Penn Capital Management Company LLC Purchases Shares of 30,249 MGM Resorts International $MGM

Penn Capital Management Company LLC acquired a new position in MGM Resorts International (NYSE:MGM) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 30,249 shares of the company’s stock, valued at approximately $1,458,000.

Several other hedge funds have also modified their holdings of the company. CYBER HORNET ETFs LLC bought a new position in shares of MGM Resorts International during the 2nd quarter valued at approximately $25,000. Global Retirement Partners LLC raised its stake in MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after purchasing an additional 281 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in MGM Resorts International during the first quarter valued at $30,000. Optiver Holding B.V. bought a new position in MGM Resorts International during the first quarter valued at $35,000. Finally, Elyxium Wealth LLC bought a new position in MGM Resorts International during the fourth quarter valued at $42,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Trading Down 1.3%

MGM stock opened at $42.39 on Friday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 1.80. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The stock has a market capitalization of $10.66 billion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 2.16 and a beta of 1.31. The firm’s fifty day simple moving average is $45.53 and its two-hundred day simple moving average is $41.28.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.42 billion. During the same quarter last year, the business earned $0.79 EPS. The business’s revenue was up 2.2% on a year-over-year basis. As a group, analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MGM. Argus boosted their target price on shares of MGM Resorts International from $45.00 to $55.00 and gave the stock a “buy” rating in a report on Monday, August 17th. HSBC raised shares of MGM Resorts International to a “strong-buy” rating in a report on Thursday, July 30th. Truist Financial upgraded MGM Resorts International from a “hold” rating to a “buy” rating and lifted their price target for the stock from $42.00 to $55.00 in a research report on Wednesday, May 27th. Stifel Nicolaus reissued a “hold” rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research note on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.