Integrated Wealth Concepts LLC grew its stake in shares of MGM Resorts International (NYSE:MGM – Free Report) by 186.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,216 shares of the company’s stock after purchasing an additional 24,861 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in MGM Resorts International were worth $1,698,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in MGM. ICA Group Wealth Management LLC purchased a new stake in shares of MGM Resorts International during the fourth quarter valued at approximately $28,000. James Investment Research Inc. purchased a new stake in MGM Resorts International in the first quarter worth $29,000. Tobam purchased a new stake in MGM Resorts International in the fourth quarter worth $34,000. GPS Wealth Strategies Group LLC purchased a new stake in MGM Resorts International in the first quarter worth $34,000. Finally, JNBA Financial Advisors purchased a new stake in MGM Resorts International in the first quarter worth $44,000. Hedge funds and other institutional investors own 64.88% of the company’s stock.
Insider Buying and Selling
In related news, Director Keith A. Meister sold 250,000 shares of MGM Resorts International stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $43.79, for a total value of $10,947,500.00. Following the completion of the sale, the director now directly owns 6,423,778 shares in the company, valued at approximately $281,297,238.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other MGM Resorts International news, insider John Mcmanus sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $41.31, for a total value of $413,100.00. Following the transaction, the insider now directly owns 62,283 shares of the company’s stock, valued at $2,572,910.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Keith A. Meister sold 250,000 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $43.79, for a total value of $10,947,500.00. Following the completion of the transaction, the director now directly owns 6,423,778 shares in the company, valued at $281,297,238.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 272,350 shares of company stock worth $11,899,881. 2.13% of the stock is owned by corporate insiders.
MGM Resorts International Price Performance
MGM Resorts International (NYSE:MGM – Get Free Report) last released its quarterly earnings data on Monday, May 1st. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.04 by $0.40. MGM Resorts International had a negative return on equity of 1.33% and a net margin of 13.84%. The company had revenue of $3.90 billion during the quarter, compared to the consensus estimate of $3.61 billion. During the same period last year, the company earned $0.01 EPS. MGM Resorts International’s revenue for the quarter was up 36.6% on a year-over-year basis. As a group, equities analysts expect that MGM Resorts International will post 1.94 EPS for the current fiscal year.
Wall Street Analyst Weigh In
MGM has been the subject of a number of research analyst reports. JPMorgan Chase & Co. raised their price target on MGM Resorts International from $55.00 to $60.00 in a research note on Tuesday, May 2nd. Morgan Stanley raised their price target on MGM Resorts International from $47.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Friday, July 14th. Susquehanna raised their price target on MGM Resorts International from $38.00 to $51.00 in a research note on Wednesday, May 3rd. StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Finally, Truist Financial increased their price objective on MGM Resorts International from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, July 18th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus price target of $58.59.
MGM Resorts International Profile
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.
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