Pinnacle Associates Ltd. Decreases Stock Holdings in MGM Resorts International $MGM

Pinnacle Associates Ltd. trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 15.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 90,045 shares of the company’s stock after selling 15,877 shares during the period. Pinnacle Associates Ltd.’s holdings in MGM Resorts International were worth $4,305,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MGM. Oppenheimer Asset Management Inc. increased its holdings in MGM Resorts International by 11.9% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 27,302 shares of the company’s stock valued at $1,305,000 after purchasing an additional 2,905 shares during the period. Vontobel Holding Ltd. lifted its holdings in MGM Resorts International by 7.7% in the 2nd quarter. Vontobel Holding Ltd. now owns 17,979 shares of the company’s stock worth $860,000 after buying an additional 1,283 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 worth $144,000 after buying an additional 290 shares during the period. Chemistry Wealth Management LLC grew its position in shares of MGM Resorts International by 23.2% in the 2nd quarter. Chemistry Wealth Management LLC now owns 34,181 shares of the company’s stock worth $1,634,000 after buying an additional 6,435 shares during the last quarter. Finally, Czech National Bank grew its position in shares of MGM Resorts International by 4.5% in the 2nd quarter. Czech National Bank now owns 54,619 shares of the company’s stock worth $2,611,000 after buying an additional 2,364 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on MGM. Citigroup boosted their target price on MGM Resorts International from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, July 2nd. Deutsche Bank Aktiengesellschaft lifted their price target on shares of MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, June 2nd. Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $33.00 to $48.30 in a research report on Tuesday, July 7th. Susquehanna upped their price objective on shares of MGM Resorts International from $52.00 to $53.00 and gave the stock a “positive” rating in a report on Wednesday, July 29th. Finally, HSBC raised shares of MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.49.

MGM Resorts International Stock Down 0.1%

Shares of NYSE:MGM opened at $44.03 on Friday. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The firm has a market capitalization of $11.08 billion, a P/E ratio of 26.69 and a beta of 1.31. The stock has a 50 day moving average price of $46.37 and a 200-day moving average price of $40.67. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, July 29th. The company reported $0.59 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 company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same quarter last year, the business posted $0.79 EPS. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. As a group, equities research analysts anticipate that MGM Resorts International will post 1.96 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.38% of the company’s stock.

MGM Resorts International 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.