Jacobs Levy Equity Management Inc. Buys Shares of 450,815 MGM Resorts International (NYSE:MGM)

Jacobs Levy Equity Management Inc. purchased a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 450,815 shares of the company's stock, valued at approximately $17,622,000. Jacobs Levy Equity Management Inc. owned approximately 0.15% of MGM Resorts International at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. UMB Bank n.a. raised its position in shares of MGM Resorts International by 33.3% during 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 in the last quarter. Envestnet Portfolio Solutions Inc. increased its position in MGM Resorts International by 1.2% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company's stock worth $1,018,000 after buying an additional 278 shares during the period. HB Wealth Management LLC increased its position in MGM Resorts International by 6.3% in the second quarter. HB Wealth Management LLC now owns 4,917 shares of the company's stock worth $219,000 after buying an additional 293 shares during the period. Quent Capital LLC increased its position in MGM Resorts International by 14.6% in the third quarter. Quent Capital LLC now owns 2,383 shares of the company's stock worth $93,000 after buying an additional 304 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in MGM Resorts International by 0.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company's stock worth $2,080,000 after buying an additional 309 shares during the period. 68.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have weighed in on MGM. Wells Fargo & Company dropped their target price 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. Truist Financial lowered 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. Morgan Stanley raised their price target on MGM Resorts International from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft lowered 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. Finally, Mizuho lowered their price target on MGM Resorts International from $57.00 to $56.00 and set an "outperform" 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 stock. According to MarketBeat.com, MGM Resorts International currently has a consensus rating of "Moderate Buy" and an average target price of $52.85.

MGM Resorts International Stock Down 1.8 %

NYSE MGM traded down $0.68 during trading on Thursday, reaching $36.84. 3,381,651 shares of the company's stock were exchanged, compared to its average volume of 4,066,493. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The firm has a market capitalization of $10.97 billion, a PE ratio of 13.40, 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. The company's fifty day simple moving average is $38.74 and its 200-day simple moving average is $39.53.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data 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 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 quarter in the previous year, the business posted $0.64 earnings per share. The company's revenue was up 5.3% compared to the same quarter last year. Sell-side analysts predict that MGM Resorts International will post 2.5 EPS for the current year.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the firm'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 value of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares of the company's stock, valued at approximately $210,716,912.16. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.13% of the company's stock.

MGM Resorts International Company 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.