Axiom Financial Strategies LLC Buys New Stake in MGM Resorts International $MGM

Axiom Financial Strategies LLC bought a new stake in MGM Resorts International (NYSE:MGM) during the second quarter, Holdings Channel.com reports. The fund bought 6,002 shares of the company’s stock, valued at approximately $206,000.

Other hedge funds have also recently modified their holdings of the company. Golden State Wealth Management LLC grew its position in MGM Resorts International by 83.5% during the 1st quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after purchasing an additional 455 shares during the last quarter. Bayforest Capital Ltd purchased a new position in MGM Resorts International during the 1st quarter worth $43,000. MassMutual Private Wealth & Trust FSB grew its position in MGM Resorts International by 66.9% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after purchasing an additional 529 shares during the last quarter. Quarry LP grew its position in MGM Resorts International by 24.1% during the 1st quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after purchasing an additional 349 shares during the last quarter. Finally, UMB Bank n.a. grew its position in MGM Resorts International by 27.5% during the 2nd quarter. UMB Bank n.a. now owns 2,061 shares of the company’s stock worth $71,000 after purchasing an additional 445 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on MGM shares. JPMorgan Chase & Co. lowered their price objective on shares of MGM Resorts International from $43.00 to $41.00 and set a “neutral” rating on the stock in a research report on Thursday, October 16th. JMP Securities reissued a “market perform” rating on shares of MGM Resorts International in a research report on Thursday, June 26th. The Goldman Sachs Group reduced their target price on shares of MGM Resorts International from $37.00 to $34.00 and set a “sell” rating for the company in a research note on Wednesday, October 1st. Truist Financial reduced their target price on shares of MGM Resorts International from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, UBS Group reduced their target price on shares of MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating for the company in a research note on Thursday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus target price of $48.50.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated 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 completion of the transaction, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. The trade was a 65.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction dated 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 transaction, the director owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. The trade was a 4.30% decrease in their position. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Down 0.7%

Shares of NYSE MGM opened at $32.68 on Thursday. 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 has a 52 week low of $25.30 and a 52 week high of $42.53. The firm has a 50-day moving average price of $35.33 and a 200 day moving average price of $34.14. The stock has a market capitalization of $8.89 billion, a price-to-earnings ratio of 17.95, a price-to-earnings-growth ratio of 1.43 and a beta of 1.67.

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

MGM Resorts International Company Profile

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.