Triton Wealth Management PLLC Takes Position in MGM Resorts International $MGM

Key Points

• Triton Wealth Management PLLC acquired a new stake in MGM Resorts International, purchasing 14,140 shares valued at approximately $528,000 during the second quarter.
• Analysts have varied projections for MGM, with Citigroup raising its price target to $57.00 and changing their rating to a "strong-buy," while UBS Group lowered its target price to $39.00, indicating mixed sentiment in the market.
• The company's most recent earnings report showed a quarterly revenue of $4.40 billion, surpassing estimates, and earnings per share of $0.79, which beat the consensus by $0.21.

Triton Wealth Management PLLC acquired a new stake in shares of MGM Resorts International (NYSE:MGM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 14,140 shares of the company's stock, valued at approximately $528,000.

Several other institutional investors and hedge funds have also recently modified their holdings of MGM. GAMMA Investing LLC raised its position in shares of MGM Resorts International by 10.6% during the first quarter. GAMMA Investing LLC now owns 6,477 shares of the company's stock valued at $192,000 after buying an additional 619 shares during the last quarter. CX Institutional bought a new stake in shares of MGM Resorts International during the first quarter valued at approximately $36,000. Fifth Third Bancorp raised its position in shares of MGM Resorts International by 3.6% during the first quarter. Fifth Third Bancorp now owns 15,328 shares of the company's stock valued at $454,000 after buying an additional 535 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of MGM Resorts International by 60.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company's stock valued at $1,830,000 after buying an additional 23,234 shares during the last quarter. Finally, Keystone Wealth Services LLC raised its position in shares of MGM Resorts International by 10.9% during the first quarter. Keystone Wealth Services LLC now owns 7,275 shares of the company's stock valued at $216,000 after buying an additional 717 shares during the last quarter. Institutional investors own 68.11% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on MGM. Citizens Jmp lowered shares of MGM Resorts International from an "outperform" rating to a "market perform" rating in a report on Thursday, June 26th. Susquehanna raised their target price on shares of MGM Resorts International from $50.00 to $60.00 and gave the company a "positive" rating in a report on Tuesday, July 29th. Seaport Res Ptn lowered shares of MGM Resorts International from a "strong-buy" rating to a "hold" rating in a report on Monday, July 21st. Citigroup raised shares of MGM Resorts International from a "hold" rating to a "strong-buy" rating and raised their target price for the company from $55.00 to $57.00 in a report on Wednesday, July 9th. Finally, UBS Group cut their target price on shares of MGM Resorts International from $44.00 to $39.00 and set a "neutral" rating for the company in a report on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, MGM Resorts International has a consensus rating of "Moderate Buy" and a consensus price target of $48.61.

MGM Resorts International Stock Up 2.8%

Shares of MGM 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 12-month low of $25.30 and a 12-month 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 firm has a fifty day moving average price of $35.67 and a 200-day moving average price of $34.04.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.21. The firm had revenue of $4.40 billion during 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 firm's quarterly revenue was up 1.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.86 earnings per share. Equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Activity

In related news, 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 completion of the sale, 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the sale, the director owned 5,385,478 shares of the company's stock, valued at $190,753,630.76. The trade was a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.06% of the company's stock.

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.

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