Merrion Investment Management Co LLC Grows Holdings in MGM Resorts International (NYSE:MGM)

Merrion Investment Management Co LLC increased its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 53.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 117,390 shares of the company's stock after acquiring an additional 40,700 shares during the quarter. MGM Resorts International comprises approximately 2.5% of Merrion Investment Management Co LLC's investment portfolio, making the stock its 7th biggest holding. Merrion Investment Management Co LLC's holdings in MGM Resorts International were worth $3,479,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Strategic Financial Concepts LLC acquired a new stake in MGM Resorts International during the 4th quarter worth approximately $363,000. CIBC Asset Management Inc raised its holdings in MGM Resorts International by 2.9% during the 4th quarter. CIBC Asset Management Inc now owns 37,394 shares of the company's stock worth $1,296,000 after buying an additional 1,044 shares during the period. Global Retirement Partners LLC raised its holdings in MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after buying an additional 404 shares during the period. Freedom Day Solutions LLC raised its holdings in MGM Resorts International by 15.6% during the 4th quarter. Freedom Day Solutions LLC now owns 42,540 shares of the company's stock worth $1,474,000 after buying an additional 5,750 shares during the period. Finally, Ieq Capital LLC acquired a new stake in MGM Resorts International during the 4th quarter worth approximately $1,045,000. Institutional investors own 68.11% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have commented on MGM shares. Susquehanna raised their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "positive" rating in a report on Thursday, May 1st. Barclays raised their target price on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Morgan Stanley dropped their target price on shares of MGM Resorts International from $37.00 to $36.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Wall Street Zen upgraded shares of MGM Resorts International from a "sell" rating to a "hold" rating in a report on Thursday, May 22nd. Finally, Truist Financial lowered their price objective on shares of MGM Resorts International from $50.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of "Moderate Buy" and an average price target of $48.94.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Daniel J. Taylor sold 5,261 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $34.93, for a total value of $183,766.73. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the transaction, the chief operating officer now owns 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock worth $3,486,367 over the last ninety days. Insiders own 3.06% of the company's stock.

MGM Resorts International Price Performance

NYSE:MGM opened at $33.98 on Thursday. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79. The firm has a fifty day simple moving average of $31.83 and a 200 day simple moving average of $33.00. The stock has a market capitalization of $9.25 billion, a PE ratio of 15.17, a P/E/G ratio of 2.31 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.19. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.29 billion. During the same period last year, the business earned $0.74 earnings per share. The firm's revenue was down 2.4% on a year-over-year basis. On average, research analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International declared that its board 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 purchase up to 22.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its shares are undervalued.

MGM Resorts International 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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