Weiss Asset Management LP Acquires Shares of 33,743 MGM Resorts International (NYSE:MGM)

Weiss Asset Management LP acquired a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 33,743 shares of the company's stock, valued at approximately $1,319,000.

Several other large investors have also made changes to their positions in MGM. Marshall Wace LLP boosted its stake in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company's stock worth $49,330,000 after acquiring an additional 706,159 shares during the last quarter. Empower Advisory Group LLC lifted its holdings in MGM Resorts International by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company's stock valued at $61,430,000 after purchasing an additional 62,997 shares in the last quarter. Goldentree Asset Management LP boosted its stake in MGM Resorts International by 86.4% during the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company's stock worth $117,270,000 after purchasing an additional 1,390,599 shares during the last quarter. Maverick Capital Ltd. purchased a new stake in shares of MGM Resorts International during the second quarter worth $1,211,000. Finally, Wedge Capital Management L L P NC acquired a new stake in shares of MGM Resorts International in the second quarter valued at about $3,314,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MGM. Wells Fargo & Company reduced their price objective on 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. Truist Financial reduced their price target on MGM Resorts International from $58.00 to $56.00 and set a "buy" rating on the stock in a report on Wednesday, October 23rd. Morgan Stanley raised their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Tuesday, October 22nd. Barclays decreased their target price on shares of MGM Resorts International from $54.00 to $50.00 and set an "overweight" rating on the stock in a report on Thursday, October 31st. Finally, Mizuho dropped their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an "outperform" rating for the company in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, MGM Resorts International has a consensus rating of "Moderate Buy" and an average price target of $52.85.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the firm's stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction 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. This trade represents a 2.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 2.13% of the stock is currently owned by corporate insiders.

MGM Resorts International Stock Down 0.2 %

Shares of MGM traded down $0.06 during midday trading on Monday, reaching $36.60. The stock had a trading volume of 5,029,982 shares, compared to its average volume of 4,075,760. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. The company's fifty day simple moving average is $38.65 and its two-hundred day simple moving average is $39.46. The company has a market cap of $10.90 billion, a price-to-earnings ratio of 13.50, a PEG ratio of 3.13 and a beta of 2.20. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The business had revenue of $4.18 billion for the quarter, compared to analysts' expectations of $4.21 billion. During the same period last year, the firm earned $0.64 earnings per share. The firm's quarterly revenue was up 5.3% on a year-over-year basis. Equities research analysts expect that MGM Resorts International will post 2.48 earnings per share for the current year.

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.