Vanguard Capital Wealth Advisors Buys Shares of 29,600 MGM Resorts International $MGM

Key Points

• Vanguard Capital Wealth Advisors has acquired 29,600 shares of MGM Resorts International, valued at approximately $1,018,000, making it the firm's 24th biggest position.
• Various institutional investors have increased their stakes in MGM, with hedge funds now owning about 68.11% of the company's stock.
• Analysts have notably raised their price targets for MGM Resorts International, with Citigroup upgrading it to a "strong-buy" and increasing the price objective from $55.00 to $57.00.

Vanguard Capital Wealth Advisors bought a new position in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 29,600 shares of the company's stock, valued at approximately $1,018,000. MGM Resorts International comprises 1.0% of Vanguard Capital Wealth Advisors' investment portfolio, making the stock its 24th largest position.

Other large investors also recently made changes to their positions in the company. Mascagni Wealth Management Inc. bought a new position in MGM Resorts International in the fourth quarter valued at about $28,000. Golden State Wealth Management LLC lifted its holdings in shares of MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after purchasing an additional 455 shares in the last quarter. CX Institutional bought a new position in shares of MGM Resorts International during the 1st quarter valued at about $36,000. Bayforest Capital Ltd bought a new position in shares of MGM Resorts International during the 1st quarter valued at about $43,000. Finally, MassMutual Private Wealth & Trust FSB raised its position in MGM Resorts International by 66.9% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company's stock valued at $45,000 after buying an additional 529 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Insider Activity

In related news, Director Keith A. Meister sold 242,000 shares of the business's stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider directly owned 31,521 shares of the company's stock, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is owned by insiders.

MGM Resorts International Stock Performance

MGM Resorts International stock traded up $0.21 during mid-day trading on Tuesday, reaching $34.70. 2,645,174 shares of the company's stock were exchanged, compared to its average volume of 5,222,220. The business's fifty day simple moving average is $36.77 and its 200 day simple moving average is $33.82. The firm has a market capitalization of $9.45 billion, a PE ratio of 19.05, a P/E/G ratio of 1.51 and a beta of 1.69. MGM Resorts International has a one year low of $25.30 and a one year high of $42.53. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM - Get Free Report) last issued its earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.58 by $0.21. The firm had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business's revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 earnings per share. On average, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. UBS Group lowered their price target on MGM Resorts International from $44.00 to $39.00 and set a "neutral" rating on the stock in a research report on Thursday, September 11th. Susquehanna lifted their target price on MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a research note on Tuesday, July 29th. Stifel Nicolaus boosted their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. Truist Financial upped their target price on MGM Resorts International from $45.00 to $50.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Finally, Seaport Res Ptn downgraded MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, MGM Resorts International has an average rating of "Moderate Buy" and an average target price of $48.56.

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.