Insider Buying: MGM Resorts International (NYSE:MGM) Major Shareholder Buys 550,000 Shares of Stock

MGM Resorts International (NYSE:MGM) major shareholder Iac Inc. purchased 550,000 shares of the company’s stock in a transaction that occurred on Monday, March 23rd. The stock was acquired at an average cost of $37.30 per share, with a total value of $20,515,000.00. Following the transaction, the insider directly owned 66,372,350 shares of the company’s stock, valued at approximately $2,475,688,655. This represents a 0.84% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Iac Inc. also recently made the following trade(s):

• On Tuesday, March 24th, Iac Inc. bought 450,000 shares of MGM Resorts International stock. The shares were bought at an average price of $37.13 per share, with a total value of $16,708,500.00.

MGM Resorts International Price Performance

Shares of NYSE MGM traded up $0.37 during midday trading on Wednesday, reaching $37.48. 4,089,364 shares of the company traded hands, compared to its average volume of 5,335,345. The firm has a market cap of $9.59 billion, a PE ratio of 11.18 and a beta of 1.38. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $40.16. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. The stock’s 50-day simple moving average is $35.58 and its 200-day simple moving average is $34.80.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.96. The firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, equities analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Citigroup lifted their target price on MGM Resorts International from $35.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, February 6th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Susquehanna lowered their price target on MGM Resorts International from $46.00 to $45.00 and set a “positive” rating for the company in a report on Friday, February 6th. Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a report on Monday, December 29th. Finally, Truist Financial lifted their target price on MGM Resorts International from $38.00 to $39.00 and gave the company a “hold” rating in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $41.94.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC raised its position in shares of MGM Resorts International by 202.5% in the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after buying an additional 5,654,757 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock valued at $264,874,000 after purchasing an additional 3,429,946 shares during the last quarter. Davis Selected Advisers boosted its position in MGM Resorts International by 12.0% during the 4th quarter. Davis Selected Advisers now owns 26,820,202 shares of the company’s stock worth $978,669,000 after buying an additional 2,866,750 shares during the period. Norges Bank bought a new stake in shares of MGM Resorts International in the fourth quarter worth $82,348,000. Finally, Samlyn Capital LLC bought a new position in shares of MGM Resorts International during the third quarter worth about $62,787,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.