American Capital Advisory LLC increased its position in MGM Resorts International (NYSE:MGM - Free Report) by 93.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 80,396 shares of the company's stock after buying an additional 38,930 shares during the quarter. MGM Resorts International comprises approximately 1.3% of American Capital Advisory LLC's holdings, making the stock its 13th largest position. American Capital Advisory LLC's holdings in MGM Resorts International were worth $2,383,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. IFP Advisors Inc lifted its stake in MGM Resorts International by 17.0% in the 4th quarter. IFP Advisors Inc now owns 4,824 shares of the company's stock worth $167,000 after acquiring an additional 702 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in MGM Resorts International by 3.3% in the 4th quarter. Bank of New York Mellon Corp now owns 1,323,992 shares of the company's stock worth $45,876,000 after acquiring an additional 42,256 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in MGM Resorts International in the 4th quarter worth about $2,053,000. Jones Financial Companies Lllp lifted its stake in MGM Resorts International by 56.4% in the 4th quarter. Jones Financial Companies Lllp now owns 14,616 shares of the company's stock worth $506,000 after acquiring an additional 5,272 shares in the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in MGM Resorts International in the 4th quarter worth about $57,000. Institutional investors and hedge funds own 68.11% of the company's stock.
MGM Resorts International Stock Performance
NYSE MGM traded down $0.23 during trading on Friday, hitting $37.45. The company's stock had a trading volume of 2,311,196 shares, compared to its average volume of 4,944,924. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. The firm has a 50 day moving average price of $33.11 and a 200 day moving average price of $32.86. The firm has a market cap of $10.19 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 2.59 and a beta of 1.76. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26.
MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.19. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the firm earned $0.74 EPS. MGM Resorts International's revenue for the quarter was down 2.4% compared to the same quarter last year. Equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.
MGM Resorts International announced that its Board of Directors has approved a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 22.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.
Analyst Upgrades and Downgrades
MGM has been the subject of several research reports. Truist Financial reduced their price target on MGM Resorts International from $50.00 to $45.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price target for the company. Barclays lifted their price target on MGM Resorts International from $41.00 to $43.00 and gave the company an "overweight" rating in a report on Thursday, May 1st. Stifel Nicolaus reduced their price target on MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Finally, Citizens Jmp lowered MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $48.06.
Get Our Latest Stock Report on MGM Resorts International
Insider Transactions at MGM Resorts International
In other news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the sale, the director owned 5,627,478 shares of the company's stock, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Corey Ian Sanders sold 40,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $34.43, for a total value of $1,377,200.00. Following the sale, the chief operating officer directly owned 281,530 shares in the company, valued at $9,693,077.90. The trade was a 12.44% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is owned by corporate insiders.
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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