D.A. Davidson & CO. Acquires 10,690 Shares of MGM Resorts International (NYSE:MGM)

D.A. Davidson & CO. increased its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 3.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 303,470 shares of the company's stock after purchasing an additional 10,690 shares during the period. D.A. Davidson & CO. owned approximately 0.11% of MGM Resorts International worth $8,995,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of MGM Resorts International during the 4th quarter valued at $88,033,000. Eminence Capital LP acquired a new position in shares of MGM Resorts International during the fourth quarter valued at about $72,408,000. AQR Capital Management LLC raised its holdings in shares of MGM Resorts International by 12,726.8% during the fourth quarter. AQR Capital Management LLC now owns 1,278,965 shares of the company's stock valued at $44,316,000 after purchasing an additional 1,268,994 shares during the period. Marshall Wace LLP boosted its position in shares of MGM Resorts International by 50.9% during the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company's stock worth $112,048,000 after purchasing an additional 1,090,533 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of MGM Resorts International by 22.5% in the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company's stock valued at $200,462,000 after buying an additional 1,063,707 shares during the period. 68.11% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the business'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 sale, the chief operating officer owned 281,530 shares of the company's stock, valued at $9,693,077.90. The trade was a 12.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 transaction, the director directly owned 5,627,478 shares of the company's stock, valued at $180,585,769.02. The trade was a 1.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 105,261 shares of company stock valued at $3,486,367. 3.06% of the stock is owned by insiders.

MGM Resorts International Stock Performance

MGM traded down $0.23 during trading on Friday, hitting $37.45. 2,311,196 shares of the company traded hands, compared to its average volume of 4,943,484. MGM Resorts International has a one year low of $25.30 and a one year high of $47.26. The stock's fifty day moving average is $33.11 and its 200 day moving average is $32.87. The company has a quick ratio of 1.26, a current ratio of 1.31 and a debt-to-equity ratio of 1.79. The firm has a market cap of $10.19 billion, a P/E ratio of 16.72, a price-to-earnings-growth ratio of 2.59 and a beta of 1.76.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.29 billion. During the same quarter in the previous year, the firm posted $0.74 EPS. MGM Resorts International's revenue was down 2.4% on a year-over-year basis. As a group, equities analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

MGM Resorts International announced that its board has authorized a share buyback program on Wednesday, April 30th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to reacquire up to 22.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts have issued reports on MGM shares. Barclays increased their price target on MGM Resorts International from $41.00 to $43.00 and gave the stock an "overweight" rating in a report on Thursday, May 1st. Citizens Jmp cut MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Susquehanna lifted their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a "positive" rating in a research report on Thursday, May 1st. 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. Finally, Stifel Nicolaus reduced their price objective on shares of MGM Resorts International from $50.00 to $44.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.06.

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.