Tidal Investments LLC Purchases 24,111 Shares of MGM Resorts International (NYSE:MGM)

Tidal Investments LLC raised its position in shares of MGM Resorts International (NYSE:MGM) by 269.7% in the third quarter, HoldingsChannel reports. The firm owned 33,050 shares of the company’s stock after buying an additional 24,111 shares during the quarter. Tidal Investments LLC’s holdings in MGM Resorts International were worth $1,292,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. International Assets Investment Management LLC bought a new stake in MGM Resorts International during the second quarter valued at approximately $28,000. MidAtlantic Capital Management Inc. purchased a new position in shares of MGM Resorts International during the 3rd quarter worth $28,000. Eastern Bank bought a new position in MGM Resorts International in the 3rd quarter worth $35,000. UMB Bank n.a. lifted its position 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 purchasing an additional 237 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in MGM Resorts International during the third quarter valued at about $44,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $33.80 on Thursday. The firm has a market cap of $10.06 billion, a PE ratio of 12.07, a PEG ratio of 3.16 and a beta of 2.20. The stock has a 50 day moving average of $38.16 and a 200 day moving average of $39.31. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its earnings results 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 net margin of 5.23% and a return on equity of 25.84%. The firm had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the prior year, the company posted $0.64 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. On average, research analysts expect that MGM Resorts International will post 2.48 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the sale, the director now owns 5,687,478 shares of the company’s stock, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.13% of the stock is owned by insiders.

Analyst Ratings Changes

MGM has been the topic of several recent research reports. Barclays decreased their price objective on MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, December 13th. Morgan Stanley increased their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 22nd. JMP Securities lowered their target price on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research note on Monday, November 25th. UBS Group upgraded MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Finally, Truist Financial decreased 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. Four analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $52.54.

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.