Chemistry Wealth Management LLC Raises Stock Position in MGM Resorts International $MGM

Key Points

• Chemistry Wealth Management LLC increased its stake in MGM Resorts International by 147.4%, holding 20,536 shares valued at $706,000 after purchasing an additional 12,236 shares in the second quarter.
• MGM Resorts International reported $4.40 billion in revenue for the last quarter, exceeding expectations, with an earnings per share (EPS) of $0.79, beating the consensus estimate of $0.58.
• Recent analyst ratings for MGM Resorts International include a neutral rating from UBS Group and a price target adjustment from $44 to $39, indicating varying sentiments towards the stock's future performance.

Chemistry Wealth Management LLC increased its stake in MGM Resorts International (NYSE:MGM - Free Report) by 147.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,536 shares of the company's stock after purchasing an additional 12,236 shares during the period. Chemistry Wealth Management LLC's holdings in MGM Resorts International were worth $706,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of MGM. Mascagni Wealth Management Inc. purchased a new position in shares of MGM Resorts International during the 4th quarter valued at approximately $28,000. Golden State Wealth Management LLC increased 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 purchased a new position in shares of MGM Resorts International during the 1st quarter valued at approximately $36,000. Bayforest Capital Ltd purchased a new position in shares of MGM Resorts International during the 1st quarter valued at approximately $43,000. Finally, UMB Bank n.a. increased its holdings in shares of MGM Resorts International by 91.0% during the 1st quarter. UMB Bank n.a. now owns 1,616 shares of the company's stock valued at $48,000 after purchasing an additional 770 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

MGM Resorts International Trading Down 2.3%

Shares of MGM stock opened at $34.54 on Monday. The company's 50-day moving average price is $37.06 and its 200-day moving average price is $33.71. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The stock has a market cap of $9.40 billion, a price-to-earnings ratio of 18.98, a PEG ratio of 1.46 and a beta of 1.69.

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

Insider Activity

In other news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the sale, the director owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. This 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 can be accessed through the SEC website. Corporate insiders own 3.06% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. UBS Group cut their target price on shares of MGM Resorts International from $44.00 to $39.00 and set a "neutral" rating for the company in a report on Thursday. JPMorgan Chase & Co. assumed coverage on shares of MGM Resorts International in a report on Monday, June 23rd. They issued a "neutral" rating and a $38.00 price target for the company. Morgan Stanley boosted their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday. Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, JMP Securities reissued a "market perform" rating on shares of MGM Resorts International in a report on Thursday, June 26th. One 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 company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.67.

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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