FirstWave Capital Management LLC Takes $1.82 Million Position in MGM Resorts International $MGM

FirstWave Capital Management LLC purchased a new stake in MGM Resorts International (NYSE:MGM) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 38,002 shares of the company’s stock, valued at approximately $1,817,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Whittier Trust Co. lifted its stake in MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock valued at $405,000 after acquiring an additional 262 shares during the last quarter. Global Retirement Partners LLC increased its stake in shares of MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after purchasing an additional 281 shares during the last quarter. Tema ETFs LLC raised its holdings in shares of MGM Resorts International by 10.6% during the 2nd quarter. Tema ETFs LLC now owns 3,016 shares of the company’s stock valued at $144,000 after purchasing an additional 290 shares in the last quarter. Brown Brothers Harriman & Co. raised its holdings in shares of MGM Resorts International by 23.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock valued at $69,000 after purchasing an additional 355 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its stake in shares of MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock valued at $2,218,000 after purchasing an additional 397 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Up 0.1%

Shares of NYSE:MGM opened at $41.19 on Friday. The company has a market capitalization of $10.36 billion, a PE ratio of 24.96, a P/E/G ratio of 2.10 and a beta of 1.28. 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 quick ratio of 1.30 and a current ratio of 1.34. The company’s fifty day moving average is $44.91 and its 200-day moving average is $41.46.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.59 earnings per share 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 company 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 posted $0.79 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. Equities research analysts predict that MGM Resorts International will post 1.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MGM has been the topic of several analyst reports. Argus increased 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 report on Monday, August 17th. HSBC upgraded MGM Resorts International to a “strong-buy” rating in a research note on Thursday, July 30th. Stifel Nicolaus restated a “hold” rating and issued a $49.00 target price (up from $48.00) on shares of MGM Resorts International in a report on Monday, June 15th. UBS Group set a $48.00 price target on MGM Resorts International in a report on Thursday, July 2nd. Finally, Wells Fargo & Company upgraded shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $33.00 to $48.30 in a report on Tuesday, July 7th. Two 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 given a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $53.37.

MGM Resorts International Company 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.