MGM Resorts International (NYSE:MGM) Stock Position Lifted by Consolidated Investment Group LLC

Consolidated Investment Group LLC grew its stake in shares of MGM Resorts International (NYSE:MGM) by 7.7% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 213,073 shares of the company’s stock after buying an additional 15,300 shares during the quarter. MGM Resorts International comprises 1.2% of Consolidated Investment Group LLC’s holdings, making the stock its 19th biggest position. Consolidated Investment Group LLC’s holdings in MGM Resorts International were worth $8,329,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in the stock. International Assets Investment Management LLC acquired a new position in MGM Resorts International in the second quarter worth approximately $28,000. Eastern Bank purchased a new position in MGM Resorts International in the 3rd quarter worth about $35,000. EverSource Wealth Advisors LLC raised its holdings in 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 buying an additional 329 shares during the period. UMB Bank n.a. lifted its stake in MGM Resorts International by 33.3% during the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in MGM Resorts International during the second quarter valued at about $49,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the sale, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.13% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on MGM. JMP Securities reduced their price target on shares of MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a research report on Thursday, October 31st. Susquehanna increased their target price on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday, August 1st. Truist Financial lowered their price target on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Macquarie reduced their price objective on 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. Finally, Wells Fargo & Company lowered their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research note on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.15.

MGM Resorts International Stock Performance

NYSE:MGM opened at $36.69 on Monday. The firm has a market capitalization of $10.92 billion, a PE ratio of 13.10, a PEG ratio of 2.62 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 company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The firm’s fifty day simple moving average is $38.34 and its 200 day simple moving average is $39.94.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the previous year, the firm posted $0.64 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, sell-side analysts anticipate that MGM Resorts International will post 2.5 EPS for the current year.

MGM Resorts International Company 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.