MGM Resorts International (NYSE:MGM) Shares Bought by Wells Fargo & Company MN

Wells Fargo & Company MN grew its stake in MGM Resorts International (NYSE:MGM) by 11.6% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,910,828 shares of the company’s stock after purchasing an additional 198,449 shares during the period. Wells Fargo & Company MN’s holdings in MGM Resorts International were worth $66,210,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of MGM. Global Trust Asset Management LLC purchased a new stake in MGM Resorts International in the fourth quarter valued at $28,000. Assetmark Inc. lifted its holdings in shares of MGM Resorts International by 104.1% in the 4th 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 boosted its position in shares of MGM Resorts International by 47.8% in the 4th 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 period. Modus Advisors LLC purchased a new position in MGM Resorts International during the 4th quarter worth approximately $46,000. Finally, EverSource Wealth Advisors LLC increased its position in MGM Resorts International by 74.9% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company’s stock worth $51,000 after buying an additional 633 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MGM has been the subject of several research analyst reports. Stifel Nicolaus increased their price objective on 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 raised their price objective on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Canaccord Genuity Group reaffirmed a “buy” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Wedbush reissued an “outperform” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Capital One Financial upped their price objective on MGM Resorts International from $52.00 to $56.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $51.29.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $25.73 on Wednesday. The firm has a market capitalization of $7.28 billion, a price-to-earnings ratio of 10.72, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. 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 business’s 50 day simple moving average is $33.04 and its 200-day simple moving average is $35.45. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26.

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

Insider Activity at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the firm’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 owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, March 6th. The shares were bought at an average price of $32.17 per share, with a total value of $321,700.00. Following the transaction, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. This represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. 2.83% of the stock is owned by corporate insiders.

MGM Resorts International 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.