Daiwa Securities Group Inc. Purchases 459 Shares of MGM Resorts International (NYSE:MGM)

Daiwa Securities Group Inc. grew its position in MGM Resorts International (NYSE:MGM) by 1.6% during the third quarter, HoldingsChannel.com reports. The fund owned 28,466 shares of the company’s stock after acquiring an additional 459 shares during the quarter. Daiwa Securities Group Inc.’s holdings in MGM Resorts International were worth $1,113,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. International Assets Investment Management LLC bought a new stake in MGM Resorts International in the second quarter worth $28,000. MidAtlantic Capital Management Inc. bought a new stake in shares of MGM Resorts International in the 3rd quarter worth about $28,000. Eastern Bank purchased a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC raised its position in shares of MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares in the last quarter. Finally, UMB Bank n.a. lifted its holdings in shares of 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 acquiring an additional 237 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $38.33 on Friday. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company has a market capitalization of $11.41 billion, a PE ratio of 13.69, a P/E/G ratio of 2.67 and a beta of 2.23. The company has a 50 day moving average price of $38.68 and a 200-day moving average price of $39.63. 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 issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share 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 period last year, the firm earned $0.64 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities analysts forecast that MGM Resorts International will post 2.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on MGM. Wells Fargo & Company decreased their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Deutsche Bank Aktiengesellschaft decreased their price target on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. 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. 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 report on Wednesday, October 23rd. 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 research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $52.85.

Insider Activity at MGM Resorts International

In related 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 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.13% of the stock is currently owned by corporate insiders.

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.