Russell Investments Group Ltd. Boosts Stake in MGM Resorts International (NYSE:MGM)

Russell Investments Group Ltd. grew its stake in MGM Resorts International (NYSE:MGM - Free Report) by 168.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 406,334 shares of the company's stock after purchasing an additional 255,072 shares during the quarter. Russell Investments Group Ltd. owned approximately 0.14% of MGM Resorts International worth $14,066,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of MGM. Davis Selected Advisers increased its holdings in MGM Resorts International by 4.6% during the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after buying an additional 882,417 shares during the last quarter. Norges Bank purchased a new stake in MGM Resorts International in the 4th quarter worth about $88,033,000. Charles Schwab Investment Management Inc. raised its stake in MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company's stock valued at $79,110,000 after acquiring an additional 38,749 shares during the period. Wells Fargo & Company MN lifted its holdings in MGM Resorts International by 11.6% during the fourth quarter. Wells Fargo & Company MN now owns 1,910,828 shares of the company's stock valued at $66,210,000 after purchasing an additional 198,449 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in MGM Resorts International by 3.3% during the fourth quarter. Bank of New York Mellon Corp now owns 1,323,992 shares of the company's stock valued at $45,876,000 after purchasing an additional 42,256 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

Remove Ads

Insiders Place Their Bets

In other news, CAO Todd Meinert sold 6,000 shares of the business'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 directly owns 18,301 shares in the company, valued at $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the firm's stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the acquisition, the chief financial officer now owns 75,648 shares of the company's stock, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.13% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MGM. Wedbush reiterated an "outperform" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Susquehanna Bancshares increased their price target on shares of MGM Resorts International from $53.00 to $56.00 in a report on Wednesday, February 12th. Macquarie reaffirmed an "outperform" rating and set a $50.00 target price on shares of MGM Resorts International in a report on Thursday, February 13th. Truist Financial cut their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $51.29.

MGM Resorts International Stock Up 1.2 %

Shares of NYSE:MGM traded up $0.35 during trading on Tuesday, reaching $29.97. The stock had a trading volume of 3,393,535 shares, compared to its average volume of 4,581,109. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The company has a market capitalization of $8.48 billion, a P/E ratio of 12.49, a PEG ratio of 0.98 and a beta of 1.96. The firm's 50-day simple moving average is $32.55 and its 200 day simple moving average is $35.16. MGM Resorts International has a one year low of $25.30 and a one year high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. As a group, research analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

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.