Bamco Inc. NY Trims Position in MGM Resorts International $MGM

Key Points

• Bamco Inc. NY cut its MGM Resorts position by 51.9% in the second quarter, selling 517,427 shares and retaining 479,107 shares worth approximately $22.9 million.
• Institutional investors and hedge funds own 68.11% of MGM, with several major firms—including AQR Capital, Arrowstreet Capital and Davis Selected Advisers—recently increasing their holdings.
• MGM reported quarterly earnings of $0.59 per share and revenue of $4.45 billion, exceeding analyst estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $53.37.

Bamco Inc. NY lowered its position in MGM Resorts International (NYSE:MGM - Free Report) by 51.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 479,107 shares of the company's stock after selling 517,427 shares during the quarter. Bamco Inc. NY owned about 0.19% of MGM Resorts International worth $22,906,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MGM. AQR Capital Management LLC raised its position in shares of 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 valued at $292,772,000 after buying an additional 5,654,757 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company's stock valued at $264,874,000 after acquiring an additional 3,429,946 shares during the period. Davis Selected Advisers lifted its holdings in shares of MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company's stock worth $978,669,000 after acquiring an additional 2,866,750 shares during the last quarter. Norges Bank purchased a new position in shares of MGM Resorts International during the 4th quarter worth approximately $82,348,000. Finally, Samlyn Capital LLC purchased a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $62,787,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

Shares of MGM opened at $42.87 on Friday. The company has a market capitalization of $10.79 billion, a price-to-earnings ratio of 25.98, a price-to-earnings-growth ratio of 2.22 and a beta of 1.31. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The stock has a 50 day moving average price of $45.62 and a 200 day moving average price of $41.27.

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. The Goldman Sachs Group reissued a "sell" rating and issued a $43.00 target price on shares of MGM Resorts International in a research report on Wednesday, July 15th. Deutsche Bank Aktiengesellschaft raised their price target on MGM Resorts International from $48.00 to $55.00 and gave the stock a "buy" rating in a research report on Tuesday, June 2nd. JPMorgan Chase & Co. lifted their price objective 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 upgraded MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, July 30th. Finally, Barclays increased their target price on MGM Resorts International from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price 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.

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