Tidal Investments LLC Increases Holdings in MGM Resorts International $MGM

Key Points

• Tidal Investments increased its MGM Resorts stake by 154.6% during the second quarter, acquiring 62,330 additional shares and bringing its holdings to 102,642 shares valued at approximately $4.9 million.
• Analyst sentiment remains positive overall, with MGM carrying a “Moderate Buy” consensus rating and an average price target of $53.25, despite mixed individual recommendations.
• MGM reported quarterly EPS of $0.59, beating estimates of $0.56, while revenue reached $4.45 billion, up 2.2% year over year. The stock opened at $40.02, below the consensus target.

Tidal Investments LLC raised its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 154.6% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 102,642 shares of the company's stock after acquiring an additional 62,330 shares during the quarter. Tidal Investments LLC's holdings in MGM Resorts International were worth $4,907,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. CYBER HORNET ETFs LLC purchased a new stake in MGM Resorts International during the second quarter worth approximately $25,000. Global Retirement Partners LLC increased its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company's stock valued at $29,000 after purchasing an additional 281 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in MGM Resorts International during the first quarter worth approximately $30,000. Optiver Holding B.V. acquired a new stake in MGM Resorts International during the first quarter worth approximately $35,000. Finally, Elyxium Wealth LLC purchased a new stake in shares of MGM Resorts International during the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MGM. UBS Group dropped their target price on shares of MGM Resorts International from $50.00 to $46.00 and set a "neutral" rating on the stock in a research report on Friday. Stifel Nicolaus restated a "hold" rating and issued a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. HSBC raised MGM Resorts International to a "strong-buy" rating in a report on Thursday, July 30th. Barclays boosted their target price on MGM Resorts International from $39.00 to $48.00 and gave the company an "equal weight" rating in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. upped their target price on MGM Resorts International from $46.00 to $53.00 and gave the company an "overweight" rating in a research report on Friday, June 12th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International presently has an average rating of "Moderate Buy" and a consensus target price of $53.25.

MGM Resorts International Stock Up 0.3%

MGM Resorts International stock opened at $40.02 on Monday. The stock has a 50 day moving average of $44.19 and a two-hundred day moving average of $41.68. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The stock has a market capitalization of $10.07 billion, a price-to-earnings ratio of 24.25, a PEG ratio of 2.04 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 (NYSE:MGM - Get Free Report) last released 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 in the previous year, the company posted $0.79 earnings per share. The company's revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, research analysts expect that MGM Resorts International will post 1.96 earnings per share for the current year.

MGM Resorts International Company 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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