Ilmarinen Mutual Pension Insurance Co Buys New Shares in MGM Resorts International $MGM

Key Points

• Ilmarinen Mutual Pension Insurance Co acquired 35,000 shares of MGM Resorts International valued at approximately $1,037,000 in the 1st quarter, indicating increasing institutional interest in the company.
• Analysts have mixed opinions on MGM's stock, with price targets ranging from $34.00 to $59.00 and a consensus rating of "Moderate Buy".
• MGM Resorts International reported earnings of $0.79 per share for the last quarter, surpassing analysts' estimates and generating revenue of $4.40 billion.

Ilmarinen Mutual Pension Insurance Co purchased a new position in MGM Resorts International (NYSE:MGM - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 35,000 shares of the company's stock, valued at approximately $1,037,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Mascagni Wealth Management Inc. bought a new stake in shares of MGM Resorts International in the fourth quarter valued at about $28,000. Golden State Wealth Management LLC raised its holdings in MGM Resorts International by 83.5% in the 1st 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 in the last quarter. CX Institutional acquired a new position in MGM Resorts International in the 1st quarter valued at approximately $36,000. Bayforest Capital Ltd bought a new stake in shares of MGM Resorts International in the 1st quarter worth approximately $43,000. Finally, UMB Bank n.a. grew 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 worth $48,000 after purchasing an additional 770 shares in the last quarter. Institutional investors own 68.11% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently commented on MGM. UBS Group set a $39.00 target price on MGM Resorts International in a research note on Thursday. Barclays lifted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. Mizuho lowered their price target on shares of MGM Resorts International from $59.00 to $58.00 and set an "outperform" rating on the stock in a report on Thursday, July 31st. Morgan Stanley raised their price objective on shares of MGM Resorts International from $38.00 to $41.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Finally, The Goldman Sachs Group began coverage on shares of MGM Resorts International in a research report on Monday, July 7th. They set a "sell" rating and a $34.00 target price on the stock. One equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.56.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the firm's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the completion of the sale, the director directly owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. This trade represents a 1.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 3.06% of the company's stock.

MGM Resorts International Stock Down 0.1%

Shares of NYSE MGM opened at $35.98 on Thursday. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The business has a fifty day moving average of $37.16 and a two-hundred day moving average of $33.74. The stock has a market cap of $9.79 billion, a PE ratio of 19.77, a PEG ratio of 1.52 and a beta of 1.69.

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

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.

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