Bank of America Corp DE Reduces Stock Position in MGM Resorts International $MGM

Key Points

• Bank of America cut its MGM Resorts stake by 27.3% in the first quarter, selling 787,046 shares and retaining 2.09 million shares worth approximately $77.5 million. Institutional investors collectively own 68.11% of MGM.
• Analyst sentiment remains positive overall, with MGM carrying a “Moderate Buy” consensus rating and an average price target of $52.49, although Goldman Sachs maintained a “sell” rating.
• MGM beat quarterly expectations with $0.59 in EPS versus the $0.56 estimate and revenue of $4.45 billion, up 2.2% year over year; shares recently opened at $44.45.

Bank of America Corp DE lowered its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 27.3% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,093,172 shares of the company's stock after selling 787,046 shares during the quarter. Bank of America Corp DE owned about 0.82% of MGM Resorts International worth $77,468,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Janus Henderson Group PLC raised its holdings in shares of MGM Resorts International by 8.3% during the first quarter. Janus Henderson Group PLC now owns 96,100 shares of the company's stock worth $3,556,000 after purchasing an additional 7,334 shares during the period. Bull Harbor Capital LLC acquired a new position in MGM Resorts International during the 1st quarter valued at about $371,000. Amundi raised its holdings in shares of MGM Resorts International by 7.9% during the first quarter. Amundi now owns 721,462 shares of the company's stock valued at $26,701,000 after buying an additional 52,728 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of MGM Resorts International by 23.2% during the first quarter. California State Teachers Retirement System now owns 236,707 shares of the company's stock worth $8,761,000 after buying an additional 44,556 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of MGM Resorts International by 2.2% during the first quarter. Royal Bank of Canada now owns 1,110,977 shares of the company's stock worth $41,117,000 after buying an additional 23,951 shares during the period. Institutional investors own 68.11% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on MGM shares. Barclays raised their target price on MGM Resorts International from $39.00 to $48.00 and gave the company an "equal weight" rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft increased their price objective on MGM Resorts International from $48.00 to $55.00 and gave the stock a "buy" rating in a research note on Tuesday, June 2nd. KeyCorp upgraded MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price target for the company in a report on Monday, April 27th. Wells Fargo & Company upgraded MGM Resorts International from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $33.00 to $48.30 in a report on Tuesday, July 7th. Finally, The Goldman Sachs Group reaffirmed 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 given a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, MGM Resorts International currently has an average rating of "Moderate Buy" and a consensus target price of $52.49.

Insiders Place Their Bets

In related news, Director Daniel J. Taylor sold 6,675 shares of the firm's stock in a transaction on 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 filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.38% of the stock is currently owned by company insiders.

MGM Resorts International Trading Down 0.0%

Shares of MGM opened at $44.45 on Monday. The stock's fifty day simple moving average is $46.84 and its 200-day simple moving average is $40.37. 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 firm has a market capitalization of $11.18 billion, a PE ratio of 26.94 and a beta of 1.31. MGM Resorts International has a 12-month low of $29.18 and a 12-month high of $51.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company's revenue was up 2.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.79 EPS. As a group, research analysts predict that MGM Resorts International will post 2.05 earnings per share 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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