Bank of New York Mellon Corp Has $76.43 Million Stake in MGM Resorts International $MGM

Key Points

• Bank of New York Mellon increased its MGM Resorts stake by 3.0% in the second quarter, holding 1.60 million shares worth approximately $76.43 million. Institutional investors collectively own 68.11% of MGM’s stock.
• Analyst sentiment is broadly positive, with MGM carrying a consensus “Moderate Buy” rating and an average price target of $53.37, despite ratings ranging from Strong Buy to Sell.
• MGM reported quarterly EPS of $0.59, exceeding estimates by $0.03, while revenue reached $4.45 billion and rose 2.2% year over year. Shares opened at $43.37, down 0.7%.

Bank of New York Mellon Corp increased its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 3.0% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,598,531 shares of the company's stock after acquiring an additional 46,268 shares during the period. Bank of New York Mellon Corp owned about 0.64% of MGM Resorts International worth $76,426,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of MGM Resorts International by 5.1% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company's stock valued at $582,000 after buying an additional 951 shares during the period. NewEdge Advisors LLC raised its position in shares of MGM Resorts International by 12.1% during the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock worth $115,000 after acquiring an additional 421 shares during the last quarter. Woodline Partners LP lifted its stake in shares of MGM Resorts International by 39.1% in the first quarter. Woodline Partners LP now owns 18,901 shares of the company's stock worth $560,000 after acquiring an additional 5,312 shares during the period. EverSource Wealth Advisors LLC lifted its stake in shares of MGM Resorts International by 57.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company's stock worth $112,000 after acquiring an additional 1,182 shares during the period. Finally, Jump Financial LLC boosted its holdings in MGM Resorts International by 221.9% in the second quarter. Jump Financial LLC now owns 26,782 shares of the company's stock valued at $921,000 after acquiring an additional 18,463 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

MGM has been the subject of several research analyst reports. Morgan Stanley reissued an "underweight" rating on shares of MGM Resorts International in a research report on Wednesday, July 22nd. Jefferies Financial Group reaffirmed a "hold" rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on MGM Resorts International from $48.00 to $55.00 and gave the stock a "buy" rating in a report on Tuesday, June 2nd. The Goldman Sachs Group reissued a "sell" rating and issued a $43.00 price target on shares of MGM Resorts International in a research note on Wednesday, July 15th. Finally, HSBC upgraded MGM Resorts International to a "strong-buy" rating in a report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has a consensus rating of "Moderate Buy" and an average target price of $53.37.

MGM Resorts International Trading Down 0.7%

NYSE:MGM opened at $43.37 on Wednesday. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The firm has a 50-day moving average price of $45.78 and a two-hundred day moving average price of $41.18. 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 firm has a market cap of $10.91 billion, a price-to-earnings ratio of 26.29, a price-to-earnings-growth ratio of 2.23 and a beta of 1.31.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.59 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.42 billion. During the same period in the previous year, the business posted $0.79 EPS. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. On average, equities analysts expect that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

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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