MGM Resorts International $MGM Shares Bought by Merit Financial Group LLC

Merit Financial Group LLC raised its stake in shares of MGM Resorts International (NYSE:MGM) by 108.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,875 shares of the company’s stock after acquiring an additional 16,598 shares during the period. Merit Financial Group LLC’s holdings in MGM Resorts International were worth $1,105,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the stock. American Assets Inc. boosted its position in MGM Resorts International by 66.7% in the 2nd quarter. American Assets Inc. now owns 30,000 shares of the company’s stock valued at $950,000 after buying an additional 12,000 shares during the period. WINTON GROUP Ltd purchased a new position in MGM Resorts International in the second quarter valued at $6,351,000. Corient Private Wealth LLC grew its stake in MGM Resorts International by 356.6% during the 2nd quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock worth $18,176,000 after purchasing an additional 412,767 shares in the last quarter. Key Colony Management LLC increased its holdings in MGM Resorts International by 9.8% during the 2nd quarter. Key Colony Management LLC now owns 615,000 shares of the company’s stock worth $21,150,000 after purchasing an additional 55,000 shares during the period. Finally, Goldentree Asset Management LP raised its position in MGM Resorts International by 20.7% in the 2nd quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock valued at $185,778,000 after purchasing an additional 924,810 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Trading Down 0.7%

NYSE MGM opened at $35.71 on Wednesday. The firm’s fifty day moving average price is $34.67 and its 200 day moving average price is $35.34. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. The company has a market capitalization of $9.77 billion, a price-to-earnings ratio of 223.19, a price-to-earnings-growth ratio of 2.60 and a beta of 1.46.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.13). The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The business’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.54 EPS. On average, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently weighed in on MGM shares. Mizuho set a $62.00 target price on shares of MGM Resorts International in a research note on Thursday, October 30th. Weiss Ratings reissued a “sell (d)” rating on shares of MGM Resorts International in a research report on Monday, December 29th. Barclays set a $38.00 price objective on shares of MGM Resorts International and gave the stock an “equal weight” rating in a research report on Wednesday, December 17th. Morgan Stanley increased their target price on MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, September 11th. Finally, Truist Financial cut their price target on MGM Resorts International from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Friday, January 2nd. Eleven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International presently has a consensus rating of “Hold” and an average target price of $44.91.

Insider Transactions at MGM Resorts International

In other news, major shareholder Iac Inc. purchased 1,098,748 shares of the business’s stock in a transaction on Friday, December 5th. The shares were bought at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the transaction, the insider directly owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This represents a 1.70% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 3.06% of the stock is owned by corporate insiders.

MGM Resorts International Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.