Raymond James Financial Inc. Takes $20.05 Million Position in MGM Resorts International (NYSE:MGM)

Raymond James Financial Inc. bought a new stake in shares of MGM Resorts International (NYSE:MGM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 578,736 shares of the company’s stock, valued at approximately $20,053,000. Raymond James Financial Inc. owned about 0.19% of MGM Resorts International as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in MGM. MidAtlantic Capital Management Inc. purchased a new position in shares of MGM Resorts International during the third quarter valued at approximately $28,000. Global Trust Asset Management LLC purchased a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $28,000. Assetmark Inc. lifted its holdings in shares of MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after purchasing an additional 411 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in shares of MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares during the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of MGM Resorts International during the third quarter valued at approximately $44,000. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGM has been the subject of several recent research reports. Stifel Nicolaus lifted their target price on shares of MGM Resorts International from $47.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Susquehanna Bancshares boosted their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a report on Wednesday, February 12th. Jefferies Financial Group decreased their price objective on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a report on Friday, January 3rd. Barclays restated an “equal weight” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Needham & Company LLC restated a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

Insider Buying and Selling

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the acquisition, the chief financial officer now owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by insiders.

MGM Resorts International Trading Up 5.4 %

Shares of MGM stock opened at $31.78 on Monday. MGM Resorts International has a 1 year low of $29.99 and a 1 year high of $48.24. The firm has a fifty day moving average price of $34.09 and a 200-day moving average price of $36.24. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The company has a market cap of $9.07 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, equities analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

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.