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

Miracle Mile Advisors LLC acquired a new position in MGM Resorts International (NYSE:MGM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 58,000 shares of the company's stock, valued at approximately $2,010,000.

A number of other hedge funds also recently bought and sold shares of MGM. Quent Capital LLC grew its position in shares of MGM Resorts International by 14.6% in the 3rd 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 last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings 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 purchasing an additional 309 shares during the last quarter. Lazari Capital Management Inc. increased its position in shares of MGM Resorts International by 6.3% during the second quarter. Lazari Capital Management Inc. now owns 5,633 shares of the company's stock worth $250,000 after purchasing an additional 333 shares in the last quarter. ProShare Advisors LLC lifted its holdings in shares of MGM Resorts International by 0.8% during the 2nd quarter. ProShare Advisors LLC now owns 57,876 shares of the company's stock valued at $2,572,000 after purchasing an additional 431 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its position in shares of MGM Resorts International by 1.6% in the 3rd quarter. Daiwa Securities Group Inc. now owns 28,466 shares of the company's stock worth $1,113,000 after purchasing an additional 459 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

MGM Resorts International Stock Performance

Shares of MGM stock traded down $0.06 on Wednesday, hitting $33.04. The company had a trading volume of 5,044,764 shares, compared to its average volume of 5,024,852. MGM Resorts International has a twelve month low of $31.61 and a twelve month high of $48.24. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The firm has a market cap of $9.84 billion, a P/E ratio of 11.80, a price-to-earnings-growth ratio of 3.10 and a beta of 2.21. The company has a 50-day moving average price of $35.83 and a 200-day moving average price of $38.28.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). The company had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The company's revenue was up 5.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. As a group, equities research analysts predict that MGM Resorts International will post 2.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction on 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 completion of the transaction, the director now owns 5,687,478 shares of the company's stock, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.13% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MGM has been the topic of several recent analyst reports. 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. 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 report on Tuesday. Deutsche Bank Aktiengesellschaft lowered their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a "buy" rating for the company in a research note on Tuesday, October 1st. Jefferies Financial Group decreased their price target on shares of MGM Resorts International from $52.00 to $50.00 and set a "buy" rating for the company in a report on Friday, January 3rd. Finally, Barclays dropped their price objective on shares of MGM Resorts International from $50.00 to $46.00 and set an "overweight" rating on the stock in a report on Friday, December 13th. Four investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $51.93.

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.