RMR Capital Management LLC Has $725,000 Stock Holdings in MGM Resorts International $MGM

Key Points

• RMR Capital Management LLC increased its stake in MGM Resorts International by 142.4% in the second quarter, owning 21,093 shares worth approximately $725,000.
• Several hedge funds have also adjusted their positions in MGM, with institutional investors collectively owning 68.11% of the company.
• MGM reported an EPS of $0.79, exceeding estimates, alongside a revenue of $4.40 billion for the quarter, indicating a 1.8% increase year-over-year.

RMR Capital Management LLC raised its stake in MGM Resorts International (NYSE:MGM - Free Report) by 142.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,093 shares of the company's stock after acquiring an additional 12,393 shares during the period. RMR Capital Management LLC's holdings in MGM Resorts International were worth $725,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Atria Wealth Solutions Inc. bought a new position in shares of MGM Resorts International in the 2nd quarter valued at $249,000. MGO One Seven LLC bought a new position in shares of MGM Resorts International in the 2nd quarter valued at $224,000. CWM LLC increased its stake in shares of MGM Resorts International by 20.8% in the 2nd quarter. CWM LLC now owns 67,829 shares of the company's stock valued at $2,333,000 after purchasing an additional 11,698 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of MGM Resorts International by 15.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 39,435 shares of the company's stock valued at $1,356,000 after purchasing an additional 5,265 shares during the last quarter. Finally, Concurrent Investment Advisors LLC increased its stake in shares of MGM Resorts International by 4.1% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company's stock valued at $274,000 after purchasing an additional 315 shares during the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MGM has been the topic of several recent analyst reports. Stifel Nicolaus lifted their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. JMP Securities reiterated a "market perform" rating on shares of MGM Resorts International in a research note on Thursday, June 26th. Macquarie decreased their price target on MGM Resorts International from $48.00 to $46.00 and set an "outperform" rating on the stock in a research note on Thursday, October 2nd. Deutsche Bank Aktiengesellschaft reduced their price objective on MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. Finally, Citizens Jmp lowered MGM Resorts International from an "outperform" rating to a "market perform" rating in a research report on Thursday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, MGM Resorts International presently has an average rating of "Moderate Buy" and a consensus target price of $48.61.

MGM Resorts International Trading Up 2.8%

Shares of MGM stock opened at $32.47 on Wednesday. The firm has a market capitalization of $8.84 billion, a P/E ratio of 17.84, a P/E/G ratio of 1.30 and a beta of 1.67. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. The stock's fifty day simple moving average is $35.67 and its 200 day simple moving average is $34.04.

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

Insider Activity

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares of the company's stock, valued at approximately $190,753,630.76. The trade was a 4.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the transaction, the insider directly owned 31,521 shares in the company, valued at $1,138,538.52. The trade was a 65.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.