Symmetry Investments LP Buys New Position in MGM Resorts International (NYSE:MGM)

Symmetry Investments LP bought a new stake in shares of MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 18,898 shares of the company’s stock, valued at approximately $840,000.

Several other hedge funds also recently added to or reduced their stakes in the business. UMB Bank n.a. increased its position in MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares in the last quarter. Texas Permanent School Fund Corp increased its position in MGM Resorts International by 0.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after buying an additional 245 shares in the last quarter. Mendota Financial Group LLC increased its position in MGM Resorts International by 36.0% during the 1st quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock valued at $47,000 after buying an additional 266 shares in the last quarter. Lindbrook Capital LLC increased its position in MGM Resorts International by 8.2% during the 1st quarter. Lindbrook Capital LLC now owns 3,550 shares of the company’s stock valued at $168,000 after buying an additional 268 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in MGM Resorts International by 1.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock valued at $1,018,000 after buying an additional 278 shares in the last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Stock Down 1.1 %

MGM Resorts International stock opened at $37.32 on Friday. The firm has a market cap of $11.71 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 0.64 and a beta of 2.22. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The business’s 50-day moving average price is $38.92 and its 200 day moving average price is $41.22. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.66 by $0.20. The firm had revenue of $4.33 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. MGM Resorts International’s revenue for the quarter was up 9.8% compared to the same quarter last year. During the same period last year, the company earned $0.59 earnings per share. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.68 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on MGM. UBS Group raised MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Wells Fargo & Company reduced their price objective on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. JMP Securities reduced their price objective on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a research note on Thursday, August 1st. Morgan Stanley reduced their price objective on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 4th. Finally, BTIG Research initiated coverage on MGM Resorts International in a research note on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $53.93.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $34.00 per share, with a total value of $340,000.00. Following the completion of the acquisition, the chief financial officer now owns 38,299 shares in the company, valued at $1,302,166. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MGM Resorts International news, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’s stock in a transaction on Monday, August 5th. The shares were bought at an average cost of $34.00 per share, with a total value of $340,000.00. Following the completion of the acquisition, the chief financial officer now owns 38,299 shares in the company, valued at $1,302,166. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO William Hornbuckle acquired 58,900 shares of the company’s stock in a transaction on Monday, August 5th. The stock was acquired at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 216,400 shares of company stock valued at $7,312,197. Company insiders own 2.13% of the company’s stock.

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.