Bastion Asset Management Inc. Acquires Shares of 169,054 MGM Resorts International $MGM

Bastion Asset Management Inc. acquired a new stake in shares of MGM Resorts International (NYSE:MGM) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 169,054 shares of the company’s stock, valued at approximately $6,212,000. MGM Resorts International makes up approximately 1.9% of Bastion Asset Management Inc.’s portfolio, making the stock its 20th biggest position. Bastion Asset Management Inc. owned about 0.07% of MGM Resorts International as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently modified their holdings of the company. Wealthfront Advisers LLC raised its holdings in shares of MGM Resorts International by 9.8% in the 1st quarter. Wealthfront Advisers LLC now owns 15,611 shares of the company’s stock worth $578,000 after acquiring an additional 1,397 shares during the last quarter. Bank of New York Mellon Corp lifted its position in MGM Resorts International by 1.5% in the 1st quarter. Bank of New York Mellon Corp now owns 1,552,263 shares of the company’s stock valued at $57,449,000 after acquiring an additional 22,823 shares in the last quarter. Checchi Capital Advisers LLC acquired a new position in MGM Resorts International during the 1st quarter valued at about $214,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its stake in MGM Resorts International by 38.4% during the 1st quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 8,350 shares of the company’s stock valued at $309,000 after purchasing an additional 2,317 shares during the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in MGM Resorts International during the 1st quarter worth approximately $226,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $46.88 on Friday. The firm has a market cap of $12.00 billion, a price-to-earnings ratio of 65.12 and a beta of 1.29. The company has a debt-to-equity ratio of 1.93, a quick ratio of 1.30 and a current ratio of 1.33. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. The firm’s 50-day simple moving average is $44.61 and its two-hundred day simple moving average is $39.25.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates 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 company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. During the same period in the prior year, the company earned $0.69 earnings per share. The firm’s revenue was up 4.2% on a year-over-year basis. As a group, equities analysts forecast that MGM Resorts International will post 1.95 earnings per share for the current year.

Analyst Upgrades and Downgrades

MGM has been the subject of several analyst reports. Citigroup increased their price objective on MGM Resorts International from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Thursday, July 2nd. UBS Group set a $48.00 price target on MGM Resorts International in a report on Thursday, July 2nd. Susquehanna increased their price target on MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Monday, June 1st. Weiss Ratings upgraded MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, May 15th. Finally, Stifel Nicolaus reaffirmed a “hold” rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a report on Monday, June 15th. One equities research 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 given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $52.31.

Insider Activity at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was 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 is accessible through this link. 3.38% of the stock is owned by corporate insiders.

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.