Quantbot Technologies LP Makes New $2.53 Million Investment in MGM Resorts International (NYSE:MGM)

Quantbot Technologies LP purchased a new stake in MGM Resorts International (NYSE:MGM) in the 3rd quarter, Holdings Channel reports. The fund purchased 64,806 shares of the company’s stock, valued at approximately $2,533,000.

A number of other institutional investors have also recently modified their holdings of the business. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International during the 2nd quarter worth $28,000. MidAtlantic Capital Management Inc. purchased a new stake in shares of MGM Resorts International in the third quarter valued at $28,000. Eastern Bank acquired a new stake in shares of MGM Resorts International during the third quarter valued at $35,000. EverSource Wealth Advisors LLC increased its position 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 purchasing an additional 329 shares in the last quarter. Finally, UMB Bank n.a. raised its stake in MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. JMP Securities decreased 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 note on Monday. Truist Financial lowered their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Barclays reduced their price target on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley lifted their price objective on 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. Finally, Mizuho reduced their target price on 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. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $52.85.

Insider Activity at MGM Resorts International

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

MGM Resorts International Trading Down 0.5 %

Shares of MGM stock opened at $37.37 on Thursday. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The firm’s 50 day moving average price is $38.68 and its two-hundred day moving average price is $39.67. The stock has a market cap of $11.13 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 2.74 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last posted its earnings results 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 business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the previous year, the firm posted $0.64 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. On average, analysts anticipate that MGM Resorts International will post 2.5 EPS for the current 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.