MGM Resorts International $MGM Stake Boosted by Ethic Inc.

Ethic Inc. increased its stake in MGM Resorts International (NYSE:MGM) by 8.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,328 shares of the company’s stock after purchasing an additional 1,480 shares during the period. Ethic Inc.’s holdings in MGM Resorts International were worth $630,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Kingstone Capital Partners Texas LLC bought a new stake in MGM Resorts International in the second quarter valued at $171,632,000. Helikon Investments Ltd acquired a new position in MGM Resorts International during the 1st quarter valued at about $54,418,000. Fuller & Thaler Asset Management Inc. acquired a new position in MGM Resorts International during the 1st quarter valued at about $47,631,000. AQR Capital Management LLC grew its position in MGM Resorts International by 104.2% in the 1st quarter. AQR Capital Management LLC now owns 2,611,278 shares of the company’s stock worth $75,962,000 after purchasing an additional 1,332,313 shares during the last quarter. Finally, GMT Capital Corp acquired a new stake in shares of MGM Resorts International in the first quarter valued at approximately $36,656,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Price Performance

NYSE MGM opened at $32.91 on Tuesday. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53. The business’s fifty day moving average is $35.13 and its two-hundred day moving average is $34.34. The stock has a market capitalization of $8.96 billion, a P/E ratio of 18.08, a P/E/G ratio of 1.48 and a beta of 1.67. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22.

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

Insider Activity

In other news, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the sale, the insider owned 31,521 shares in the company, valued at $1,138,538.52. The trade was a 65.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at $190,753,630.76. This represents a 4.30% decrease in their position. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on MGM. The Goldman Sachs Group decreased their price objective on MGM Resorts International from $37.00 to $34.00 and set a “sell” rating for the company in a report on Wednesday, October 1st. Barclays boosted their price target on MGM Resorts International from $43.00 to $44.00 and gave the stock an “overweight” rating in a research report on Friday, July 18th. Truist Financial cut their price objective on shares of MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Tuesday, October 21st. Stifel Nicolaus decreased their target price on shares of MGM Resorts International from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, October 22nd. Finally, Seaport Res Ptn downgraded shares of MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 21st. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.50.

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.