Davis Asset Management L.P. Makes New $1.50 Million Investment in MGM Resorts International $MGM

Davis Asset Management L.P. bought a new stake in MGM Resorts International (NYSE:MGM) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 31,458 shares of the company’s stock, valued at approximately $1,504,000.

A number of other hedge funds also recently made changes to their positions in MGM. CYBER HORNET ETFs LLC purchased a new stake in MGM Resorts International during the second quarter valued at about $25,000. Global Retirement Partners LLC boosted its stake in shares of MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after purchasing an additional 281 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International during the first quarter valued at about $30,000. Optiver Holding B.V. purchased a new stake in shares of MGM Resorts International during the first quarter worth about $35,000. Finally, Elyxium Wealth LLC purchased a new stake in shares of MGM Resorts International during the fourth quarter worth about $42,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Trading Up 1.3%

Shares of NYSE:MGM opened at $43.72 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The company’s 50-day moving average price is $45.96 and its 200 day moving average price is $41.02. The company has a market cap of $11.00 billion, a PE ratio of 26.50, a P/E/G ratio of 2.24 and a beta of 1.31. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The firm had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same quarter in the prior year, the firm earned $0.79 EPS. MGM Resorts International’s quarterly revenue was up 2.2% on a year-over-year basis. Sell-side analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Mizuho reduced their price target on MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a report on Monday, April 27th. Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a report on Wednesday, July 22nd. JPMorgan Chase & Co. increased their target price on MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Jefferies Financial Group reiterated a “hold” rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. Finally, Stifel Nicolaus restated a “hold” rating and issued a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and an average price target of $53.37.

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.