Sanctuary Advisors LLC Buys Shares of 74,902 MGM Resorts International $MGM

Sanctuary Advisors LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 74,902 shares of the company’s stock, valued at approximately $3,581,000.

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MGM. Truist Financial upgraded MGM Resorts International from a “hold” rating to a “buy” rating and lifted their target price for the company from $42.00 to $55.00 in a report on Wednesday, May 27th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. UBS Group set a $48.00 price objective on MGM Resorts International in a research note on Thursday, July 2nd. JPMorgan Chase & Co. boosted their price objective on MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Finally, Argus upped their target price on shares of MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, August 17th. Two investment 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 issued a Sell rating to the company. According to MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average price target of $53.37.

MGM Resorts International Stock Performance

NYSE:MGM opened at $43.37 on Wednesday. MGM Resorts International has a 12 month low of $29.18 and a 12 month 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. The firm has a market capitalization of $10.91 billion, a PE ratio of 26.29, a price-to-earnings-growth ratio of 2.23 and a beta of 1.31. The business’s fifty day moving average price is $45.78 and its 200 day moving average price is $41.18.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.MGM Resorts International’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.79 EPS. On average, sell-side analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

About MGM Resorts International

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.