MGM Resorts International $MGM Shares Purchased by Exchange Traded Concepts LLC

Key Points

• Exchange Traded Concepts LLC increased its stake in MGM Resorts International by 52.1% during Q2, owning a total of 83,079 shares valued at approximately $2.86 million.
• Insider trading activity saw Director Keith A. Meister sell 242,000 shares, reducing his ownership by 4.30%, while John McManus sold 60,000 shares, representing a 65.56% decrease in his position.
• MGM Resorts International reported quarterly earnings exceeding expectations, with an EPS of $0.79 compared to the consensus estimate of $0.58, and a revenue increase of 1.8% year over year.

Exchange Traded Concepts LLC raised its position in shares of MGM Resorts International (NYSE:MGM - Free Report) by 52.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 83,079 shares of the company's stock after acquiring an additional 28,450 shares during the quarter. Exchange Traded Concepts LLC's holdings in MGM Resorts International were worth $2,857,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Mascagni Wealth Management Inc. acquired a new stake in MGM Resorts International during the 4th quarter worth $28,000. Golden State Wealth Management LLC lifted its stake in shares of 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 worth $30,000 after buying an additional 455 shares in the last quarter. CX Institutional acquired a new position in MGM Resorts International during the first quarter worth about $36,000. MassMutual Private Wealth & Trust FSB grew its stake in MGM Resorts International by 66.9% during the 2nd 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 in the last quarter. Finally, Bayforest Capital Ltd acquired a new stake in MGM Resorts International in the 1st quarter valued at about $43,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 242,000 shares of the company's stock in a transaction that occurred on 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 directly owned 5,385,478 shares in the company, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on Monday, September 15th. The stock was 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 owned 31,521 shares of the company's stock, valued at $1,138,538.52. This represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.06% of the company's stock.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $35.83 on Friday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The firm has a market cap of $9.75 billion, a PE ratio of 19.69, a price-to-earnings-growth ratio of 1.51 and a beta of 1.69. The company's 50 day moving average is $36.84 and its two-hundred day moving average is $33.79.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.28 billion. During the same period last year, the firm earned $0.86 earnings per share. The company's revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MGM has been the topic of several recent research reports. Morgan Stanley boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an "equal weight" rating in a report on Thursday, September 11th. Susquehanna boosted their price objective on MGM Resorts International from $50.00 to $60.00 and gave the stock a "positive" rating in a research note on Tuesday, July 29th. Citizens Jmp downgraded MGM Resorts International from an "outperform" rating to a "market perform" rating in a research note on Thursday, June 26th. UBS Group lowered their price target on shares of 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, Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $48.67.

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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