MGM Resorts International (NYSE:MGM) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

MGM Resorts International (NYSE:MGM) issued its earnings results on Wednesday. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03, FiscalAI reports. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%.

MGM Resorts International Stock Down 0.8%

MGM stock traded down $0.35 during trading hours on Wednesday, reaching $45.85. 2,371,241 shares of the stock were exchanged, compared to its average volume of 4,604,341. The company has a market cap of $11.73 billion, a price-to-earnings ratio of 63.67 and a beta of 1.29. MGM Resorts International has a 12 month low of $29.18 and a 12 month high of $51.59. The firm’s 50-day moving average is $46.00 and its 200-day moving average is $39.80. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30.

Insider Activity

In other news, Director Daniel J. Taylor sold 6,675 shares of the company’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.38% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC raised its position in shares of MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after buying an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in MGM Resorts International by 81.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after purchasing an additional 3,429,946 shares during the last quarter. Samlyn Capital LLC acquired a new stake in shares of MGM Resorts International during the third quarter valued at about $62,787,000. Suvretta Capital Management LLC acquired a new stake in MGM Resorts International in the fourth quarter valued at $43,864,000. Finally, Corient Private Wealth LLC lifted its stake in shares of MGM Resorts International by 235.1% in the fourth quarter. Corient Private Wealth LLC now owns 932,610 shares of the company’s stock worth $34,031,000 after acquiring an additional 654,328 shares during the period. Institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Truist Financial upgraded MGM Resorts International from a “hold” rating to a “buy” rating and increased their target price for the stock from $42.00 to $55.00 in a report on Wednesday, May 27th. Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. Mizuho lowered their target price on MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, April 27th. Wells Fargo & Company raised MGM Resorts International from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $33.00 to $48.30 in a research note on Tuesday, July 7th. Finally, UBS Group set a $48.00 price objective on MGM Resorts International in a report on Thursday, July 2nd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $52.49.

MGM Resorts International Company 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.