Miracle Mile Advisors LLC Takes $2.01 Million Position in MGM Resorts International (NYSE:MGM)

Miracle Mile Advisors LLC purchased a new stake in MGM Resorts International (NYSE:MGM) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 58,000 shares of the company’s stock, valued at approximately $2,010,000.

Several other institutional investors and hedge funds also recently made changes to their positions in MGM. HG Vora Capital Management LLC acquired a new position in shares of MGM Resorts International in the third quarter valued at approximately $97,725,000. Goldentree Asset Management LP boosted its holdings in shares of MGM Resorts International by 86.4% in the third quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after buying an additional 1,390,599 shares during the period. Marshall Wace LLP boosted its holdings in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after buying an additional 706,159 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in shares of MGM Resorts International in the third quarter worth $17,622,000. Finally, ArrowMark Colorado Holdings LLC lifted its position in shares of MGM Resorts International by 207.5% in the third quarter. ArrowMark Colorado Holdings LLC now owns 656,475 shares of the company’s stock worth $25,662,000 after purchasing an additional 442,975 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analysts Set New Price Targets

MGM has been the topic of a number of research reports. Truist Financial cut their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a research report on Tuesday. Mizuho cut their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley boosted 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 report on Tuesday, October 22nd. JMP Securities dropped their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating on the stock in a research report on Monday, November 25th. Finally, Barclays dropped their price target on shares of MGM Resorts International from $50.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, December 13th. Four equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.93.

MGM Resorts International Price Performance

Shares of MGM opened at $33.13 on Wednesday. The firm has a market capitalization of $9.86 billion, a PE ratio of 11.83, a PEG ratio of 3.10 and a beta of 2.21. The company’s 50-day moving average is $35.89 and its 200-day moving average is $38.36. MGM Resorts International has a fifty-two week low of $31.61 and a fifty-two week high of $48.24. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $4.18 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the company earned $0.64 earnings per share. MGM Resorts International’s revenue for the quarter was up 5.3% compared to the same quarter last year. Equities analysts forecast that MGM Resorts International will post 2.48 EPS for the current year.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.13% of the stock is currently owned by corporate 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.