Vise Technologies Inc. Makes New Investment in MGM Resorts International $MGM

Vise Technologies Inc. bought a new stake in shares of MGM Resorts International (NYSE:MGM) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 12,072 shares of the company’s stock, valued at approximately $577,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Whittier Trust Co. grew its stake in shares of MGM Resorts International by 2.5% during the first quarter. Whittier Trust Co. now owns 10,778 shares of the company’s stock worth $405,000 after purchasing an additional 262 shares during the period. Global Retirement Partners LLC boosted its holdings in MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after buying an additional 281 shares during the last quarter. Tema ETFs LLC grew its position in shares of MGM Resorts International by 10.6% during the 2nd quarter. Tema ETFs LLC now owns 3,016 shares of the company’s stock worth $144,000 after buying an additional 290 shares during the period. Brown Brothers Harriman & Co. grew its position in shares of MGM Resorts International by 23.1% during the 4th quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock worth $69,000 after buying an additional 355 shares during the period. Finally, Public Employees Retirement System of Ohio increased its stake 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 valued at $2,218,000 after acquiring an additional 397 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. KeyCorp upgraded shares of MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price target on the stock in a research report on Monday, April 27th. Truist Financial raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and upped their target price for the company from $42.00 to $55.00 in a research note on Wednesday, May 27th. Mizuho cut their target price on shares of MGM Resorts International from $62.00 to $59.00 and set an “outperform” rating on the stock in a report on Monday, April 27th. Barclays lifted 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 report on Thursday, July 9th. Finally, Wells Fargo & Company raised shares of MGM Resorts International from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $33.00 to $48.30 in a report on Tuesday, July 7th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $53.37.

MGM Resorts International Stock Performance

Shares of MGM opened at $43.72 on Tuesday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.30 and a current ratio of 1.34. MGM Resorts International has a twelve month low of $29.18 and a twelve month high of $51.59. The firm’s 50 day moving average price is $45.87 and its two-hundred day moving average price is $41.14. The firm has a market cap of $11.00 billion, a P/E ratio of 26.50, a PEG ratio of 2.24 and a beta of 1.31.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.03. MGM Resorts International had a net margin of 2.40% and a return on equity of 23.30%. The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.42 billion. During the same quarter in the prior year, the company earned $0.79 earnings per share. The business’s quarterly revenue was up 2.2% compared to the same quarter last year. On average, analysts forecast that MGM Resorts International will post 1.96 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.