Atria Wealth Solutions Inc. Makes New $249,000 Investment in MGM Resorts International $MGM

Atria Wealth Solutions Inc. bought a new position in shares of MGM Resorts International (NYSE:MGM) during the 2nd quarter, Holdings Channel reports. The firm bought 7,252 shares of the company’s stock, valued at approximately $249,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MGM. GAMMA Investing LLC grew its position in MGM Resorts International by 10.6% during the first quarter. GAMMA Investing LLC now owns 6,477 shares of the company’s stock worth $192,000 after buying an additional 619 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in MGM Resorts International by 60.3% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 61,748 shares of the company’s stock worth $1,830,000 after buying an additional 23,234 shares during the period. State of Alaska Department of Revenue grew its position in MGM Resorts International by 1.6% during the first quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company’s stock worth $776,000 after buying an additional 410 shares during the period. Oppenheimer Asset Management Inc. grew its position in MGM Resorts International by 29.6% during the first quarter. Oppenheimer Asset Management Inc. now owns 25,224 shares of the company’s stock worth $748,000 after buying an additional 5,756 shares during the period. Finally, Oppenheimer & Co. Inc. lifted its holdings in shares of MGM Resorts International by 21.6% in the first quarter. Oppenheimer & Co. Inc. now owns 40,342 shares of the company’s stock valued at $1,196,000 after purchasing an additional 7,175 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 242,000 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The shares were 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 owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the transaction, the insider directly owned 31,521 shares of the company’s stock, valued at $1,138,538.52. This trade represents a 65.56% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM opened at $32.93 on Wednesday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 1.18 and a current ratio of 1.22. The company has a market capitalization of $8.96 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 1.33 and a beta of 1.67. The company’s 50 day simple moving average is $35.40 and its 200 day simple moving average is $34.15. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $42.53.

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

Analysts Set New Price Targets

Several analysts have issued reports on MGM shares. Barclays upped their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, July 18th. Stifel Nicolaus upped their price target on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Macquarie reduced their price target on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 2nd. Truist Financial reduced their price target on shares of MGM Resorts International from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of MGM Resorts International from $54.00 to $53.00 in a report on Monday, September 22nd. One investment 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.67.

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.