Amundi Increases Holdings in MGM Resorts International $MGM

Key Points

• Amundi increased its MGM Resorts stake by 7.9% in the first quarter, bringing its holdings to 721,462 shares valued at approximately $26.7 million. Institutional investors collectively own 68.11% of MGM’s stock.
• MGM reported quarterly EPS of $0.59, exceeding analyst expectations of $0.56, while revenue reached $4.45 billion and rose 2.2% year over year.
• Analyst sentiment is moderately bullish, with an average rating of “Moderate Buy” and a consensus price target of $52.49, compared with the stock’s reported price of $44.52.

Amundi lifted its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 7.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 721,462 shares of the company's stock after acquiring an additional 52,728 shares during the period. Amundi owned 0.28% of MGM Resorts International worth $26,701,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in MGM Resorts International by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company's stock worth $582,000 after purchasing an additional 951 shares in the last quarter. NewEdge Advisors LLC boosted its holdings in shares of MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock valued at $115,000 after purchasing an additional 421 shares during the last quarter. Woodline Partners LP grew its position in shares of MGM Resorts International by 39.1% during the first quarter. Woodline Partners LP now owns 18,901 shares of the company's stock valued at $560,000 after purchasing an additional 5,312 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of MGM Resorts International by 57.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company's stock valued at $112,000 after purchasing an additional 1,182 shares in the last quarter. Finally, Jump Financial LLC increased its holdings in shares of MGM Resorts International by 221.9% in the second quarter. Jump Financial LLC now owns 26,782 shares of the company's stock worth $921,000 after purchasing an additional 18,463 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Stock Performance

NYSE MGM opened at $44.52 on Tuesday. The business's 50 day moving average price is $46.59 and its 200-day moving average price is $40.09. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The company has a market cap of $11.20 billion, a P/E ratio of 26.98 and a beta of 1.31. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34.

MGM Resorts International (NYSE:MGM - Get Free Report) 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. The company 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%.MGM Resorts International's revenue was up 2.2% on a year-over-year basis. During the same period last year, the company earned $0.79 earnings per share. Sell-side analysts predict that MGM Resorts International will post 1.97 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the firm's stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.38% of the company's stock.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of research reports. UBS Group set a $48.00 price target on MGM Resorts International in a research note on Thursday, July 2nd. Weiss Ratings raised MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday. KeyCorp raised MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price objective on the stock in a report on Monday, April 27th. Deutsche Bank Aktiengesellschaft increased their target price on MGM Resorts International from $48.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, June 2nd. Finally, The Goldman Sachs Group reissued a "sell" rating and issued a $43.00 target price on shares of MGM Resorts International in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $52.49.

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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