Callan Family Office LLC Invests $545,000 in MGM Resorts International $MGM

Key Points

• Callan Family Office LLC has invested $545,000 in MGM Resorts International, acquiring 15,836 shares in the process as part of their second-quarter filings.
• MGM Resorts International has seen varied analyst opinions, with Barclays raising their target price to $44.00, while Weiss Ratings maintained a "sell" rating.
• In recent insider trading, Director Keith A. Meister sold 242,000 shares for over $8.5 million, indicating a notable decrease in his ownership stake.

Callan Family Office LLC acquired a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 15,836 shares of the company's stock, valued at approximately $545,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Golden State Wealth Management LLC grew its stake in MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after acquiring an additional 455 shares during the period. CX Institutional acquired a new position in MGM Resorts International in the first quarter valued at about $36,000. MassMutual Private Wealth & Trust FSB grew its stake in MGM Resorts International by 66.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company's stock valued at $45,000 after acquiring an additional 529 shares during the period. Bayforest Capital Ltd acquired a new position in MGM Resorts International in the first quarter valued at about $43,000. Finally, Quarry LP grew its stake in MGM Resorts International by 24.1% in the first quarter. Quarry LP now owns 1,795 shares of the company's stock valued at $53,000 after acquiring an additional 349 shares during the period. Institutional investors own 68.11% of the company's stock.

Analysts Set New Price Targets

A number of research firms have issued reports on MGM. Barclays boosted their target price on MGM Resorts International from $43.00 to $44.00 and gave the company an "overweight" rating in a research note on Friday, July 18th. Seaport Res Ptn cut MGM Resorts International from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 21st. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of MGM Resorts International in a research report on Wednesday, October 8th. JPMorgan Chase & Co. began coverage on MGM Resorts International in a research report on Monday, June 23rd. They set a "neutral" rating and a $38.00 price objective for the company. Finally, Citizens Jmp cut MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $48.61.

MGM Resorts International Stock Performance

MGM opened at $32.47 on Wednesday. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The firm has a market capitalization of $8.84 billion, a PE ratio of 17.84, a PEG ratio of 1.30 and a beta of 1.67. The business's 50-day simple moving average is $35.67 and its 200 day simple moving average is $34.04. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

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

Insider Buying and Selling

In other news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction that occurred on 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 transaction, the director owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction that occurred on 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 transaction, the insider owned 31,521 shares in the company, 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 currently owned by company insiders.

MGM Resorts International Company Profile

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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