OMERS ADMINISTRATION Corp Purchases 10,889 Shares of MGM Resorts International $MGM

Key Points

• OMERS Administration Corp increased its stake in MGM Resorts International by 20.7% during the 1st quarter, now holding 63,594 shares valued at approximately $1.88 million.
• MGM Resorts posted earnings of $0.79 per share for the last quarter, exceeding analyst expectations, with total revenue surpassing $4.4 billion.
• Institutional ownership of MGM Resorts stands at 68.11%, with significant investment activity from various major funds in recent quarters.

OMERS ADMINISTRATION Corp increased its stake in MGM Resorts International (NYSE:MGM - Free Report) by 20.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,594 shares of the company's stock after buying an additional 10,889 shares during the period. OMERS ADMINISTRATION Corp's holdings in MGM Resorts International were worth $1,885,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Mascagni Wealth Management Inc. bought a new position in MGM Resorts International in the fourth quarter worth about $28,000. Golden State Wealth Management LLC increased its stake in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company's stock valued at $30,000 after purchasing an additional 455 shares in the last quarter. CX Institutional bought a new position in shares of MGM Resorts International during the first quarter valued at approximately $36,000. Bayforest Capital Ltd bought a new position in shares of MGM Resorts International during the first quarter valued at approximately $43,000. Finally, UMB Bank n.a. increased its stake in shares of MGM Resorts International by 91.0% during the first quarter. UMB Bank n.a. now owns 1,616 shares of the company's stock valued at $48,000 after purchasing an additional 770 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MGM. Susquehanna raised their price target on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a research report on Tuesday, July 29th. Truist Financial lifted their target price on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Citigroup raised shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and lifted their target price for the stock from $55.00 to $57.00 in a research report on Wednesday, July 9th. Citizens Jmp downgraded shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. Finally, Wall Street Zen raised shares of MGM Resorts International from a "sell" rating to a "hold" rating in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $48.83.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the business's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director directly owned 5,627,478 shares in the company, valued at $180,585,769.02. The trade was a 1.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 3.06% of the stock is currently owned by company insiders.

MGM Resorts International Price Performance

Shares of MGM traded down $0.97 during trading hours on Thursday, reaching $37.14. 2,427,525 shares of the stock traded hands, compared to its average volume of 5,248,063. The company's 50-day moving average price is $37.07 and its two-hundred day moving average price is $33.80. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The company has a market cap of $10.11 billion, a P/E ratio of 20.39, a price-to-earnings-growth ratio of 1.87 and a beta of 1.69.

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