ACR Alpine Capital Research LLC Acquires 24,930 Shares of MGM Resorts International $MGM

Key Points

• ACR Alpine Capital Research LLC increased its stake in MGM Resorts International by 38.1% in the first quarter, buying 24,930 more shares and bringing its total holdings to 90,436 shares valued at about $3.35 million.
• Institutional ownership remains high, with hedge funds and other institutions owning 68.11% of MGM’s stock. Several other investors also added to or initiated positions in the company recently.
• Analysts are mixed on MGM: recent target price increases came from JPMorgan and Capital One, while the overall consensus rating is currently “Hold” with an average target price of $52.02.

ACR Alpine Capital Research LLC boosted its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 38.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 90,436 shares of the company's stock after acquiring an additional 24,930 shares during the quarter. MGM Resorts International makes up approximately 0.0% of ACR Alpine Capital Research LLC's holdings, making the stock its 29th biggest holding. ACR Alpine Capital Research LLC's holdings in MGM Resorts International were worth $3,347,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MGM. CYBER HORNET ETFs LLC acquired a new position in shares of MGM Resorts International during the second quarter worth approximately $25,000. Global Retirement Partners LLC increased its holdings 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 in the last quarter. Elyxium Wealth LLC bought a new position in MGM Resorts International in the 4th quarter worth approximately $42,000. City Holding Co. bought a new position in MGM Resorts International in the 4th quarter worth approximately $44,000. Finally, Stance Capital LLC acquired a new position in MGM Resorts International during the 3rd quarter worth $46,000. Institutional investors and hedge funds own 68.11% of the company's stock.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the business's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.38% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. lifted 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. Weiss Ratings raised MGM Resorts International from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, May 15th. Capital One Financial raised their price target on MGM Resorts International from $46.00 to $51.00 and gave the company an "overweight" rating in a report on Friday, April 17th. KeyCorp upgraded MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price objective for the company in a research report on Monday, April 27th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of MGM Resorts International in a report on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $52.02.

MGM Resorts International Stock Performance

MGM stock opened at $46.88 on Friday. The business's fifty day moving average is $43.92 and its 200-day moving average is $38.96. 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 company has a market cap of $12.00 billion, a P/E ratio of 65.12 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 - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) 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 company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.37 billion. During the same quarter in the prior year, the business earned $0.69 earnings per share. The firm's revenue for the quarter was up 4.2% on a year-over-year basis. Equities research analysts forecast that MGM Resorts International will post 1.95 EPS for the current 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.

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