MGM Resorts International $MGM Position Decreased by BlackRock Inc.

Key Points

• BlackRock reduced its MGM Resorts stake by 2.1% in the second quarter, selling 269,987 shares and retaining 12.64 million shares worth approximately $604.3 million, or 5.02% of the company.
• MGM reported quarterly earnings of $0.59 per share, exceeding estimates of $0.56, while revenue rose 2.2% year over year to $4.45 billion.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $53.37, compared with the stock’s reported price of $43.72.

BlackRock Inc. reduced its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 2.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,640,448 shares of the company's stock after selling 269,987 shares during the quarter. BlackRock Inc. owned 5.02% of MGM Resorts International worth $604,340,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MGM. CYBER HORNET ETFs LLC acquired a new stake in shares of MGM Resorts International during the 2nd quarter valued at $25,000. Global Retirement Partners LLC raised its position in shares of MGM Resorts International by 55.9% during the fourth 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 period. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International during the first quarter worth $30,000. Optiver Holding B.V. purchased a new stake in shares of MGM Resorts International during the first quarter valued at $35,000. Finally, Elyxium Wealth LLC acquired a new position in shares of MGM Resorts International in the 4th quarter valued at $42,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 0.0%

Shares of NYSE MGM opened at $43.72 on Monday. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The stock has a market cap of $11.00 billion, a PE ratio of 26.50, a PEG ratio of 2.24 and a beta of 1.31. The business has a fifty day moving average of $45.96 and a two-hundred day moving average of $41.07. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share 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 firm 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 firm earned $0.79 earnings per share. The company's quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities research analysts expect that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. UBS Group set a $48.00 price objective on MGM Resorts International in a report on Thursday, July 2nd. Mizuho dropped their price target on shares of MGM Resorts International from $62.00 to $59.00 and set an "outperform" rating on the stock in a research note on Monday, April 27th. Argus increased 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. Wells Fargo & Company raised MGM Resorts International from an "underweight" rating to an "equal weight" rating and boosted their price target for the stock from $33.00 to $48.30 in a research report on Tuesday, July 7th. Finally, KeyCorp raised shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price objective for the company in a report on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $53.37.

About MGM Resorts International

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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