Corient Private Wealth LP Sells 42,948 Shares of MGM Resorts International $MGM

Key Points

• Corient Private Wealth LP cut its MGM Resorts stake by 15.1% in the second quarter, selling 42,948 shares and retaining 242,343 shares valued at approximately $11.6 million.
• Institutional ownership remains substantial, with hedge funds and other institutions holding 68.11% of MGM’s outstanding shares; several major investors recently initiated positions.
• MGM reported quarterly EPS of $0.59, beating estimates by $0.03, while revenue rose 2.2% year over year to $4.45 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $53.25.

Corient Private Wealth LP lowered its stake in MGM Resorts International (NYSE:MGM - Free Report) by 15.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 242,343 shares of the company's stock after selling 42,948 shares during the period. Corient Private Wealth LP owned approximately 0.10% of MGM Resorts International worth $11,586,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in MGM. Norges Bank purchased a new stake in MGM Resorts International during the 4th quarter valued at $82,348,000. Man Group plc bought a new position in MGM Resorts International in the 2nd quarter valued at $25,771,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in MGM Resorts International in the second quarter worth $22,681,000. Clough Capital Partners L P purchased a new stake in MGM Resorts International in the first quarter worth $15,857,000. Finally, Legal & General Group Plc purchased a new stake in shares of MGM Resorts International during the second quarter valued at $16,570,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

Shares of NYSE:MGM opened at $38.41 on Thursday. The firm has a 50 day moving average of $43.73 and a 200 day moving average of $41.75. 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 company has a market capitalization of $9.66 billion, a price-to-earnings ratio of 23.28, a price-to-earnings-growth ratio of 2.00 and a beta of 1.28. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly 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. 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 the consensus estimate of $4.42 billion. During the same period last year, the business posted $0.79 EPS. The business's revenue was up 2.2% compared to the same quarter last year. On average, sell-side analysts predict that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. HSBC raised shares of MGM Resorts International to a "strong-buy" rating in a research note on Thursday, July 30th. Truist Financial upgraded shares of MGM Resorts International from a "hold" rating to a "buy" rating and upped their target price for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. Morgan Stanley reaffirmed an "underweight" rating on shares of MGM Resorts International in a research report on Wednesday, July 22nd. Argus lifted their price target on shares of MGM Resorts International from $45.00 to $55.00 and gave the company a "buy" rating in a research note on Monday, August 17th. Finally, Wells Fargo & Company raised MGM Resorts International from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $33.00 to $48.30 in a research note on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International presently has an average rating of "Moderate Buy" and an average target price of $53.25.

MGM Resorts International Profile

MGM Resorts International is a global hospitality and entertainment company that owns and operates destination resorts, casinos, hotels, restaurants, convention facilities and live-entertainment venues. Its properties offer casino gaming, hotel accommodations, dining, nightlife, retail, spa services, sporting events and other leisure activities.

The company operates a portfolio of resorts in Las Vegas and other U.S. markets, including properties associated with brands such as MGM Grand, Bellagio, ARIA, Mandalay Bay, Park MGM, New York-New York and MGM National Harbor.

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