Main Street Financial Solutions LLC Acquires New Holdings in MGM Resorts International $MGM

Key Points

• Main Street Financial Solutions acquired 55,801 MGM Resorts shares worth approximately $2.67 million in the second quarter. Institutional investors collectively own 68.11% of MGM’s outstanding stock.
• Analyst sentiment is broadly positive, with MGM carrying a consensus “Moderate Buy” rating and an average price target of $53.37, above its reported $43.37 opening price.
• MGM exceeded quarterly expectations, reporting adjusted EPS of $0.59 versus the $0.56 estimate and revenue of $4.45 billion, up 2.2% year over year. Director Daniel J. Taylor separately sold 6,675 shares for about $256,600.

Main Street Financial Solutions LLC acquired a new position in MGM Resorts International (NYSE:MGM - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 55,801 shares of the company's stock, valued at approximately $2,668,000.

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

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International 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 filing with the SEC, which is available at this link. Corporate insiders own 3.38% of the company's stock.

Wall Street Analyst Weigh In

MGM has been the subject of a number of research reports. Susquehanna increased their price target on MGM Resorts International from $52.00 to $53.00 and gave the company a "positive" rating in a research note on Wednesday, July 29th. Weiss Ratings raised MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday, July 30th. Barclays upped their price objective on MGM Resorts International from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 9th. The Goldman Sachs Group reaffirmed a "sell" rating and set a $43.00 target price on shares of MGM Resorts International in a report on Wednesday, July 15th. Finally, KeyCorp upgraded shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price target on the stock in a research report on Monday, April 27th. Two equities research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $53.37.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $43.37 on Wednesday. MGM Resorts International has a fifty-two week low of $29.18 and a fifty-two week high of $51.59. The firm's 50 day simple moving average is $46.22 and its 200-day simple moving average is $40.86. 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 company has a market cap of $10.91 billion, a P/E ratio of 26.28 and a beta of 1.31.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data 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 net margin of 2.40% and a return on equity of 23.30%. The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same quarter last year, the business posted $0.79 EPS. The company's revenue was up 2.2% on a year-over-year basis. As a group, equities research analysts predict that MGM Resorts International will post 1.96 EPS for the current year.

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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