Raymond James Financial Inc. Takes $20.05 Million Position in MGM Resorts International (NYSE:MGM)

Raymond James Financial Inc. bought a new position in shares of MGM Resorts International (NYSE:MGM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 578,736 shares of the company's stock, valued at approximately $20,053,000. Raymond James Financial Inc. owned approximately 0.19% of MGM Resorts International at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. increased its stake in shares of MGM Resorts International by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock worth $79,110,000 after buying an additional 38,749 shares during the period. Korea Investment CORP lifted its position in shares of MGM Resorts International by 964.3% during the 4th quarter. Korea Investment CORP now owns 145,287 shares of the company's stock worth $5,034,000 after purchasing an additional 131,636 shares during the last quarter. ACR Alpine Capital Research LLC increased its holdings in MGM Resorts International by 23.3% in the fourth quarter. ACR Alpine Capital Research LLC now owns 161,990 shares of the company's stock valued at $5,613,000 after buying an additional 30,605 shares during the last quarter. Davis Selected Advisers raised its stake in MGM Resorts International by 4.6% in the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock valued at $690,253,000 after buying an additional 882,417 shares in the last quarter. Finally, Miracle Mile Advisors LLC purchased a new stake in MGM Resorts International during the 4th quarter worth about $2,010,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent analyst reports. Susquehanna Bancshares increased their price objective on MGM Resorts International from $53.00 to $56.00 in a report on Wednesday, February 12th. Wedbush reiterated an "outperform" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Wells Fargo & Company boosted their price objective on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Needham & Company LLC reaffirmed a "buy" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Macquarie reissued an "outperform" rating and issued a $50.00 price target on shares of MGM Resorts International in a research report on Thursday, February 13th. Five equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $50.06.

MGM Resorts International Stock Performance

MGM traded up $0.56 during trading on Wednesday, hitting $30.84. The stock had a trading volume of 5,789,226 shares, compared to its average volume of 4,640,966. The firm has a market capitalization of $8.73 billion, a P/E ratio of 12.85, a PEG ratio of 0.98 and a beta of 1.96. The company's 50-day moving average price is $31.81 and its 200 day moving average price is $34.76. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the transaction, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Todd Meinert sold 6,000 shares of the company's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. This represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by company insiders.

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.