J. Goldman & Co LP Takes Position in MGM Resorts International $MGM

J. Goldman & Co LP acquired a new stake in MGM Resorts International (NYSE:MGM) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 37,964 shares of the company’s stock, valued at approximately $1,815,000.

A number of other hedge funds also recently added to or reduced their stakes in MGM. CYBER HORNET ETFs LLC purchased a new stake in shares of MGM Resorts International during the second quarter worth $25,000. Global Retirement Partners LLC increased its holdings in MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after purchasing an additional 281 shares during the period. International Assets Investment Management LLC acquired a new stake in MGM Resorts International in the 1st quarter valued at about $30,000. Optiver Holding B.V. purchased a new position in shares of MGM Resorts International in the 1st quarter valued at about $35,000. Finally, Fiduciary Financial Advisors purchased a new position in shares of MGM Resorts International in the 2nd quarter valued at about $48,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MGM has been the topic of a number of recent research reports. Truist Financial upgraded 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 note on Wednesday, May 27th. Stifel Nicolaus reissued a “hold” rating and issued a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Weiss Ratings raised shares of MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. Wells Fargo & Company upgraded shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $33.00 to $48.30 in a research note on Tuesday, July 7th. Finally, Morgan Stanley restated an “underweight” rating on shares of MGM Resorts International in a research note on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.37.

MGM Resorts International Stock Down 0.7%

Shares of NYSE:MGM opened at $43.37 on Wednesday. The firm has a 50 day simple moving average of $45.78 and a 200-day simple moving average of $41.18. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $10.91 billion, a PE ratio of 26.29, a P/E/G ratio of 2.23 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last announced its quarterly 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 for the quarter, compared to analyst estimates of $4.42 billion. During the same period last year, the business earned $0.79 EPS. MGM Resorts International’s revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities analysts predict that MGM Resorts International will post 1.96 EPS for the current fiscal year.

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.