State Street Corp Acquires 56,072 Shares of MGM Resorts International $MGM

Key Points

• State Street increased its MGM Resorts stake by 0.8%, purchasing 56,072 additional shares to own 7.05 million shares, or about 2.8% of the company valued at $337 million.
• Institutional ownership remains substantial at 68.11%, with Geode Capital, Dimensional Fund Advisors, Montanova Capital, Norges Bank and Bank of New York Mellon also increasing or initiating positions.
• MGM exceeded quarterly earnings and revenue estimates, reporting $0.59 EPS and $4.45 billion in revenue. Analysts maintain a “Moderate Buy” consensus with an average price target of $53.25, versus a recent share price of $37.81.

State Street Corp boosted its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 0.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,047,768 shares of the company's stock after acquiring an additional 56,072 shares during the quarter. State Street Corp owned approximately 2.80% of MGM Resorts International worth $336,954,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in shares of MGM Resorts International by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 5,224,452 shares of the company's stock valued at $190,295,000 after buying an additional 49,613 shares during the period. Dimensional Fund Advisors LP increased its position in MGM Resorts International by 1.6% in the first quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company's stock worth $88,050,000 after purchasing an additional 36,649 shares during the period. Montanova Capital LLC lifted its position in MGM Resorts International by 7.7% during the 2nd quarter. Montanova Capital LLC now owns 2,325,360 shares of the company's stock valued at $111,175,000 after purchasing an additional 166,560 shares during the period. Norges Bank bought a new position in shares of MGM Resorts International in the 4th quarter valued at about $82,348,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of MGM Resorts International by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company's stock valued at $76,426,000 after purchasing an additional 46,268 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $37.81 on Thursday. The company has a fifty day moving average price of $42.88 and a 200 day moving average price of $41.81. The firm has a market cap of $9.51 billion, a PE ratio of 22.91, a PEG ratio of 1.99 and a beta of 1.28. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. 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 announced its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating 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 business had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same quarter last year, the firm earned $0.79 EPS. MGM Resorts International's revenue for the quarter was up 2.2% compared to the same quarter last year. Research analysts predict that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on MGM shares. Wells Fargo & Company upgraded MGM Resorts International from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $33.00 to $48.30 in a research report on Tuesday, July 7th. Barclays increased their target price on MGM Resorts International from $39.00 to $48.00 and gave the company an "equal weight" rating in a research note on Thursday, July 9th. Morgan Stanley restated an "underweight" rating on shares of MGM Resorts International in a research report on Wednesday, July 22nd. Truist Financial raised shares of MGM Resorts International from a "hold" rating to a "buy" rating and upped their target price for the company from $42.00 to $55.00 in a research note on Wednesday, May 27th. Finally, The Goldman Sachs Group reiterated a "sell" rating and issued a $43.00 target price on shares of MGM Resorts International in a report on Wednesday, July 15th. Two research 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 assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average 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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