Man Group plc Acquires New Position in MGM Resorts International $MGM

Key Points

• Man Group plc acquired 539,036 shares of MGM Resorts International in the second quarter, valued at approximately $25.8 million and representing 0.21% of the company. Several other institutional investors also initiated positions, with institutions and hedge funds collectively owning 68.11% of MGM’s stock.
• MGM reported quarterly earnings of $0.59 per share, exceeding analyst estimates of $0.56, while revenue reached $4.45 billion and increased 2.2% year over year.
• Analyst sentiment is generally positive: MGM carries a “Moderate Buy” consensus rating and an average price target of $53.37, compared with an opening price of $43.41 in the article’s cited session.

Man Group plc bought a new position in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 539,036 shares of the company's stock, valued at approximately $25,771,000. Man Group plc owned 0.21% of MGM Resorts International as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Jupiter Topco LLC purchased a new position in MGM Resorts International in the 2nd quarter valued at approximately $3,684,000. J. Goldman & Co LP purchased a new stake in shares of MGM Resorts International during the second quarter worth $1,815,000. Ancora Advisors LLC purchased a new stake in shares of MGM Resorts International during the second quarter worth $460,000. Canada Pension Plan Investment Board acquired a new stake in shares of MGM Resorts International in the second quarter valued at $2,152,000. Finally, Legal & General Group Plc acquired a new stake in shares of MGM Resorts International in the second quarter valued at $16,570,000. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

NYSE:MGM opened at $43.41 on Thursday. The firm has a market capitalization of $10.92 billion, a PE ratio of 26.31, a price-to-earnings-growth ratio of 2.22 and a beta of 1.31. The business's fifty day moving average price is $45.70 and its 200 day moving average price is $41.24. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30. MGM Resorts International has a 12 month low of $29.18 and a 12 month high of $51.59.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.03. The company had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.MGM Resorts International's quarterly revenue was up 2.2% on a year-over-year basis. During the same period last year, the firm earned $0.79 earnings per share. On average, sell-side analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms recently commented on MGM. Truist Financial raised MGM Resorts International from a "hold" rating to a "buy" rating and boosted their target price for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. Jefferies Financial Group reaffirmed a "hold" rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price objective on MGM Resorts International from $46.00 to $53.00 and gave the company an "overweight" rating in a research note on Friday, June 12th. Stifel Nicolaus reissued a "hold" rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Finally, Weiss Ratings upgraded shares of MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a research note on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $53.37.

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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