474,398 Shares in MGM Resorts International $MGM Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of MGM Resorts International (NYSE:MGM) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 474,398 shares of the company’s stock, valued at approximately $22,681,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MGM. Davis Selected Advisers raised its holdings in shares of MGM Resorts International by 12.0% during the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after acquiring an additional 2,866,750 shares during the period. Vanguard Group Inc. boosted its stake in MGM Resorts International by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock worth $867,805,000 after purchasing an additional 205,127 shares during the period. AQR Capital Management LLC increased its holdings in MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after purchasing an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its stake in shares of 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 period. Finally, State Street Corp lifted its holdings in shares of MGM Resorts International by 0.4% in the fourth quarter. State Street Corp now owns 7,517,622 shares of the company’s stock valued at $274,318,000 after purchasing an additional 30,962 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM opened at $43.72 on Tuesday. The company has a market cap of $11.00 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 2.24 and a beta of 1.31. The firm has a 50-day moving average of $45.87 and a 200-day moving average of $41.14. MGM Resorts International has a one year low of $29.18 and a one year 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 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 net margin of 2.40% and a return on equity of 23.30%. The company had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.42 billion. During the same period in the prior year, the firm earned $0.79 EPS. MGM Resorts International’s quarterly revenue was up 2.2% compared to the same quarter last year. As a group, equities analysts forecast that MGM Resorts International will post 1.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on MGM shares. Susquehanna lifted their target price on MGM Resorts International from $52.00 to $53.00 and gave the company a “positive” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. raised their target price on shares of MGM Resorts International from $46.00 to $53.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. The Goldman Sachs Group reissued a “sell” rating and set a $43.00 price target on shares of MGM Resorts International in a research report on Wednesday, July 15th. UBS Group set a $48.00 price objective on MGM Resorts International in a report on Thursday, July 2nd. Finally, KeyCorp upgraded MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 target price on the stock in a report on Monday, April 27th. Two 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 has a consensus rating of “Moderate Buy” and a consensus target price of $53.37.

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.