MAI Capital Management grew its stake in shares of MGM Resorts International (NYSE:MGM – Free Report) by 5.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,673 shares of the company’s stock after acquiring an additional 1,148 shares during the period. MAI Capital Management’s holdings in MGM Resorts International were worth $1,052,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the stock. RB Capital Management LLC increased its position in MGM Resorts International by 29.1% in the 1st quarter. RB Capital Management LLC now owns 7,796 shares of the company’s stock worth $327,000 after purchasing an additional 1,756 shares during the last quarter. American Century Companies Inc. increased its holdings in MGM Resorts International by 10.7% in the first quarter. American Century Companies Inc. now owns 24,436 shares of the company’s stock worth $1,024,000 after buying an additional 2,368 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in MGM Resorts International by 3.2% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 50,398 shares of the company’s stock valued at $2,114,000 after acquiring an additional 1,542 shares in the last quarter. Synovus Financial Corp lifted its stake in MGM Resorts International by 107.5% in the first quarter. Synovus Financial Corp now owns 12,597 shares of the company’s stock valued at $529,000 after acquiring an additional 6,526 shares during the last quarter. Finally, Cibc World Market Inc. grew its position in MGM Resorts International by 81.6% in the first quarter. Cibc World Market Inc. now owns 10,980 shares of the company’s stock worth $461,000 after acquiring an additional 4,934 shares in the last quarter. 64.88% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, Director Keith A. Meister sold 250,000 shares of the stock in a transaction on Tuesday, June 13th. The shares were 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 owns 6,423,778 shares in the company, valued at approximately $281,297,238.62. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Keith A. Meister sold 250,000 shares of the company’s stock in a transaction that occurred on 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 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 SEC, which is available at the SEC website. Also, insider John Mcmanus sold 10,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $43.91, for a total value of $439,100.00. Following the completion of the transaction, the insider now directly owns 52,283 shares of the company’s stock, valued at $2,295,746.53. The disclosure for this sale can be found here. Insiders have sold 319,454 shares of company stock worth $14,049,594 over the last 90 days. Corporate insiders own 2.39% of the company’s stock.
MGM Resorts International Stock Performance
MGM Resorts International (NYSE:MGM – Get Free Report) last posted its quarterly earnings results on Wednesday, August 2nd. The company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.53 by $0.06. The firm had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.82 billion. MGM Resorts International had a return on equity of 2.10% and a net margin of 2.53%. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 EPS. Equities research analysts anticipate that MGM Resorts International will post 2.47 earnings per share for the current year.
Wall Street Analysts Forecast Growth
MGM has been the topic of a number of recent research reports. Citigroup raised their price target on shares of MGM Resorts International from $63.00 to $66.50 in a report on Friday, August 4th. Truist Financial boosted their price target on MGM Resorts International from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, July 18th. Barclays lowered their price objective on MGM Resorts International from $64.00 to $62.00 and set an “overweight” rating on the stock in a report on Thursday, August 3rd. StockNews.com began coverage on MGM Resorts International in a report on Thursday. They issued a “buy” rating for the company. Finally, Stifel Nicolaus increased their price target on MGM Resorts International from $56.00 to $59.00 in a report on Thursday, August 3rd. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $58.95.
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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