abrdn plc Boosts Stock Holdings in MGM Resorts International (NYSE:MGM)

abrdn plc increased its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 45.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,372 shares of the company's stock after purchasing an additional 39,438 shares during the quarter. abrdn plc's holdings in MGM Resorts International were worth $5,646,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in MGM. CVA Family Office LLC acquired a new stake in MGM Resorts International in the fourth quarter valued at approximately $28,000. Sandy Spring Bank grew its holdings in MGM Resorts International by 140.8% during the 3rd quarter. Sandy Spring Bank now owns 855 shares of the company's stock worth $31,000 after acquiring an additional 500 shares during the last quarter. Sunbelt Securities Inc. lifted its position in MGM Resorts International by 510.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company's stock valued at $44,000 after purchasing an additional 1,000 shares during the period. Massmutual Trust Co. FSB ADV raised its position in shares of MGM Resorts International by 49.7% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company's stock valued at $49,000 after acquiring an additional 367 shares during the period. Finally, Huntington National Bank raised its position in shares of MGM Resorts International by 46.7% in the 3rd quarter. Huntington National Bank now owns 1,999 shares of the company's stock valued at $73,000 after acquiring an additional 636 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MGM. Mizuho began coverage on shares of MGM Resorts International in a report on Tuesday, March 26th. They set a "buy" rating and a $61.00 target price on the stock. Deutsche Bank Aktiengesellschaft raised their target price on shares of MGM Resorts International from $50.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, February 14th. Barclays dropped their target price on shares of MGM Resorts International from $57.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, February 14th. TheStreet raised shares of MGM Resorts International from a "c+" rating to a "b-" rating in a research note on Tuesday, February 13th. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $57.00 price target on shares of MGM Resorts International in a research note on Wednesday, February 14th. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $55.34.

MGM Resorts International Stock Performance

Shares of MGM traded down $1.09 during midday trading on Friday, reaching $41.09. 4,682,708 shares of the stock were exchanged, compared to its average volume of 2,687,450. MGM Resorts International has a twelve month low of $34.12 and a twelve month high of $51.35. The company has a quick ratio of 1.53, a current ratio of 1.57 and a debt-to-equity ratio of 1.46. The company has a market cap of $13.03 billion, a P/E ratio of 12.96, a PEG ratio of 1.69 and a beta of 2.19. The stock's 50 day simple moving average is $43.71 and its 200 day simple moving average is $42.16.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Tuesday, February 13th. The company reported $1.06 EPS for the quarter, beating analysts' consensus estimates of $0.67 by $0.39. The business had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.14 billion. MGM Resorts International had a return on equity of 20.51% and a net margin of 7.07%. MGM Resorts International's revenue for the quarter was up 21.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.69 earnings per share. On average, sell-side analysts expect that MGM Resorts International will post 2.46 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 325,000 shares of the business's stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the sale, the director now directly owns 6,098,778 shares in the company, valued at $261,637,576.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.13% 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.