Raymond James & Associates Acquires 86,370 Shares of MGM Resorts International (NYSE:MGM)

Raymond James & Associates increased its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 22.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 468,269 shares of the company's stock after purchasing an additional 86,370 shares during the quarter. Raymond James & Associates owned 0.15% of MGM Resorts International worth $18,305,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of MGM. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International during the second quarter worth $28,000. EverSource Wealth Advisors LLC raised its stake in shares of MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company's stock valued at $41,000 after purchasing an additional 329 shares during the period. UMB Bank n.a. raised its stake 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 purchasing an additional 237 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in shares of MGM Resorts International in the second quarter valued at about $49,000. Finally, Blue Trust Inc. boosted its position in shares of MGM Resorts International by 120.6% during the third quarter. Blue Trust Inc. now owns 1,348 shares of the company's stock worth $53,000 after buying an additional 737 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on MGM. Wells Fargo & Company cut their price objective on shares of 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. UBS Group raised shares of MGM Resorts International to a "hold" rating in a research report on Friday, August 23rd. BTIG Research assumed coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They issued a "buy" rating and a $52.00 target price on the stock. JMP Securities reduced their price target on MGM Resorts International from $57.00 to $56.00 and set a "market outperform" rating for the company in a report on Monday, October 14th. Finally, Morgan Stanley boosted their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Tuesday. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $54.08.

MGM Resorts International Stock Performance

Shares of MGM traded up $0.26 during midday trading on Friday, reaching $40.36. 2,345,293 shares of the stock were exchanged, compared to its average volume of 4,048,621. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. The stock's 50 day simple moving average is $38.38 and its 200 day simple moving average is $40.29. MGM Resorts International has a twelve month low of $33.44 and a twelve month high of $48.24. The company has a market cap of $12.26 billion, a P/E ratio of 15.23, a PEG ratio of 0.97 and a beta of 2.23.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the previous year, the firm posted $0.59 EPS. The business's revenue for the quarter was up 9.8% compared to the same quarter last year. On average, sell-side analysts expect that MGM Resorts International will post 2.54 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Paul J. Salem purchased 147,500 shares of the company's stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the purchase, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction dated 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 owns 5,738,478 shares in the company, valued at $210,716,912.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Paul J. Salem bought 147,500 shares of the company's stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the acquisition, the director now directly owns 1,702,500 shares of the company's stock, valued at approximately $57,544,500. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 216,400 shares of company stock worth $7,312,197 in the last 90 days. Company insiders own 2.13% of the company's stock.

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.