Davis Asset Management L.P. Acquires Shares of 31,458 MGM Resorts International $MGM

Davis Asset Management L.P. acquired a new stake in MGM Resorts International (NYSE:MGM) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 31,458 shares of the company’s stock, valued at approximately $1,504,000.

Several other large investors have also made changes to their positions in the business. Hsbc Holdings PLC grew its holdings in shares of MGM Resorts International by 31.0% during the first quarter. Hsbc Holdings PLC now owns 254,801 shares of the company’s stock worth $9,415,000 after buying an additional 60,340 shares in the last quarter. Bastion Asset Management Inc. acquired a new position in shares of MGM Resorts International during the 1st quarter worth approximately $6,212,000. M&T Bank Corp grew its position in shares of MGM Resorts International by 1,118.7% in the fourth quarter. M&T Bank Corp now owns 97,630 shares of the company’s stock valued at $3,563,000 after purchasing an additional 89,619 shares in the last quarter. Todd Asset Management LLC increased its holdings in shares of MGM Resorts International by 9.2% in the fourth quarter. Todd Asset Management LLC now owns 709,520 shares of the company’s stock valued at $25,890,000 after purchasing an additional 59,691 shares during the last quarter. Finally, California Public Employees Retirement System lifted its position in MGM Resorts International by 6.3% during the first quarter. California Public Employees Retirement System now owns 424,481 shares of the company’s stock worth $15,710,000 after buying an additional 25,266 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Trading Up 1.3%

NYSE MGM opened at $43.72 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. The firm has a 50-day moving average price of $45.96 and a 200 day moving average price of $41.02. MGM Resorts International has a 52-week low of $29.18 and a 52-week high of $51.59. The stock has a market capitalization of $11.00 billion, a P/E ratio of 26.50, a P/E/G ratio of 2.24 and a beta of 1.31.

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, topping analysts’ consensus estimates of $0.56 by $0.03. The business 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%.The company’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.79 EPS. Equities research analysts expect that MGM Resorts International will post 1.96 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Stifel Nicolaus reissued a “hold” rating and set a $49.00 price target (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Argus lifted their target price on MGM Resorts International from $45.00 to $55.00 and gave the company a “buy” rating in a research report on Monday, August 17th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, June 2nd. Truist Financial upgraded shares of 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 note on Wednesday, May 27th. Finally, Susquehanna boosted their price objective on MGM Resorts International from $52.00 to $53.00 and gave the company a “positive” rating in a research note on Wednesday, July 29th. Two equities research 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’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.37.

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.