Redwood Investment Management LLC Makes New $1.05 Million Investment in MGM Resorts International $MGM

Redwood Investment Management LLC acquired a new stake in MGM Resorts International (NYSE:MGM) during the first quarter, according to its most recent filing with the SEC. The firm acquired 28,459 shares of the company’s stock, valued at approximately $1,053,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in MGM. Hsbc Holdings PLC boosted its holdings in MGM Resorts International by 31.0% in the first quarter. Hsbc Holdings PLC now owns 254,801 shares of the company’s stock valued at $9,415,000 after acquiring an additional 60,340 shares during the last quarter. Bastion Asset Management Inc. acquired a new stake in MGM Resorts International in the first quarter worth about $6,212,000. M&T Bank Corp increased its position in 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 worth $3,563,000 after purchasing an additional 89,619 shares during the period. Todd Asset Management LLC raised its holdings in MGM Resorts International by 9.2% during the 4th quarter. Todd Asset Management LLC now owns 709,520 shares of the company’s stock worth $25,890,000 after purchasing an additional 59,691 shares during the last quarter. Finally, Davis Selected Advisers raised its holdings in MGM Resorts International by 12.0% during 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 during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting MGM Resorts International

Here are the key news stories impacting MGM Resorts International this week:

• Positive Sentiment: HSBC upgraded MGM Resorts International to “strong buy,” providing a fresh bullish signal for the casino operator. Zacks.com
• Positive Sentiment: MGM reported record second-quarter consolidated revenue of approximately $4.45 billion, with Las Vegas Strip revenue rising 3% to $2.2 billion. Regional operations posted record same-store quarterly revenue, while MGM Digital revenue increased 20% year over year. MGM Resorts second-quarter results
• Positive Sentiment: Management described continued growth momentum, supported by Las Vegas demand, iGaming strength and potential value from MGM’s digital business, share repurchases and scarce casino assets. MGM Resorts earnings call highlights
• Neutral Sentiment: Susquehanna raised its price target to $53 from $52 while maintaining a positive rating, suggesting additional upside but not a major change in its investment view. Susquehanna price target update
• Negative Sentiment: Adjusted quarterly earnings of $0.59 per share were below at least one consensus estimate of $0.63 and declined from $0.79 a year earlier. Analysts cited China-related weakness and regional margin pressure as offsets to Las Vegas and digital growth. MGM Resorts second-quarter earnings analysis

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MGM. Weiss Ratings raised shares of MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a research note on Thursday. Stifel Nicolaus reiterated 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. Jefferies Financial Group reissued a “hold” rating on shares of MGM Resorts International in a research note on Thursday, July 2nd. Wells Fargo & Company upgraded shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $33.00 to $48.30 in a report on Tuesday, July 7th. Finally, KeyCorp raised shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price objective on the stock in a research note on Monday, April 27th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average price target of $52.49.

Insiders Place Their Bets

In related news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 3.38% of the stock is owned by insiders.

MGM Resorts International Trading Up 0.0%

NYSE:MGM opened at $44.58 on Monday. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The firm has a market capitalization of $11.22 billion, a price-to-earnings ratio of 27.02 and a beta of 1.29. The business’s 50-day moving average price is $46.47 and its two-hundred day moving average price is $40.02.

MGM Resorts International (NYSE:MGM) last posted 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. The company had revenue of $4.45 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the previous year, the company earned $0.79 EPS. On average, equities analysts expect that MGM Resorts International will post 1.97 earnings per share for the current year.

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.