Jefferies Financial Group Inc. Takes Position in MGM Resorts International $MGM

Key Points

• Jefferies Financial Group initiated a position in MGM Resorts International during the second quarter, purchasing 331,808 shares valued at approximately $15.9 million, or about 0.13% of the company.
• Institutional investors own 68.11% of MGM, with several major funds—including AQR Capital Management and Arrowstreet Capital—substantially increasing their holdings.
• Analysts maintain a generally positive outlook, with MGM carrying a “Moderate Buy” consensus rating and an average price target of $53.37, above its reported share price of $42.87.

Jefferies Financial Group Inc. purchased a new position in MGM Resorts International (NYSE:MGM - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 331,808 shares of the company's stock, valued at approximately $15,864,000. Jefferies Financial Group Inc. owned about 0.13% of MGM Resorts International as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Davis Selected Advisers boosted its stake in MGM Resorts International by 12.0% in the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company's stock valued at $978,669,000 after acquiring an additional 2,866,750 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of MGM Resorts International by 0.9% during the 4th quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company's stock worth $867,805,000 after purchasing an additional 205,127 shares during the last quarter. AQR Capital Management LLC increased its stake 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 worth $292,772,000 after purchasing an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings 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 worth $264,874,000 after purchasing an additional 3,429,946 shares during the period. Finally, State Street Corp raised its holdings in shares of MGM Resorts International by 0.4% in the 4th quarter. State Street Corp now owns 7,517,622 shares of the company's stock worth $274,318,000 after purchasing an additional 30,962 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MGM has been the subject of several research reports. Citigroup increased their price objective on MGM Resorts International from $40.00 to $48.00 and gave the company a "neutral" rating in a report on Thursday, July 2nd. Jefferies Financial Group restated a "hold" rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. UBS Group set a $48.00 price target on MGM Resorts International in a research report on Thursday, July 2nd. Truist Financial upgraded MGM Resorts International from a "hold" rating to a "buy" rating and increased their price target for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. Finally, Argus lifted their price objective on MGM Resorts International from $45.00 to $55.00 and gave the stock a "buy" rating in a report on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $53.37.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $42.87 on Friday. The firm has a market capitalization of $10.79 billion, a P/E ratio of 25.98, a PEG ratio of 2.22 and a beta of 1.31. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. The business has a fifty 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 posted its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.42 billion. During the same period in the prior year, the company posted $0.79 EPS. The business's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities research analysts forecast that MGM Resorts International will post 1.96 EPS for the current 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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