474,398 Shares in MGM Resorts International $MGM Bought by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management purchased 474,398 MGM Resorts shares worth approximately $22.7 million, giving it a 0.19% stake. Institutional investors collectively own 68.11% of the company.
• MGM reported quarterly earnings of $0.59 per share, topping estimates of $0.56, while revenue rose 2.2% year over year to $4.45 billion.
• Analysts maintain a consensus “Moderate Buy” rating, with an average price target of $53.37 versus the stock’s reported price of $43.72.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in MGM Resorts International (NYSE:MGM - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 474,398 shares of the company's stock, valued at approximately $22,681,000. Connor Clark & Lunn Investment Management Ltd. owned 0.19% of MGM Resorts International at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MGM. Twin Tree Management LP bought a new stake in MGM Resorts International in the second quarter valued at about $1,548,000. Davis Asset Management L.P. acquired a new position in MGM Resorts International in the second quarter worth about $1,504,000. Bank of Nova Scotia bought a new position in MGM Resorts International during the second quarter worth about $507,000. Elevation Point Wealth Partners LLC acquired a new stake in MGM Resorts International during the second quarter valued at approximately $491,000. Finally, Commerce Bank acquired a new stake in MGM Resorts International during the second quarter valued at approximately $1,346,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $43.72 on Tuesday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. The firm has a 50 day simple moving average of $45.87 and a 200 day simple moving average of $41.14. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The firm has a market cap of $11.00 billion, a P/E ratio of 26.50, a P/E/G ratio of 2.24 and a beta of 1.31.

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MGM. Jefferies Financial Group reissued a "hold" rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Citigroup upped their price target on MGM Resorts International from $40.00 to $48.00 and gave the company a "neutral" rating in a research report on Thursday, July 2nd. Wells Fargo & Company upgraded MGM Resorts International from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $33.00 to $48.30 in a research note on Tuesday, July 7th. KeyCorp upgraded shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 target price on the stock in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their target price on shares of MGM Resorts International from $46.00 to $53.00 and gave the stock an "overweight" rating in a report on Friday, June 12th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, MGM Resorts International has a consensus rating of "Moderate Buy" and an average target price of $53.37.

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.

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