Permanent Capital Management LP Purchases Shares of 21,290 MGM Resorts International $MGM

Permanent Capital Management LP acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 21,290 shares of the company’s stock, valued at approximately $738,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. American Assets Inc. raised its position in shares of MGM Resorts International by 66.7% during the 2nd quarter. American Assets Inc. now owns 30,000 shares of the company’s stock valued at $950,000 after buying an additional 12,000 shares in the last quarter. Key Colony Management LLC increased its stake in MGM Resorts International by 9.8% during the second quarter. Key Colony Management LLC now owns 615,000 shares of the company’s stock worth $21,150,000 after acquiring an additional 55,000 shares during the last quarter. WINTON GROUP Ltd purchased a new stake in MGM Resorts International during the second quarter valued at approximately $6,351,000. Corient Private Wealth LLC lifted its stake in shares of MGM Resorts International by 356.6% in the 2nd quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock valued at $18,176,000 after purchasing an additional 412,767 shares during the last quarter. Finally, Allianz Asset Management GmbH boosted its holdings in shares of MGM Resorts International by 1,371.5% in the 2nd quarter. Allianz Asset Management GmbH now owns 446,650 shares of the company’s stock worth $15,360,000 after purchasing an additional 416,297 shares during the period. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Trading Up 1.7%

NYSE MGM opened at $37.71 on Monday. MGM Resorts International has a one year low of $25.30 and a one year high of $41.32. The company has a market capitalization of $10.31 billion, a price-to-earnings ratio of 235.66, a price-to-earnings-growth ratio of 2.48 and a beta of 1.48. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.19 and a current ratio of 1.23. The company’s 50-day simple moving average is $34.14 and its two-hundred day simple moving average is $35.19.

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). The company had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.54 earnings per share. Equities analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on MGM shares. Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a research report on Monday, December 22nd. JPMorgan Chase & Co. lowered their target price on shares of MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating for the company in a report on Thursday, October 30th. Stifel Nicolaus set a $45.00 price target on shares of MGM Resorts International in a report on Thursday, October 30th. Macquarie reduced their price objective on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, October 2nd. Finally, Morgan Stanley raised their price objective on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 11th. Twelve equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $45.31.

Insider Activity at MGM Resorts International

In other news, major shareholder Iac Inc. bought 1,098,748 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The shares were purchased at an average cost of $36.30 per share, with a total value of $39,884,552.40. Following the transaction, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.06% of the company’s stock.

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.