $2,008,000. MGM Resorts International comprises approximately 0.8% of Harvest Management LLC’s portfolio, making the stock its 19th largest holding.

Other hedge funds also recently made changes to their positions in the company. Davis Selected Advisers lifted its holdings in shares of 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 purchasing an additional 2,866,750 shares during the last quarter. Vanguard Group Inc. grew its stake in MGM Resorts International by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock worth $867,805,000 after buying an additional 205,127 shares during the last quarter. AQR Capital Management LLC grew its stake in MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after buying an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in 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 buying an additional 3,429,946 shares during the period. Finally, State Street Corp increased its position in MGM Resorts International by 0.4% during the fourth quarter. State Street Corp now owns 7,517,622 shares of the company’s stock worth $274,318,000 after buying an additional 30,962 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analyst Ratings Changes

MGM has been the subject of several research analyst reports. Weiss Ratings raised MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft boosted their target price on MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reaffirmed a “sell” rating and set a $43.00 price target on shares of MGM Resorts International in a report on Wednesday, July 15th. Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $33.00 to $48.30 in a report on Tuesday, July 7th. Finally, Barclays boosted their price target on shares of MGM Resorts International from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. 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 given a Sell rating to the company’s stock. According to MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and an average price target of $53.37.

MGM Resorts International Stock Down 1.3%

MGM stock opened at $42.39 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. The company’s 50-day moving average price is $45.53 and its 200 day moving average price is $41.28. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The company has a market cap of $10.66 billion, a P/E ratio of 25.69, a P/E/G ratio of 2.16 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last issued its earnings results 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 quarterly revenue was up 2.2% compared to the same quarter last year. During the same period last year, the company posted $0.79 earnings per share. On average, research analysts expect that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

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.