6,500 Shares in MGM Resorts International (NYSE:MGM) Acquired by AM Squared Ltd

AM Squared Ltd bought a new position in MGM Resorts International (NYSE:MGM) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 6,500 shares of the company’s stock, valued at approximately $254,000. MGM Resorts International makes up about 0.6% of AM Squared Ltd’s investment portfolio, making the stock its 15th biggest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Empowered Funds LLC bought a new stake in shares of MGM Resorts International in the 3rd quarter worth approximately $845,000. CIBC Asset Management Inc increased its position in shares of MGM Resorts International by 1.9% in the third quarter. CIBC Asset Management Inc now owns 36,350 shares of the company’s stock worth $1,421,000 after acquiring an additional 668 shares in the last quarter. Planning Capital Management Corp purchased a new position in shares of MGM Resorts International in the third quarter worth approximately $45,000. Huntington National Bank increased its position in shares of MGM Resorts International by 133.1% in the third quarter. Huntington National Bank now owns 1,909 shares of the company’s stock worth $75,000 after acquiring an additional 1,090 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in shares of MGM Resorts International by 21.2% in the third quarter. Oppenheimer & Co. Inc. now owns 56,906 shares of the company’s stock worth $2,224,000 after acquiring an additional 9,935 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Price Performance

NYSE MGM opened at $37.28 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $11.10 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 2.66 and a beta of 2.23. The company has a 50 day moving average price of $38.44 and a two-hundred day moving average price of $39.82. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. MGM Resorts International’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.64 earnings per share. As a group, equities analysts predict that MGM Resorts International will post 2.5 earnings per share for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the sale, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. The trade was a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MGM. JMP Securities dropped their target price on shares of MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating on the stock in a research report on Thursday, October 31st. Morgan Stanley lifted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. Mizuho dropped their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 31st. Susquehanna lifted their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Finally, Macquarie dropped their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $53.15.

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.