Bessemer Group Inc. Has $671,000 Holdings in MGM Resorts International $MGM

Bessemer Group Inc. raised its stake in MGM Resorts International (NYSE:MGM) by 319.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 18,108 shares of the company’s stock after buying an additional 13,792 shares during the quarter. Bessemer Group Inc.’s holdings in MGM Resorts International were worth $671,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGM. Bastion Asset Management Inc. acquired a new stake in MGM Resorts International during the first quarter valued at $6,212,000. Wealthfront Advisers LLC raised its stake in shares of MGM Resorts International by 9.8% during the 1st quarter. Wealthfront Advisers LLC now owns 15,611 shares of the company’s stock worth $578,000 after purchasing an additional 1,397 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of MGM Resorts International by 1.5% during the 1st quarter. Bank of New York Mellon Corp now owns 1,552,263 shares of the company’s stock worth $57,449,000 after purchasing an additional 22,823 shares in the last quarter. Checchi Capital Advisers LLC acquired a new stake in shares of MGM Resorts International during the 1st quarter valued at about $214,000. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in shares of MGM Resorts International by 38.4% in the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 8,350 shares of the company’s stock valued at $309,000 after buying an additional 2,317 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analyst Ratings Changes

MGM has been the topic of a number of analyst reports. Barclays increased their price objective on MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Thursday, July 9th. UBS Group set a $48.00 price target on MGM Resorts International in a research report on Thursday, July 2nd. Jefferies Financial Group reiterated a “hold” rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. Weiss Ratings raised MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. Finally, Mizuho lowered their target price on MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $52.31.

Insider Activity at MGM Resorts International

In related news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International 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 filing with the SEC, which can be accessed through this link. Insiders own 3.38% of the company’s stock.

MGM Resorts International Stock Up 1.4%

MGM Resorts International stock opened at $45.61 on Friday. The company’s 50-day moving average price is $45.61 and its two-hundred day moving average price is $39.61. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. The stock has a market cap of $11.67 billion, a P/E ratio of 63.35 and a beta of 1.29. 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 issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. During the same quarter last year, the firm earned $0.69 EPS. MGM Resorts International’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, analysts expect that MGM Resorts International will post 1.98 EPS for the current year.

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.