Exchange Traded Concepts LLC Purchases 31,036 Shares of MGM Resorts International (NYSE:MGM)

Exchange Traded Concepts LLC boosted its position in MGM Resorts International (NYSE:MGM) by 37.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 114,281 shares of the company’s stock after purchasing an additional 31,036 shares during the quarter. Exchange Traded Concepts LLC’s holdings in MGM Resorts International were worth $4,467,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. UMB Bank n.a. increased its stake in shares of MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after acquiring an additional 237 shares in the last quarter. Texas Permanent School Fund Corp boosted its stake in MGM Resorts International by 0.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after purchasing an additional 245 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of MGM Resorts International by 1.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after purchasing an additional 278 shares in the last quarter. HB Wealth Management LLC raised its stake in shares of MGM Resorts International by 6.3% in the second quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock worth $219,000 after purchasing an additional 293 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of MGM Resorts International by 1.3% during the first quarter. US Bancorp DE now owns 23,558 shares of the company’s stock valued at $1,112,000 after purchasing an additional 298 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

NYSE MGM opened at $39.66 on Monday. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The stock has a market cap of $12.44 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 0.92 and a beta of 2.23. The company’s 50 day moving average is $37.77 and its two-hundred day moving average is $40.70.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the previous year, the firm earned $0.59 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. As a group, research analysts anticipate that MGM Resorts International will post 2.55 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. UBS Group raised MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Wells Fargo & Company cut their target price on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. BTIG Research began coverage on MGM Resorts International in a report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price target on the stock. Finally, Morgan Stanley dropped their price target on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 4th. Four research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average target price of $54.21.

Insider Buying and Selling

In related news, CEO William Hornbuckle purchased 58,900 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the purchase, the chief executive officer now directly owns 377,112 shares in the company, valued at $12,719,987.76. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other MGM Resorts International news, Director Paul J. Salem purchased 147,500 shares of MGM Resorts International stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the transaction, the director now owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO William Hornbuckle acquired 58,900 shares of the stock in a transaction on Monday, August 5th. The shares were acquired at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the transaction, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at $12,719,987.76. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is owned by insiders.

MGM Resorts International Profile

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. The company operates through three segments: Las Vegas Strip Resorts, Regional Operations, and MGM China. Its casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities.