Bank of New York Mellon Corp Purchases 22,823 Shares of MGM Resorts International $MGM

Bank of New York Mellon Corp boosted its position in shares of MGM Resorts International (NYSE:MGM) by 1.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,552,263 shares of the company’s stock after acquiring an additional 22,823 shares during the quarter. Bank of New York Mellon Corp’s holdings in MGM Resorts International were worth $57,449,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MGM. Checchi Capital Advisers LLC purchased a new stake in shares of MGM Resorts International during the 1st quarter valued at about $214,000. Empirical Financial Services LLC d.b.a. Empirical Wealth Management boosted its holdings in shares of MGM Resorts International by 38.4% in the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 8,350 shares of the company’s stock worth $309,000 after buying an additional 2,317 shares during the last quarter. Chicago Partners Investment Group LLC purchased a new position in shares of MGM Resorts International in the first quarter worth approximately $226,000. International Assets Investment Management LLC bought a new stake in MGM Resorts International during the first quarter valued at approximately $30,000. Finally, Fifth Third Bancorp grew its position in MGM Resorts International by 338.3% during the first quarter. Fifth Third Bancorp now owns 53,562 shares of the company’s stock valued at $1,982,000 after buying an additional 41,342 shares during the period. Institutional investors own 68.11% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on MGM shares. Morgan Stanley reiterated an “underweight” rating on shares of MGM Resorts International in a research report on Wednesday. The Goldman Sachs Group restated a “sell” rating and issued a $43.00 price target on shares of MGM Resorts International in a research report on Wednesday, July 15th. JPMorgan Chase & Co. raised their price objective on MGM Resorts International from $46.00 to $53.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Susquehanna increased their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a report on Monday, June 1st. Finally, Deutsche Bank Aktiengesellschaft upped their price target on MGM Resorts International from $48.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, June 2nd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, seven have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $52.31.

MGM Resorts International Trading Down 1.1%

Shares of NYSE MGM opened at $44.98 on Friday. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. The business’s 50 day moving average is $45.44 and its two-hundred day moving average is $39.57. The stock has a market capitalization of $11.51 billion, a P/E ratio of 62.47 and a beta of 1.29.

MGM Resorts International (NYSE:MGM) last posted 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 during the quarter, compared to the consensus estimate of $4.37 billion. During the same period in the previous year, the business earned $0.69 earnings per share. MGM Resorts International’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, research analysts expect that MGM Resorts International will post 1.97 EPS for the current year.

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 shares were 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 accessible through this link. Company insiders own 3.38% of the company’s stock.

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.