Fifth Third Bancorp Purchases 41,342 Shares of MGM Resorts International $MGM

Fifth Third Bancorp grew its position in shares of MGM Resorts International (NYSE:MGM) by 338.3% during the 1st quarter, Holdings Channel.com reports. The firm owned 53,562 shares of the company’s stock after acquiring an additional 41,342 shares during the period. Fifth Third Bancorp’s holdings in MGM Resorts International were worth $1,982,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MGM. Whittier Trust Co. boosted its stake in MGM Resorts International by 2.5% in the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock worth $405,000 after buying an additional 262 shares in the last quarter. Global Retirement Partners LLC grew its position in MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after acquiring an additional 281 shares during the last quarter. Asset Management One Co. Ltd. raised its stake in shares of MGM Resorts International by 4.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock worth $286,000 after acquiring an additional 313 shares in the last quarter. Brown Brothers Harriman & Co. raised its stake in shares of MGM Resorts International by 23.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock worth $69,000 after acquiring an additional 355 shares in the last quarter. Finally, Public Employees Retirement System of Ohio lifted its holdings in shares of MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock worth $2,218,000 after acquiring an additional 397 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

In related news, Director Daniel J. Taylor sold 6,675 shares of the firm’s 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 legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.38% of the company’s stock.

MGM Resorts International Trading Down 0.4%

NYSE:MGM opened at $45.47 on Thursday. The firm has a market capitalization of $11.63 billion, a P/E ratio of 63.16 and a beta of 1.29. 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 company has a fifty day moving average of $45.27 and a 200 day moving average of $39.51. 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 announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.49 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.37 billion. During the same period last year, the business earned $0.69 EPS. MGM Resorts International’s revenue was up 4.2% on a year-over-year basis. On average, research analysts predict that MGM Resorts International will post 1.97 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of research reports. UBS Group set a $48.00 price objective on shares of MGM Resorts International in a research note on Thursday, July 2nd. Truist Financial raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and boosted their price target for the stock from $42.00 to $55.00 in a research note on Wednesday, May 27th. Weiss Ratings upgraded shares of MGM Resorts International from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, May 15th. Citigroup raised their price objective on MGM Resorts International from $40.00 to $48.00 and gave the company a “neutral” rating in a research note on Thursday, July 2nd. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a report on Monday, June 15th. One 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 issued a Sell rating to the stock. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Hold” and an average target price of $52.31.

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.