Bastion Asset Management Inc. Acquires New Shares in MGM Resorts International $MGM

Bastion Asset Management Inc. acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 169,054 shares of the company’s stock, valued at approximately $6,212,000. MGM Resorts International makes up about 1.9% of Bastion Asset Management Inc.’s investment portfolio, making the stock its 20th largest position.

Other large investors have also added to or reduced their stakes in the company. Davis Selected Advisers lifted its stake in MGM Resorts International by 12.0% in the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after purchasing an additional 2,866,750 shares in the last quarter. Vanguard Group Inc. boosted its stake in MGM Resorts International by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 23,782,004 shares of the company’s stock valued at $867,805,000 after buying an additional 205,127 shares during the period. AQR Capital Management LLC grew its position in MGM Resorts International by 202.5% during the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after buying an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after buying an additional 3,429,946 shares in the last quarter. Finally, State Street Corp increased its stake in MGM Resorts International by 0.4% in the 4th quarter. State Street Corp now owns 7,517,622 shares of the company’s stock worth $274,318,000 after acquiring an additional 30,962 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Morgan Stanley reaffirmed an “underweight” rating on shares of MGM Resorts International in a report on Monday, June 1st. Stifel Nicolaus restated a “hold” rating and issued a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Deutsche Bank Aktiengesellschaft raised their target price on shares of MGM Resorts International from $48.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, June 2nd. Jefferies Financial Group reiterated a “hold” rating on shares of MGM Resorts International in a research report on Thursday, July 2nd. Finally, Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $33.00 to $48.30 in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, seven have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, MGM Resorts International presently has an average rating of “Hold” and an average price target of $52.31.

MGM Resorts International Trading Up 0.1%

Shares of MGM stock opened at $46.88 on Friday. The business has a 50-day moving average price of $44.61 and a two-hundred day moving average price of $39.25. MGM Resorts International has a 12-month low of $29.18 and a 12-month high of $51.59. The company has a quick ratio of 1.30, a current ratio of 1.33 and a debt-to-equity ratio of 1.93. The firm has a market cap of $12.00 billion, a P/E ratio of 65.12 and a beta of 1.29.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). The firm had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. MGM Resorts International had a net margin of 1.03% and a return on equity of 24.43%. MGM Resorts International’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the company posted $0.69 earnings per share. Equities analysts anticipate that MGM Resorts International will post 1.95 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 6,675 shares of the stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $38.44, for a total transaction of $256,587.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.38% of the stock is currently owned by corporate insiders.

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.