Chemistry Wealth Management LLC raised its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 147.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 20,536 shares of the company's stock after purchasing an additional 12,236 shares during the quarter. Chemistry Wealth Management LLC's holdings in MGM Resorts International were worth $706,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently modified their holdings of MGM. Captrust Financial Advisors boosted its stake in shares of MGM Resorts International by 84.8% in the fourth quarter. Captrust Financial Advisors now owns 14,295 shares of the company's stock valued at $495,000 after buying an additional 6,559 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of MGM Resorts International by 3.4% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 18,701 shares of the company's stock worth $648,000 after purchasing an additional 617 shares in the last quarter. NorthRock Partners LLC purchased a new stake in shares of MGM Resorts International during the 4th quarter worth $217,000. Mufg Securities Americas Inc. purchased a new stake in shares of MGM Resorts International during the 4th quarter worth $116,000. Finally, ProShare Advisors LLC boosted its position in shares of MGM Resorts International by 4.3% during the 4th quarter. ProShare Advisors LLC now owns 54,774 shares of the company's stock worth $1,898,000 after purchasing an additional 2,274 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research firms recently commented on MGM. Seaport Res Ptn downgraded shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a report on Monday, July 21st. Morgan Stanley boosted their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an "equal weight" rating in a research note on Thursday, September 11th. JPMorgan Chase & Co. initiated coverage on MGM Resorts International in a research note on Monday, June 23rd. They set a "neutral" rating and a $38.00 price target on the stock. UBS Group decreased their target price 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. Finally, Truist Financial boosted their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $48.67.
Check Out Our Latest Analysis on MGM
MGM Resorts International Trading Down 0.1%
Shares of MGM Resorts International stock traded down $0.05 during trading hours on Friday, reaching $35.89. The stock had a trading volume of 1,773,859 shares, compared to its average volume of 5,202,520. The firm has a 50 day simple moving average of $36.88 and a two-hundred day simple moving average of $33.76. The firm has a market capitalization of $9.77 billion, a price-to-earnings ratio of 19.72, a P/E/G ratio of 1.49 and a beta of 1.69. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53.
MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $4.28 billion. During the same period last year, the business posted $0.86 EPS. The company's quarterly revenue was up 1.8% compared to the same quarter last year. As a group, equities research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.
Insiders Place Their Bets
In other news, Director Keith A. Meister sold 242,000 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $35.42, for a total value of $8,571,640.00. Following the transaction, the director owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Mcmanus sold 60,000 shares of the firm's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares in the company, valued at approximately $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Company insiders own 3.06% of the company's stock.
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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