Ameritas Advisory Services LLC Purchases New Stake in MGM Resorts International $MGM

Key Points

• Ameritas Advisory Services acquired 31,055 shares of MGM Resorts International in the second quarter, valued at approximately $1.49 million. Institutional investors collectively own 68.11% of MGM’s outstanding shares.
• MGM reported quarterly revenue of $4.45 billion and adjusted earnings of $0.59 per share, exceeding analyst estimates, while revenue increased 2.2% year over year.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $53.37; targets range from $43 to $55, compared with the stock’s reported price of $40.63.

Ameritas Advisory Services LLC acquired a new position in MGM Resorts International (NYSE:MGM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,055 shares of the company's stock, valued at approximately $1,485,000.

Other institutional investors also recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company's stock valued at $292,772,000 after purchasing an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of MGM Resorts International by 81.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company's stock worth $264,874,000 after purchasing an additional 3,429,946 shares in the last quarter. Norges Bank acquired a new position in shares of MGM Resorts International during the 4th quarter worth approximately $82,348,000. Samlyn Capital LLC acquired a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $62,787,000. Finally, Suvretta Capital Management LLC purchased a new stake in MGM Resorts International in the 4th quarter valued at approximately $43,864,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $40.63 on Thursday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. The stock's 50 day moving average price is $44.46 and its 200 day moving average price is $41.62. The firm has a market capitalization of $10.22 billion, a PE ratio of 24.62, a price-to-earnings-growth ratio of 2.08 and a beta of 1.28. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last released 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 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 analysts' expectations of $4.42 billion. During the same quarter in the previous year, the firm posted $0.79 earnings per share. The company's revenue was up 2.2% compared to the same quarter last year. As a group, sell-side analysts expect that MGM Resorts International will post 1.96 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Truist Financial raised shares of MGM Resorts International from a "hold" rating to a "buy" rating and raised their price target for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. The Goldman Sachs Group reissued a "sell" rating and set a $43.00 price objective on shares of MGM Resorts International in a research note on Wednesday, July 15th. UBS Group set a $48.00 target price on shares of MGM Resorts International in a research report on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on MGM Resorts International from $48.00 to $55.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Finally, Jefferies Financial Group restated a "hold" rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on 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.

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