Harvest Management LLC Takes $2.01 Million Position in MGM Resorts International $MGM

Harvest Management LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the 2nd quarter, Holdings Channel reports. The institutional investor purchased 42,000 shares of the company’s stock, valued at approximately $2,008,000. MGM Resorts International makes up about 0.8% of Harvest Management LLC’s portfolio, making the stock its 19th largest position.

Several other institutional investors and hedge funds have also made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in MGM Resorts International by 5.1% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after acquiring an additional 951 shares during the last quarter. NewEdge Advisors LLC lifted its holdings in shares of MGM Resorts International by 12.1% in the first quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after purchasing an additional 421 shares in the last quarter. Woodline Partners LP grew its position in shares of MGM Resorts International by 39.1% in the first quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock valued at $560,000 after purchasing an additional 5,312 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of MGM Resorts International by 57.2% in the second quarter. EverSource Wealth Advisors LLC now owns 3,248 shares of the company’s stock valued at $112,000 after purchasing an additional 1,182 shares during the last quarter. Finally, Jump Financial LLC increased its stake in shares of MGM Resorts International by 221.9% during the 2nd quarter. Jump Financial LLC now owns 26,782 shares of the company’s stock worth $921,000 after purchasing an additional 18,463 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $42.39 on Friday. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. The firm has a market capitalization of $10.66 billion, a P/E ratio of 25.69, a PEG ratio of 2.16 and a beta of 1.31. The stock has a fifty day moving average price of $45.53 and a 200 day moving average price of $41.28. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.03. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.42 billion. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. MGM Resorts International’s revenue was up 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.79 earnings per share. Equities research analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current year.

Analysts Set New Price Targets

MGM has been the subject of several research reports. Weiss Ratings upgraded MGM Resorts International from a “sell (d+)” rating to a “hold (c)” rating in a research report on Thursday, July 30th. JPMorgan Chase & Co. raised their price target on MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Susquehanna boosted their price target on MGM Resorts International from $52.00 to $53.00 and gave the stock a “positive” rating in a report on Wednesday, July 29th. The Goldman Sachs Group reaffirmed a “sell” rating and set a $43.00 price objective on shares of MGM Resorts International in a research note on Wednesday, July 15th. Finally, HSBC upgraded MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Two research 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. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price 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.