Signature Estate & Investment Advisors LLC acquired a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 7,937 shares of the company's stock, valued at approximately $275,000.
Several other hedge funds have also recently added to or reduced their stakes in the stock. Global Trust Asset Management LLC bought a new stake in shares of MGM Resorts International in the 4th quarter valued at $28,000. Assetmark Inc. grew its stake in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after acquiring an additional 411 shares during the period. Global Retirement Partners LLC increased its holdings in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after acquiring an additional 404 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of MGM Resorts International during the third quarter worth about $44,000. Finally, Modus Advisors LLC bought a new position in shares of MGM Resorts International during the 4th quarter valued at about $46,000. Institutional investors and hedge funds own 68.11% of the company's stock.
MGM Resorts International Stock Performance
Shares of NYSE MGM traded up $0.29 during midday trading on Tuesday, hitting $29.93. 6,420,152 shares of the company's stock were exchanged, compared to its average volume of 4,372,980. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The firm has a market capitalization of $8.55 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. MGM Resorts International has a 12 month low of $28.63 and a 12 month high of $47.45. The company's 50 day moving average price is $33.77 and its 200 day moving average price is $35.85.
MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.
Insider Buying and Selling at MGM Resorts International
In related news, CAO Todd Meinert sold 6,000 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the company's stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now directly owns 75,648 shares in the company, 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. Insiders own 2.13% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have commented on MGM shares. Citigroup raised their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Truist Financial dropped 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, January 14th. Jefferies Financial Group lowered their target price on MGM Resorts International from $52.00 to $50.00 and set a "buy" rating for the company in a report on Friday, January 3rd. Argus raised MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a research note on Friday, February 14th. Finally, Capital One Financial upped their price objective on MGM Resorts International from $52.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $51.29.
Get Our Latest Research Report on MGM
MGM Resorts International Company Profile
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Free Report)
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.
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