MGM Resorts International $MGM Stock Position Lessened by Bank of America Corp DE

Key Points

• Bank of America reduced its MGM Resorts position by 3.4% in the second quarter, selling 72,152 shares and retaining 2.02 million shares worth approximately $96.6 million. Institutional investors and hedge funds own 68.11% of MGM’s outstanding stock.
• MGM reported quarterly earnings of $0.59 per share, exceeding analyst expectations of $0.56, while revenue rose 2.2% year over year to $4.45 billion. Analysts expect full-year earnings of approximately $1.96 per share.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $53.25, despite MGM shares recently trading at $37.81—below their 50-day moving average of $43.39.

Bank of America Corp DE reduced its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 3.4% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,021,020 shares of the company's stock after selling 72,152 shares during the quarter. Bank of America Corp DE owned about 0.80% of MGM Resorts International worth $96,625,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of MGM. Whittier Trust Co. grew its holdings in MGM Resorts International by 2.5% during the first quarter. Whittier Trust Co. now owns 10,778 shares of the company's stock worth $405,000 after acquiring an additional 262 shares during the period. Tema ETFs LLC lifted its holdings in MGM Resorts International by 10.6% in the 2nd quarter. Tema ETFs LLC now owns 3,016 shares of the company's stock valued at $144,000 after acquiring an additional 290 shares during the last quarter. HB Wealth Management LLC boosted its position in shares of MGM Resorts International by 2.9% during the 1st quarter. HB Wealth Management LLC now owns 16,440 shares of the company's stock valued at $608,000 after purchasing an additional 458 shares in the last quarter. Essex Financial Services Inc. boosted its position in shares of MGM Resorts International by 6.4% during the 1st quarter. Essex Financial Services Inc. now owns 8,844 shares of the company's stock valued at $327,000 after purchasing an additional 534 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. grew its stake in shares of MGM Resorts International by 26.2% in the 4th quarter. Resona Asset Management Co. Ltd. now owns 2,588 shares of the company's stock worth $96,000 after purchasing an additional 537 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

MGM opened at $37.81 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. The stock's 50 day moving average price is $43.39 and its two-hundred day moving average price is $41.73. The firm has a market capitalization of $9.51 billion, a P/E ratio of 22.92, a price-to-earnings-growth ratio of 1.96 and a beta of 1.28. 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 issued its quarterly earnings results 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 return on equity of 23.30% and a net margin of 2.40%.The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same period in the previous year, the company earned $0.79 earnings per share. The company's quarterly revenue was up 2.2% compared to the same quarter last year. On average, equities analysts forecast that MGM Resorts International will post 1.96 earnings per share for the current year.

Analyst Ratings Changes

MGM has been the subject of several recent research reports. Jefferies Financial Group reissued a "hold" rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. Citigroup lifted their price target on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a "neutral" rating in a research report on Thursday, July 2nd. HSBC raised MGM Resorts International to a "strong-buy" rating in a report on Thursday, July 30th. Argus raised their price objective on MGM Resorts International from $45.00 to $55.00 and gave the stock a "buy" rating in a research note on Monday, August 17th. Finally, UBS Group reduced their price objective on MGM Resorts International from $50.00 to $46.00 and set a "neutral" rating for the company in a research note on Friday, September 11th. 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 issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $53.25.

MGM Resorts International Profile

MGM Resorts International is a global hospitality and entertainment company that owns and operates destination resorts, casinos, hotels, restaurants, convention facilities and live-entertainment venues. Its properties offer casino gaming, hotel accommodations, dining, nightlife, retail, spa services, sporting events and other leisure activities.

The company operates a portfolio of resorts in Las Vegas and other U.S. markets, including properties associated with brands such as MGM Grand, Bellagio, ARIA, Mandalay Bay, Park MGM, New York-New York and MGM National Harbor.

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