Infrastructure Capital Advisors LLC Takes $156,000 Position in MGM Resorts International (NYSE:MGM)

Infrastructure Capital Advisors LLC purchased a new stake in shares of MGM Resorts International (NYSE:MGM) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 4,000 shares of the company’s stock, valued at approximately $156,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. UMB Bank n.a. boosted its holdings in shares of MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after buying an additional 237 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its stake in MGM Resorts International by 1.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after acquiring an additional 278 shares during the period. HB Wealth Management LLC raised its stake in MGM Resorts International by 6.3% during the 2nd quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock worth $219,000 after acquiring an additional 293 shares during the period. Quent Capital LLC raised its position in shares of MGM Resorts International by 14.6% during the third quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock valued at $93,000 after buying an additional 304 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of MGM Resorts International by 0.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock valued at $2,080,000 after buying an additional 309 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MGM. Deutsche Bank Aktiengesellschaft reduced 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. Morgan Stanley boosted 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 report on Tuesday, October 22nd. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Stifel Nicolaus boosted 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 report on Thursday, August 1st. Finally, Barclays cut their price target on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $52.85.

MGM Resorts International Stock Performance

MGM stock opened at $37.37 on Friday. The firm has a market cap of $11.13 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 2.67 and a beta of 2.23. The firm has a 50-day simple moving average of $38.69 and a two-hundred day simple moving average of $39.65. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24.

MGM Resorts International (NYSE:MGM) last released its quarterly 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 firm 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 5.23% and a return on equity of 25.84%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.64 earnings per share. On average, equities analysts forecast that MGM Resorts International will post 2.5 EPS for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.13% of the company’s stock.

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.