Sippican Capital Advisors Raises Stake in MGM Resorts International (NYSE:MGM)

Sippican Capital Advisors grew its stake in shares of MGM Resorts International (NYSE:MGM) by 1.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 51,487 shares of the company’s stock after purchasing an additional 919 shares during the quarter. MGM Resorts International makes up about 1.4% of Sippican Capital Advisors’ holdings, making the stock its 24th biggest position. Sippican Capital Advisors’ holdings in MGM Resorts International were worth $2,013,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MGM. International Assets Investment Management LLC acquired a new position in MGM Resorts International in the 2nd quarter valued at $28,000. Eastern Bank purchased a new stake in shares of MGM Resorts International during the 3rd quarter worth $35,000. EverSource Wealth Advisors LLC boosted its position in shares of MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 329 shares in the last quarter. UMB Bank n.a. boosted its position in shares of MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth $49,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analysts Set New Price Targets

MGM has been the topic of several recent research reports. Barclays decreased their price objective on shares of MGM Resorts International from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Morgan Stanley upped their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Stifel Nicolaus upped their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Wells Fargo & Company dropped their price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Finally, Macquarie dropped their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus target price of $54.08.

Insider Activity

In other news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the sale, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Paul J. Salem purchased 147,500 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the acquisition, 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 disclosure for this purchase can be found here. In the last three months, insiders acquired 216,400 shares of company stock worth $7,312,197. 2.13% of the stock is currently owned by insiders.

MGM Resorts International Stock Down 9.2 %

NYSE MGM traded down $3.79 on Thursday, reaching $37.62. The company had a trading volume of 1,480,797 shares, compared to its average volume of 4,048,769. The firm has a market capitalization of $11.43 billion, a PE ratio of 15.92, a P/E/G ratio of 0.97 and a beta of 2.23. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The firm has a 50-day moving average of $38.46 and a 200-day moving average of $40.23. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). The business had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.64 earnings per share. On average, equities research analysts anticipate that MGM Resorts International will post 2.54 EPS for the current fiscal year.

About MGM Resorts International

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.