Oppenheimer & Co. Inc. Sells 24,167 Shares of MGM Resorts International $MGM

Oppenheimer & Co. Inc. reduced its position in MGM Resorts International (NYSE:MGM) by 50.4% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 23,790 shares of the company’s stock after selling 24,167 shares during the period. Oppenheimer & Co. Inc.’s holdings in MGM Resorts International were worth $1,137,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. CYBER HORNET ETFs LLC acquired a new position in MGM Resorts International during the second quarter worth approximately $25,000. Global Retirement Partners LLC lifted its position in shares of MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after buying an additional 281 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of MGM Resorts International in the first quarter valued at approximately $30,000. Optiver Holding B.V. bought a new position in shares of MGM Resorts International during the 1st quarter worth approximately $35,000. Finally, Elyxium Wealth LLC bought a new position in shares of MGM Resorts International during the 4th quarter worth approximately $42,000. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other news, Director Daniel J. Taylor sold 6,675 shares of the business’s stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $38.44, for a total value of $256,587.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.38% of the company’s stock.

MGM Resorts International Stock Performance

NYSE:MGM opened at $44.03 on Friday. The stock has a market cap of $11.08 billion, a P/E ratio of 26.69 and a beta of 1.31. The stock has a 50 day simple moving average of $46.37 and a 200 day simple moving average of $40.67. The company has a current ratio of 1.34, a quick ratio of 1.30 and a debt-to-equity ratio of 1.80. MGM Resorts International has a 1-year low of $29.18 and a 1-year high of $51.59.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.03. MGM Resorts International had a return on equity of 23.30% and a net margin of 2.40%.The business had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same period in the previous year, the company posted $0.79 EPS. The firm’s quarterly revenue was up 2.2% on a year-over-year basis. Research analysts anticipate that MGM Resorts International will post 1.96 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MGM shares. Capital One Financial boosted their target price on MGM Resorts International from $46.00 to $51.00 and gave the stock an “overweight” rating in a report on Friday, April 17th. KeyCorp raised MGM Resorts International from a “sector weight” rating to an “overweight” rating and set a $117.00 price target for the company in a report on Monday, April 27th. Citigroup lifted their price objective on shares of MGM Resorts International from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Thursday, July 2nd. Jefferies Financial Group reiterated a “hold” rating on shares of MGM Resorts International in a report on Thursday, July 2nd. Finally, Barclays increased their price objective on shares of MGM Resorts International from $39.00 to $48.00 and gave the company an “equal weight” rating in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, eight have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and an average target price of $52.49.

MGM Resorts International 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.