Brighton Jones LLC Invests $228,000 in MGM Resorts International $MGM

Brighton Jones LLC acquired a new position in shares of MGM Resorts International (NYSE:MGM) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 6,630 shares of the company’s stock, valued at approximately $228,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in MGM. GAMMA Investing LLC raised its stake in shares of MGM Resorts International by 10.6% during the 1st quarter. GAMMA Investing LLC now owns 6,477 shares of the company’s stock worth $192,000 after purchasing an additional 619 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in MGM Resorts International by 18.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 29,280 shares of the company’s stock valued at $889,000 after purchasing an additional 4,655 shares during the last quarter. Amalgamated Bank lifted its stake in MGM Resorts International by 0.8% in the 1st quarter. Amalgamated Bank now owns 43,933 shares of the company’s stock valued at $1,302,000 after purchasing an additional 329 shares during the last quarter. Vontobel Holding Ltd. lifted its stake in MGM Resorts International by 74.6% in the 1st quarter. Vontobel Holding Ltd. now owns 21,778 shares of the company’s stock valued at $646,000 after purchasing an additional 9,304 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in MGM Resorts International by 3.3% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 28,312 shares of the company’s stock valued at $839,000 after purchasing an additional 907 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Citigroup cut their target price on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research note on Thursday. Susquehanna increased their price target on MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a research note on Tuesday, July 29th. Barclays dropped their price target on MGM Resorts International from $43.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday. Weiss Ratings restated a “sell (d+)” rating on shares of MGM Resorts International in a research note on Wednesday, October 8th. Finally, Macquarie dropped their price target on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a research note on Thursday, October 2nd. Fourteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and an average target price of $47.58.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction 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 sale, the director directly 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction on Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the sale, the insider directly owned 31,521 shares in the company, valued at approximately $1,138,538.52. This trade represents a 65.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Up 4.2%

Shares of MGM opened at $32.03 on Friday. The stock has a market capitalization of $8.72 billion, a PE ratio of 200.16, a P/E/G ratio of 1.40 and a beta of 1.67. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. The firm’s 50 day moving average is $34.71 and its 200-day moving average is $34.37.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.13). The company had revenue of $4.25 billion for the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a return on equity of 16.95% and a net margin of 0.40%.The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the company posted $0.54 earnings per share. Equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

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.