TLDR MGM stock rose 2.32% to $36.68 on Wednesday, its second consecutive day of gains Q4 EPS came in at $1.60, beating the $0.64 analyst estimate by $0.96 Revenue of $4.61B topped expectations of $4.42B IAC Inc. purchased nearly 1.1 million MGM stock at $36.30, totalling ~$39.9M TD Asset Management raised its stake by 146.9%, adding 55,300 units in Q3
MGM Resorts International had a solid Wednesday, climbing 2.32% to close at $36.68. That marked the stock’s second straight day of gains.
MGM Resorts International, MGM
The move came on a broadly positive day for markets. The S&P 500 rose 0.78% and the Dow added 0.49%.
MGM still sits 8.67% below its 52-week high of $40.16, reached on August 28th. The stock’s one-year low is $25.30.
Trading volume came in at 4.4 million, roughly 343,636 below its 50-day average of 4.8 million.
Against peers, the picture was mixed. DraftKings led the group with a 4.01% gain. Caesars Entertainment rose 2.16%, while Las Vegas Sands added 0.66%.
Earnings Beat
MGM’s most recent earnings report, released February 4th, showed strong numbers across the board.
The company posted EPS of $1.60 for the quarter, crushing the analyst consensus of $0.64 by $0.96. That compares to EPS of $0.45 in the same period a year earlier.
Revenue came in at $4.61 billion, ahead of the $4.42 billion analysts had expected.
Return on equity was 26.04%, with a net margin of 1.17%. Analysts currently forecast full-year EPS of $2.21.
Institutional and Insider Activity
On the institutional side, several large funds increased their positions in recent quarters.
Helikon Investments raised its stake by 379.9% in Q2, bringing its total to 8.81 million units worth around $303 million.
Davis Selected Advisers lifted its position by 14.4% to 23.82 million units, valued