Caitong International Asset Management Co. Ltd Purchases Shares of 2,676 MGM Resorts International (NYSE:MGM)

Caitong International Asset Management Co. Ltd purchased a new stake in shares of MGM Resorts International (NYSE:MGM) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,676 shares of the company’s stock, valued at approximately $79,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Mascagni Wealth Management Inc. purchased a new stake in shares of MGM Resorts International in the fourth quarter worth about $28,000. Golden State Wealth Management LLC boosted its position in shares of MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after buying an additional 455 shares during the period. True Wealth Design LLC purchased a new stake in shares of MGM Resorts International in the fourth quarter worth about $33,000. CX Institutional purchased a new stake in shares of MGM Resorts International in the first quarter worth about $36,000. Finally, Bayforest Capital Ltd purchased a new stake in shares of MGM Resorts International in the first quarter worth about $43,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

MGM has been the subject of several analyst reports. Citigroup raised MGM Resorts International from a “hold” rating to a “strong-buy” rating and upped their target price for the stock from $55.00 to $57.00 in a research report on Wednesday, July 9th. Truist Financial upped their target price on MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Seaport Res Ptn cut MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 21st. Susquehanna boosted their price target on MGM Resorts International from $50.00 to $60.00 and gave the stock a “positive” rating in a research note on Tuesday, July 29th. Finally, Citizens Jmp cut MGM Resorts International from an “outperform” rating to a “market perform” rating in a research note on Thursday, June 26th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and an average price target of $48.72.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 60,000 shares of the company’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $32.09, for a total transaction of $1,925,400.00. Following the completion of the transaction, the director directly owned 5,627,478 shares of the company’s stock, valued at approximately $180,585,769.02. This represents a 1.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.06% of the company’s stock.

MGM Resorts International Trading Down 1.1%

Shares of NYSE MGM opened at $35.92 on Friday. The stock’s 50 day moving average price is $35.85 and its two-hundred day moving average price is $33.55. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The stock has a market capitalization of $9.78 billion, a P/E ratio of 19.74, a PEG ratio of 1.71 and a beta of 1.81. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 30th. The company reported $0.79 EPS for the quarter, beating the consensus estimate of $0.58 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.28 billion. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%. The business’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.86 earnings per share. On average, analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International declared that its board has approved a stock buyback plan on Wednesday, April 30th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to purchase up to 22.4% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

About MGM Resorts International

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.