Commerce Bank Takes Position in MGM Resorts International $MGM

Commerce Bank acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 28,152 shares of the company’s stock, valued at approximately $1,346,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of MGM Resorts International in the second quarter valued at approximately $1,322,000. Ieq Capital LLC acquired a new position in shares of MGM Resorts International during the second quarter worth about $1,596,000. Callan Family Office LLC purchased a new position in shares of MGM Resorts International during the 2nd quarter worth approximately $1,114,000. Keebeck Wealth Management purchased a new position in MGM Resorts International in the second quarter worth $428,000. Finally, Allworth Financial LP acquired a new stake in shares of MGM Resorts International in the second quarter valued at about $451,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on MGM. Susquehanna upped their target price on MGM Resorts International from $52.00 to $53.00 and gave the company a “positive” rating in a report on Wednesday, July 29th. Morgan Stanley reiterated an “underweight” rating on shares of MGM Resorts International in a report on Wednesday, July 22nd. UBS Group set a $48.00 price objective on shares of MGM Resorts International in a research note on Thursday, July 2nd. JPMorgan Chase & Co. increased their price objective on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Finally, The Goldman Sachs Group reissued a “sell” rating and issued a $43.00 target price on shares of MGM Resorts International in a report on Wednesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.37.

MGM Resorts International Stock Down 0.7%

Shares of MGM Resorts International stock opened at $43.37 on Wednesday. The firm has a market cap of $10.91 billion, a price-to-earnings ratio of 26.29, a P/E/G ratio of 2.23 and a beta of 1.31. The stock has a 50-day simple moving average of $45.78 and a 200-day simple moving average of $41.18. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.34 and a quick ratio of 1.30.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share 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 the consensus estimate of $4.42 billion. During the same period last year, the business earned $0.79 EPS. The firm’s revenue was up 2.2% compared to the same quarter last year. On average, equities research analysts expect that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

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.