Invst LLC Buys New Holdings in MGM Resorts International (NYSE:MGM)

Invst LLC bought a new stake in MGM Resorts International (NYSE:MGM) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 6,021 shares of the company’s stock, valued at approximately $258,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. lifted its stake in shares of MGM Resorts International by 4.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 21,306 shares of the company’s stock worth $947,000 after purchasing an additional 984 shares in the last quarter. Creative Planning lifted its stake in shares of MGM Resorts International by 9.9% during the second quarter. Creative Planning now owns 71,642 shares of the company’s stock worth $3,184,000 after purchasing an additional 6,445 shares in the last quarter. Shellback Capital LP lifted its stake in shares of MGM Resorts International by 433.3% during the second quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock worth $17,776,000 after purchasing an additional 325,000 shares in the last quarter. Mackenzie Financial Corp lifted its stake in shares of MGM Resorts International by 163.9% during the second quarter. Mackenzie Financial Corp now owns 60,048 shares of the company’s stock worth $2,669,000 after purchasing an additional 37,292 shares in the last quarter. Finally, Mark Asset Management LP lifted its stake in shares of MGM Resorts International by 0.3% during the second quarter. Mark Asset Management LP now owns 402,235 shares of the company’s stock worth $17,875,000 after purchasing an additional 1,325 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Insider Activity

In other news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other MGM Resorts International news, Director Paul J. Salem acquired 147,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average cost of $33.80 per share, with a total value of $4,985,500.00. Following the acquisition, the director now directly owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MGM. Wells Fargo & Company reduced their price objective on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus boosted their price target on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Morgan Stanley cut their price target on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 4th. Macquarie cut their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Friday, August 2nd. Finally, JMP Securities cut their price target on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $53.93.

MGM Resorts International Stock Down 1.3 %

NYSE:MGM opened at $39.09 on Tuesday. The firm has a market capitalization of $12.26 billion, a PE ratio of 15.03, a price-to-earnings-growth ratio of 0.68 and a beta of 2.22. The stock has a 50 day moving average of $38.02 and a 200-day moving average of $41.01. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The company has a current ratio of 1.47, a quick ratio of 1.42 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, beating the consensus estimate of $0.66 by $0.20. The company had revenue of $4.33 billion during 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%. The business’s revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.59 earnings per share. Analysts predict that MGM Resorts International will post 2.63 EPS for the current year.

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.