Raymond James Financial Inc. Makes New $20.05 Million Investment in MGM Resorts International (NYSE:MGM)

Raymond James Financial Inc. purchased a new position in MGM Resorts International (NYSE:MGM - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 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.

Other hedge funds also recently bought and sold shares of the company. Proficio Capital Partners LLC purchased a new stake in shares of MGM Resorts International during the 4th quarter valued at about $2,053,000. Atria Investments Inc boosted its holdings in shares of MGM Resorts International by 7.2% in the fourth quarter. Atria Investments Inc now owns 39,909 shares of the company's stock worth $1,383,000 after buying an additional 2,671 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after buying an additional 411 shares during the last quarter. Cookson Peirce & Co. Inc. raised its stake in MGM Resorts International by 40.0% during the 4th quarter. Cookson Peirce & Co. Inc. now owns 25,202 shares of the company's stock worth $873,000 after acquiring an additional 7,200 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in MGM Resorts International by 1.7% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock worth $79,110,000 after acquiring an additional 38,749 shares during the period. Institutional investors own 68.11% of the company's stock.

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MGM Resorts International Price Performance

Shares of NYSE:MGM traded down $0.17 during midday trading on Thursday, reaching $32.52. 4,718,350 shares of the company's stock traded hands, compared to its average volume of 4,178,872. The company has a fifty day simple moving average of $34.03 and a two-hundred day simple moving average of $36.14. MGM Resorts International has a 1 year low of $29.99 and a 1 year high of $48.25. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The company has a market cap of $9.29 billion, a P/E ratio of 13.55, a PEG ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping 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%. Equities analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on MGM. Susquehanna Bancshares raised their target price on shares of MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Citigroup boosted their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Barclays restated an "equal weight" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Capital One Financial lifted their price objective on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Finally, Wells Fargo & Company lifted 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 note on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, MGM Resorts International has an average rating of "Moderate Buy" and a consensus target price of $51.29.

Insiders Place Their Bets

In other news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares in the company, valued at approximately $692,509.84. This represents a 24.69 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 2.13% of the company's stock.

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.