MGM Resorts International $MGM Stock Purchased by ProShare Advisors LLC

ProShare Advisors LLC raised its stake in MGM Resorts International (NYSE:MGM) by 52.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,344 shares of the company’s stock after acquiring an additional 21,520 shares during the period. ProShare Advisors LLC’s holdings in MGM Resorts International were worth $1,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in MGM. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International in the 1st quarter valued at about $30,000. Latitude Advisors LLC purchased a new position in MGM Resorts International during the 3rd quarter worth approximately $27,000. Optiver Holding B.V. purchased a new position in MGM Resorts International during the 1st quarter worth approximately $35,000. Fiduciary Financial Advisors acquired a new position in MGM Resorts International during the second quarter worth approximately $48,000. Finally, Global Retirement Partners LLC acquired a new position in MGM Resorts International during the second quarter worth approximately $53,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Citigroup decreased their price objective on MGM Resorts International from $48.00 to $32.00 and set a “neutral” rating for the company in a report on Monday, October 12th. Truist Financial cut their target price on shares of MGM Resorts International from $45.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday, October 29th. Susquehanna reduced their price target on shares of MGM Resorts International from $46.00 to $41.00 and set a “positive” rating for the company in a research report on Thursday, October 8th. Weiss Ratings cut shares of MGM Resorts International from a “hold (c)” rating to a “hold (c-)” rating in a research note on Monday, October 26th. Finally, Zacks Research cut shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Friday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, eight have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $44.29.

Insider Buying and Selling

In other news, Director Keith Meister bought 1,738,074 shares of MGM Resorts International stock in a transaction dated Friday, October 30th. The stock was bought at an average price of $29.64 per share, for a total transaction of $51,516,513.36. Following the purchase, the director owned 7,086,052 shares of the company’s stock, valued at approximately $210,030,581.28. The trade was a 32.50% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.38% of the company’s stock.

MGM Resorts International Stock Performance

Shares of NYSE:MGM traded down $0.26 during trading on Friday, reaching $32.28. The company had a trading volume of 4,741,805 shares, compared to its average volume of 5,662,068. The firm has a market capitalization of $8.17 billion, a price-to-earnings ratio of 12.27, a price-to-earnings-growth ratio of 1.82 and a beta of 1.34. The company has a debt-to-equity ratio of 1.68, a current ratio of 1.24 and a quick ratio of 1.20. The stock’s fifty day moving average price is $33.63 and its 200 day moving average price is $38.93. MGM Resorts International has a fifty-two week low of $26.71 and a fifty-two week high of $51.59.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.15). MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The company had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the prior year, the business earned $0.24 earnings per share. MGM Resorts International’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, equities research analysts predict that MGM Resorts International will post 1.68 EPS for the current year.

MGM Resorts International Company Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.