Merit Financial Group LLC Acquires 16,598 Shares of MGM Resorts International $MGM

Merit Financial Group LLC lifted its holdings in MGM Resorts International (NYSE:MGM) by 108.6% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 31,875 shares of the company’s stock after purchasing an additional 16,598 shares during the period. Merit Financial Group LLC’s holdings in MGM Resorts International were worth $1,105,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Corient Private Wealth LLC increased its position in shares of MGM Resorts International by 356.6% during the second 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. American Assets Inc. grew its stake in MGM Resorts International by 66.7% during the 2nd quarter. American Assets Inc. now owns 30,000 shares of the company’s stock worth $950,000 after buying an additional 12,000 shares during the last quarter. WINTON GROUP Ltd acquired a new position in MGM Resorts International during the 2nd quarter valued at about $6,351,000. Wealth Enhancement Advisory Services LLC increased its position in MGM Resorts International by 109.7% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company’s stock valued at $4,276,000 after buying an additional 67,542 shares in the last quarter. Finally, Permanent Capital Management LP purchased a new stake in MGM Resorts International in the third quarter valued at about $738,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, major shareholder Iac Inc. acquired 1,098,748 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the acquisition, the insider directly owned 65,822,350 shares in the company, valued at $2,389,351,305. This represents a 1.70% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.06% of the company’s stock.

Wall Street Analyst Weigh In

MGM has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a research note on Monday, December 29th. Citigroup lifted their target price on shares of MGM Resorts International from $35.00 to $41.00 and gave the stock a “neutral” rating in a research note on Friday, February 6th. Susquehanna dropped their target price on shares of MGM Resorts International from $46.00 to $45.00 and set a “positive” rating on the stock in a research report on Friday, February 6th. Truist Financial raised their price target on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “hold” rating in a report on Friday, February 6th. Finally, Berenberg Bank reiterated a “buy” rating on shares of MGM Resorts International in a research note on Wednesday, February 11th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and four have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $41.94.

MGM Resorts International Stock Performance

MGM opened at $34.29 on Wednesday. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $40.16. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. The firm has a market capitalization of $8.77 billion, a PE ratio of 45.72 and a beta of 1.44. The firm has a 50 day moving average of $35.61 and a two-hundred day moving average of $34.89.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, beating the consensus estimate of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The business had revenue of $4.61 billion for the quarter, compared to the consensus estimate of $4.42 billion. During the same period in the prior year, the firm earned $0.45 EPS. On average, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

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.