Board of the Pension Protection Fund Acquires Shares of 21,000 MGM Resorts International $MGM

Board of the Pension Protection Fund bought a new position in shares of MGM Resorts International (NYSE:MGM) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 21,000 shares of the company’s stock, valued at approximately $728,000.

A number of other institutional investors have also modified their holdings of the business. Helikon Investments Ltd boosted its stake in MGM Resorts International by 379.9% during the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after purchasing an additional 6,974,347 shares during the period. Kingstone Capital Partners Texas LLC purchased a new stake in shares of MGM Resorts International in the second quarter valued at about $171,632,000. Davis Selected Advisers boosted its stake in shares of MGM Resorts International by 14.4% during the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after buying an additional 3,006,052 shares during the period. Arrowstreet Capital Limited Partnership increased its position in MGM Resorts International by 119.6% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 4,212,114 shares of the company’s stock valued at $144,855,000 after acquiring an additional 2,293,797 shares during the period. Finally, Norges Bank purchased a new stake in MGM Resorts International during the 2nd quarter valued at approximately $60,570,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

NYSE:MGM opened at $37.31 on Friday. The firm’s fifty day simple moving average is $33.60 and its 200-day simple moving average is $34.98. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. The stock has a market cap of $10.20 billion, a PE ratio of 233.19, a price-to-earnings-growth ratio of 2.42 and a beta of 1.48. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $41.32.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter last year, the business earned $0.54 EPS. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. Analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent research reports. Morgan Stanley boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, September 11th. Mizuho set a $62.00 price objective on shares of MGM Resorts International in a research report on Thursday, October 30th. Truist Financial cut their price objective on shares of MGM Resorts International from $48.00 to $47.00 and set a “buy” rating for the company in a research report on Thursday, October 30th. Citigroup reduced their target price on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research note on Thursday, October 30th. Finally, UBS Group dropped their price target on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a research note on Monday, November 17th. Twelve investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, MGM Resorts International presently has an average rating of “Hold” and an average target price of $45.31.

Insider Activity

In other news, major shareholder Iac Inc. purchased 1,098,748 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the purchase, the insider directly owned 65,822,350 shares of the company’s stock, valued at $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.06% of the company’s stock.

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.