Northwestern Mutual Wealth Management Co. Boosts Holdings in MGM Resorts International $MGM

Key Points

• Northwestern Mutual Wealth Management increased its MGM Resorts stake by 299.5% in the fourth quarter, ending with 94,571 shares valued at about $3.45 million.
• Other investors and insiders were active as well: hedge funds continued to add or expand positions, while IAC bought 450,000 shares and director Keith A. Meister sold 37,500 shares.
• Analysts remain mixed on MGM, with the stock carrying a consensus Hold rating and an average price target of $47.12; shares recently traded around $38.44 after MGM reported quarterly earnings that missed EPS expectations but beat revenue estimates.

Northwestern Mutual Wealth Management Co. lifted its stake in MGM Resorts International (NYSE:MGM - Free Report) by 299.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,571 shares of the company's stock after buying an additional 70,899 shares during the period. Northwestern Mutual Wealth Management Co.'s holdings in MGM Resorts International were worth $3,451,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of MGM. CYBER HORNET ETFs LLC purchased a new position in shares of MGM Resorts International in the 2nd quarter valued at $25,000. City Holding Co. purchased a new position in shares of MGM Resorts International in the 4th quarter valued at $44,000. Stance Capital LLC purchased a new position in shares of MGM Resorts International in the 3rd quarter valued at $46,000. Advisory Services Network LLC purchased a new position in shares of MGM Resorts International in the 3rd quarter valued at $52,000. Finally, Clearstead Advisors LLC grew its position in shares of MGM Resorts International by 973.9% in the 3rd quarter. Clearstead Advisors LLC now owns 1,890 shares of the company's stock valued at $66,000 after buying an additional 1,714 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

In other news, major shareholder Iac Inc. bought 450,000 shares of MGM Resorts International stock in a transaction dated Tuesday, March 24th. The stock was bought at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the purchase, the insider owned 66,822,350 shares of the company's stock, valued at approximately $2,481,113,855.50. The trade was a 0.68% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 37,500 shares of the firm's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $34.27, for a total transaction of $1,285,125.00. Following the completion of the sale, the director owned 5,347,978 shares of the company's stock, valued at $183,275,206.06. This trade represents a 0.70% decrease in their position. The disclosure for this sale is available in the SEC filing. 3.38% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MGM has been the topic of a number of recent analyst reports. Barclays increased their target price on shares of MGM Resorts International from $37.00 to $39.00 and gave the company an "equal weight" rating in a research report on Thursday, April 30th. Wells Fargo & Company increased their price target on shares of MGM Resorts International from $30.00 to $33.00 and gave the stock an "underweight" rating in a research note on Thursday, April 30th. KeyCorp upgraded shares of MGM Resorts International from a "sector weight" rating to an "overweight" rating and set a $117.00 price target for the company in a research note on Monday, April 27th. Weiss Ratings upgraded shares of MGM Resorts International from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, May 15th. Finally, Citigroup decreased their price target on shares of MGM Resorts International from $41.00 to $40.00 and set a "neutral" rating for the company in a research note on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and four have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $47.12.

MGM Resorts International Stock Up 0.1%

Shares of NYSE:MGM opened at $38.44 on Monday. The stock has a market cap of $9.84 billion, a P/E ratio of 53.39 and a beta of 1.28. The firm has a fifty day moving average price of $37.55 and a 200 day moving average price of $35.95. The company has a debt-to-equity ratio of 1.93, a current ratio of 1.33 and a quick ratio of 1.30. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $40.94.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its earnings results on Wednesday, April 29th. The company reported $0.49 EPS for the quarter, missing the consensus estimate of $0.56 by ($0.07). MGM Resorts International had a return on equity of 24.43% and a net margin of 1.03%.The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.37 billion. During the same quarter last year, the business posted $0.69 EPS. The firm's revenue was up 4.2% on a year-over-year basis. Sell-side analysts predict that MGM Resorts International will post 1.99 EPS for the current year.

MGM Resorts International Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.

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