DRW Securities LLC Takes Position in MGM Resorts International (NYSE:MGM)

DRW Securities LLC acquired a new position in MGM Resorts International (NYSE:MGM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 11,346 shares of the company’s stock, valued at approximately $504,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in MGM. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at $28,000. EverSource Wealth Advisors LLC increased its holdings in MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after purchasing an additional 329 shares during the last quarter. UMB Bank n.a. lifted its stake in MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares during the period. Accent Capital Management LLC bought a new position in MGM Resorts International during the fourth quarter worth about $45,000. Finally, Mendota Financial Group LLC boosted its holdings in MGM Resorts International by 36.0% during the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after buying an additional 266 shares during the last quarter. 68.11% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MGM. Morgan Stanley cut their target price on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 4th. Wells Fargo & Company decreased their price objective on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research report on Thursday, August 1st. Susquehanna raised their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Finally, BTIG Research started coverage on MGM Resorts International in a report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.93.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $36.85 on Tuesday. The stock has a market cap of $11.56 billion, a P/E ratio of 14.17, a P/E/G ratio of 0.64 and a beta of 2.22. The company has a fifty day moving average price of $38.73 and a two-hundred day moving average price of $41.16. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. The company had revenue of $4.33 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm posted $0.59 earnings per share. As a group, equities analysts predict that MGM Resorts International will post 2.68 EPS for the current year.

Insider Buying and Selling

In other news, Director Paul J. Salem acquired 147,500 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The stock was bought at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the acquisition, the director now directly owns 1,702,500 shares in the company, valued at approximately $57,544,500. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Paul J. Salem acquired 147,500 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were purchased 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 in the company, valued at approximately $57,544,500. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William Hornbuckle bought 58,900 shares of the company’s stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $33.73 per share, with a total value of $1,986,697.00. Following the acquisition, the chief executive officer now directly 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. In the last 90 days, insiders purchased 216,400 shares of company stock valued at $7,312,197. Company insiders own 2.13% of the company’s stock.

MGM Resorts International Company 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.