ACR Alpine Capital Research LLC Has $3.35 Million Stock Position in MGM Resorts International $MGM

ACR Alpine Capital Research LLC lifted its position in MGM Resorts International (NYSE:MGM) by 38.1% in the first quarter, Holdings Channel.com reports. The institutional investor owned 90,436 shares of the company’s stock after buying an additional 24,930 shares during the period. MGM Resorts International makes up about 0.0% of ACR Alpine Capital Research LLC’s portfolio, making the stock its 29th largest position. ACR Alpine Capital Research LLC’s holdings in MGM Resorts International were worth $3,347,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Sequoia Financial Advisors LLC grew its stake in MGM Resorts International by 149.7% in the first quarter. Sequoia Financial Advisors LLC now owns 34,930 shares of the company’s stock valued at $1,293,000 after acquiring an additional 20,939 shares during the period. Hsbc Holdings PLC raised its position 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 purchasing an additional 60,340 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of MGM Resorts International by 23.3% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 12,242 shares of the company’s stock valued at $453,000 after purchasing an additional 2,311 shares in the last quarter. Whittier Trust Co. lifted its holdings in shares of MGM Resorts International by 2.5% during the 1st quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock valued at $405,000 after purchasing an additional 262 shares in the last quarter. Finally, QRG Capital Management Inc. grew its position in shares of MGM Resorts International by 7.0% in the 1st quarter. QRG Capital Management Inc. now owns 34,147 shares of the company’s stock valued at $1,264,000 after purchasing an additional 2,233 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MGM shares. Capital One Financial increased their target price on MGM Resorts International from $46.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, April 17th. KeyCorp upgraded shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price target for the company in a report on Monday, April 27th. Morgan Stanley reissued an “underweight” rating on shares of MGM Resorts International in a research report on Monday, June 1st. Jefferies Financial Group restated a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Finally, Stifel Nicolaus reaffirmed 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. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Hold” and a consensus price target of $52.02.

Insider Activity

In related news, Director Daniel J. Taylor sold 6,675 shares of MGM Resorts International stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $38.44, for a total value of $256,587.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 3.38% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM opened at $46.88 on Friday. MGM Resorts International has a 12 month low of $29.18 and a 12 month high of $51.59. The firm has a fifty day simple moving average of $43.92 and a 200 day simple moving average of $38.96. The stock has a market capitalization of $12.00 billion, a price-to-earnings ratio of 65.12 and a beta of 1.29. The company has a current ratio of 1.33, a quick ratio of 1.30 and a debt-to-equity ratio of 1.93.

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

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.