Penn Capital Management Company LLC Buys New Shares in MGM Resorts International $MGM

Key Points

• Penn Capital Management bought 30,249 shares of MGM Resorts International in the second quarter, valued at approximately $1.46 million. Institutional investors collectively own 68.11% of MGM’s outstanding stock.
• MGM reported quarterly earnings of $0.59 per share, beating estimates by $0.03, while revenue reached $4.45 billion and rose 2.2% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $53.37, versus MGM’s recent price of $42.39.

Penn Capital Management Company LLC purchased a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 30,249 shares of the company's stock, valued at approximately $1,458,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of MGM. CYBER HORNET ETFs LLC purchased a new position in shares of MGM Resorts International during the 2nd quarter valued at about $25,000. Global Retirement Partners LLC increased its holdings in MGM Resorts International by 55.9% in the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock worth $29,000 after acquiring an additional 281 shares in the last quarter. International Assets Investment Management LLC bought a new stake in MGM Resorts International during the 1st quarter worth approximately $30,000. Optiver Holding B.V. purchased a new position in MGM Resorts International during the first quarter valued at approximately $35,000. Finally, Fiduciary Financial Advisors purchased a new position in MGM Resorts International during the second quarter valued at approximately $48,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Price Performance

MGM stock opened at $42.39 on Friday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. The company's fifty day moving average price is $45.53 and its 200-day moving average price is $41.28. MGM Resorts International has a one year low of $29.18 and a one year high of $51.59. The company has a market capitalization of $10.66 billion, a PE ratio of 25.69, a price-to-earnings-growth ratio of 2.16 and a beta of 1.31.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MGM shares. Wells Fargo & Company raised shares of MGM Resorts International from an "underweight" rating to an "equal weight" rating and increased their price objective for the stock from $33.00 to $48.30 in a research note on Tuesday, July 7th. The Goldman Sachs Group restated a "sell" rating and set a $43.00 target price on shares of MGM Resorts International in a research note on Wednesday, July 15th. Barclays upped their target price on shares of MGM Resorts International from $39.00 to $48.00 and gave the stock an "equal weight" rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft raised their price target on MGM Resorts International from $48.00 to $55.00 and gave the company a "buy" rating in a report on Tuesday, June 2nd. Finally, Argus boosted their price objective on MGM Resorts International from $45.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, MGM Resorts International has an average rating of "Moderate Buy" and a consensus target price 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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