Bank of New York Mellon Corp Increases Stock Holdings in MGM Resorts International $MGM

Bank of New York Mellon Corp lifted its stake in MGM Resorts International (NYSE:MGM) by 1.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,552,263 shares of the company’s stock after purchasing an additional 22,823 shares during the period. Bank of New York Mellon Corp owned 0.61% of MGM Resorts International worth $57,449,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of MGM. CYBER HORNET ETFs LLC bought a new position in MGM Resorts International in the second quarter worth about $25,000. Global Retirement Partners LLC lifted its holdings in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after buying an additional 281 shares during the period. International Assets Investment Management LLC bought a new stake in MGM Resorts International during the 1st quarter valued at approximately $30,000. Elyxium Wealth LLC bought a new stake in MGM Resorts International during the 4th quarter valued at approximately $42,000. Finally, City Holding Co. purchased a new position in shares of MGM Resorts International during the 4th quarter worth approximately $44,000. Institutional investors own 68.11% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on MGM. Barclays lifted their price target on MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Jefferies Financial Group reiterated a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. KeyCorp raised MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price objective for the company in a research report on Monday, April 27th. Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a report on Wednesday. Finally, Truist Financial raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and upped their target price for the stock from $42.00 to $55.00 in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $52.31.

MGM Resorts International Price Performance

Shares of MGM opened at $44.98 on Friday. The company has a market capitalization of $11.51 billion, a P/E ratio of 62.47 and a beta of 1.29. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The firm has a 50 day moving average of $45.44 and a 200 day moving average of $39.57.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). The business had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. The company’s quarterly revenue was up 4.2% on a year-over-year basis. During the same period last year, the business earned $0.69 earnings per share. As a group, equities research analysts anticipate that MGM Resorts International will post 1.97 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.38% of the stock is owned by corporate insiders.

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.