Hsbc Holdings PLC Buys 60,340 Shares of MGM Resorts International $MGM

Key Points

• HSBC Holdings PLC increased its stake in MGM Resorts International by 31% in the first quarter, buying 60,340 additional shares and bringing its total holdings to 254,801 shares valued at about $9.4 million.
• Institutional ownership remains high, with hedge funds and other investors holding 68.11% of MGM’s stock. Several other firms also added to their positions during the period.
• Analysts are mixed but cautiously positive on MGM: the stock has a consensus rating of “Hold” with an average price target of $52.31, even as MGM reported earnings below estimates in its latest quarter.

Hsbc Holdings PLC boosted its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 31.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 254,801 shares of the company's stock after buying an additional 60,340 shares during the quarter. Hsbc Holdings PLC owned approximately 0.10% of MGM Resorts International worth $9,415,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Whittier Trust Co. boosted its holdings in MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company's stock valued at $405,000 after acquiring an additional 262 shares during the last quarter. Global Retirement Partners LLC raised its holdings in MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock worth $29,000 after purchasing an additional 281 shares during the last quarter. Asset Management One Co. Ltd. lifted its position in shares of MGM Resorts International by 4.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company's stock worth $286,000 after purchasing an additional 313 shares during the period. Brown Brothers Harriman & Co. boosted its stake in shares of MGM Resorts International by 23.1% in the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company's stock valued at $69,000 after purchasing an additional 355 shares during the last quarter. Finally, Public Employees Retirement System of Ohio boosted its stake in shares of MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company's stock valued at $2,218,000 after purchasing an additional 397 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of analyst reports. KeyCorp raised shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 target price for the company in a research note on Monday, April 27th. Barclays lifted their price objective on MGM Resorts International from $39.00 to $48.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 9th. JPMorgan Chase & Co. upped their target price on MGM Resorts International from $46.00 to $53.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Morgan Stanley reiterated an "underweight" rating on shares of MGM Resorts International in a report on Wednesday. Finally, Weiss Ratings upgraded MGM Resorts International from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, May 15th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $52.31.

MGM Resorts International Trading Down 0.4%

NYSE MGM opened at $45.47 on Thursday. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The business has a 50 day moving average price of $45.27 and a 200-day moving average price of $39.51. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. The company has a market cap of $11.63 billion, a price-to-earnings ratio of 63.16 and a beta of 1.29.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing analysts' consensus estimates of $0.56 by ($0.07). The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The business's revenue for the quarter was up 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.69 earnings per share. As a group, equities analysts expect that MGM Resorts International will post 1.97 earnings per share for the current fiscal year.

Insider Transactions at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the firm's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 3.38% of the stock is owned by company insiders.

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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