38,002 Shares in MGM Resorts International $MGM Purchased by FirstWave Capital Management LLC

FirstWave Capital Management LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 38,002 shares of the company’s stock, valued at approximately $1,817,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. AQR Capital Management LLC grew its holdings in MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after acquiring an additional 5,654,757 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after purchasing an additional 3,429,946 shares during the last quarter. Norges Bank bought a new position in MGM Resorts International during the fourth quarter worth about $82,348,000. Samlyn Capital LLC acquired a new position in shares of MGM Resorts International during the 3rd quarter worth about $62,787,000. Finally, Suvretta Capital Management LLC bought a new stake in shares of MGM Resorts International in the 4th quarter valued at about $43,864,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Stock Up 0.1%

NYSE MGM opened at $41.19 on Friday. 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 cap of $10.36 billion, a price-to-earnings ratio of 24.96, a PEG ratio of 2.10 and a beta of 1.28. The company has a 50 day moving average of $44.91 and a 200-day moving average of $41.46. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59.

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

Analyst Upgrades and Downgrades

MGM has been the topic of a number of research analyst reports. HSBC raised MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Citigroup boosted their price objective on shares of MGM Resorts International from $40.00 to $48.00 and gave the company a “neutral” rating in a research report on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price target 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 report on Thursday, July 2nd. Finally, Argus upped their price target on MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a research report on Monday, August 17th. Two equities research 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’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $53.37.

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.