Bessemer Group Inc. Buys 13,792 Shares of MGM Resorts International $MGM

Bessemer Group Inc. raised its position in MGM Resorts International (NYSE:MGM) by 319.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 18,108 shares of the company’s stock after buying an additional 13,792 shares during the period. Bessemer Group Inc.’s holdings in MGM Resorts International were worth $671,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC increased its holdings in MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock worth $292,772,000 after acquiring an additional 5,654,757 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after acquiring an additional 3,429,946 shares during the period. Davis Selected Advisers increased its position in shares of MGM Resorts International by 12.0% during the fourth quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock valued at $978,669,000 after buying an additional 2,866,750 shares during the period. Norges Bank bought a new position in shares of MGM Resorts International in the fourth quarter valued at approximately $82,348,000. Finally, Samlyn Capital LLC purchased a new position in MGM Resorts International during the third quarter valued at approximately $62,787,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

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 dated Friday, May 22nd. The shares were 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 Stock Up 1.4%

NYSE MGM opened at $45.61 on Friday. MGM Resorts International has a 52 week low of $29.18 and a 52 week high of $51.59. 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 market capitalization of $11.67 billion, a P/E ratio of 63.35 and a beta of 1.29. The stock’s 50-day moving average price is $45.61 and its 200-day moving average price is $39.61.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data 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 company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.37 billion. During the same quarter in the previous year, the business earned $0.69 EPS. The company’s quarterly revenue was up 4.2% on a year-over-year basis. On average, equities research analysts predict that MGM Resorts International will post 1.98 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Capital One Financial upped their price objective on shares of MGM Resorts International from $46.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, April 17th. Stifel Nicolaus reiterated a “hold” rating and set a $49.00 price objective (up from $48.00) on shares of MGM Resorts International in a research report on Monday, June 15th. Barclays boosted their price target on shares of MGM Resorts International from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 9th. Mizuho lowered their price objective on MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, April 27th. Finally, The Goldman Sachs Group reissued a “sell” rating and set a $43.00 price objective on shares of MGM Resorts International in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $52.31.

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.