Prudential PLC Takes $436,000 Position in MGM Resorts International (NYSE:MGM)

Prudential PLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 12,570 shares of the company’s stock, valued at approximately $436,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Stifel Financial Corp grew its stake in MGM Resorts International by 13.8% in the 3rd quarter. Stifel Financial Corp now owns 169,829 shares of the company’s stock valued at $6,639,000 after purchasing an additional 20,542 shares during the period. National Bank of Canada FI increased its holdings in MGM Resorts International by 67.1% during the third quarter. National Bank of Canada FI now owns 120,664 shares of the company’s stock worth $4,717,000 after buying an additional 48,443 shares during the last quarter. Virtu Financial LLC bought a new stake in MGM Resorts International in the third quarter worth about $641,000. Sanctuary Advisors LLC boosted its stake in MGM Resorts International by 60.3% in the third quarter. Sanctuary Advisors LLC now owns 51,687 shares of the company’s stock valued at $1,954,000 after acquiring an additional 19,444 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $55,000. 68.11% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Barclays reiterated an “equal weight” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Truist Financial cut their price target on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. JMP Securities restated a “market outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a research note on Thursday, February 13th. Needham & Company LLC reiterated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, BTIG Research downgraded shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.29.

MGM Resorts International Trading Down 2.2 %

Shares of MGM Resorts International stock opened at $25.73 on Wednesday. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26. The firm has a market cap of $7.28 billion, a PE ratio of 10.72, a PEG ratio of 0.98 and a beta of 1.96. The company has a 50 day simple moving average of $33.04 and a two-hundred day simple moving average of $35.45.

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

Insider Activity

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.83% 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.