Weiss Asset Management LP Buys New Stake in MGM Resorts International (NYSE:MGM)

Weiss Asset Management LP purchased a new stake in MGM Resorts International (NYSE:MGM) in the 3rd quarter, HoldingsChannel reports. The fund purchased 33,743 shares of the company’s stock, valued at approximately $1,319,000.

Several other hedge funds also recently added to or reduced their stakes in MGM. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International in the second quarter worth about $28,000. MidAtlantic Capital Management Inc. purchased a new position in MGM Resorts International in the 3rd quarter worth approximately $28,000. Eastern Bank acquired a new stake in MGM Resorts International in the third quarter valued at approximately $35,000. UMB Bank n.a. raised its stake in shares of 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 during the period. Finally, Brooklyn Investment Group acquired a new position in shares of MGM Resorts International during the third quarter worth $44,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction 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 approximately $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.13% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MGM shares. Truist Financial lowered their price target 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. UBS Group upgraded MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. JMP Securities cut their price target on 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. Morgan Stanley raised their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Finally, Wells Fargo & Company dropped their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and an average target price of $52.85.

MGM Resorts International Stock Performance

MGM stock opened at $36.66 on Monday. The stock’s 50 day simple moving average is $38.65 and its 200 day simple moving average is $39.46. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24. The firm has a market cap of $10.92 billion, a P/E ratio of 13.09, a P/E/G ratio of 2.68 and a beta of 2.20. 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 (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 return on equity of 25.84% and a net margin of 5.23%. The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the company posted $0.64 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts predict that MGM Resorts International will post 2.48 EPS for the current year.

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.