MGM Resorts International $MGM Shares Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management increased its MGM Resorts stake by 5% in the second quarter, adding 49,351 shares to own 1.04 million shares valued at approximately $49.6 million. Institutional investors and hedge funds collectively own 68.11% of MGM.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $53.37; ratings include two Strong Buys, ten Buys, eight Holds and two Sells.
• MGM reported quarterly EPS of $0.59, beating estimates by $0.03, while revenue reached $4.45 billion and rose 2.2% year over year. Shares opened at $41.19, below the average analyst target.

Allianz Asset Management GmbH raised its stake in MGM Resorts International (NYSE:MGM - Free Report) by 5.0% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 1,037,941 shares of the company's stock after buying an additional 49,351 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.41% of MGM Resorts International worth $49,624,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in 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 valued at $582,000 after acquiring an additional 951 shares during the period. NewEdge Advisors LLC boosted its position in MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company's stock worth $115,000 after acquiring an additional 421 shares during the period. Woodline Partners LP boosted its position in MGM Resorts International by 39.1% during the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company's stock worth $560,000 after acquiring an additional 5,312 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of MGM Resorts International by 57.2% in 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 grew its stake in shares of 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 in the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on MGM. Citigroup lifted their price objective on shares of MGM Resorts International from $40.00 to $48.00 and gave the company a "neutral" rating in a research note on Thursday, July 2nd. Jefferies Financial Group reiterated a "hold" rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. UBS Group set a $48.00 target price on shares of MGM Resorts International in a research note on Thursday, July 2nd. The Goldman Sachs Group restated a "sell" rating and set a $43.00 price target on shares of MGM Resorts International in a research report on Wednesday, July 15th. Finally, Weiss Ratings upgraded shares of MGM Resorts International from a "sell (d+)" rating to a "hold (c)" rating in a report on Thursday, July 30th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $53.37.

MGM Resorts International Trading Down 0.1%

Shares of MGM opened at $41.19 on Tuesday. The business's 50-day moving average price is $44.74 and its 200 day moving average price is $41.56. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. The stock has a market capitalization of $10.36 billion, a P/E ratio of 24.96, a P/E/G ratio of 2.11 and a beta of 1.28. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59.

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. The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company's revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the business posted $0.79 EPS. Analysts expect that MGM Resorts International will post 1.96 earnings per share 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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