MGM Resorts International (NYSE:MGM) Major Shareholder Acquires $20,515,000.00 in Stock

MGM Resorts International (NYSE:MGM) major shareholder Iac Inc. purchased 550,000 shares of the stock in a transaction dated Monday, March 23rd. The stock was bought at an average cost of $37.30 per share, with a total value of $20,515,000.00. Following the transaction, the insider owned 66,372,350 shares in the company, valued at $2,475,688,655. The trade was a 0.84% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Iac Inc. also recently made the following trade(s):

• On Tuesday, March 24th, Iac Inc. acquired 450,000 shares of MGM Resorts International stock. The stock was purchased at an average cost of $37.13 per share, with a total value of $16,708,500.00.

MGM Resorts International Stock Performance

Shares of MGM stock traded up $0.37 during mid-day trading on Wednesday, reaching $37.48. 4,089,364 shares of the company’s stock traded hands, compared to its average volume of 5,335,345. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $40.16. The company has a debt-to-equity ratio of 1.91, a quick ratio of 1.20 and a current ratio of 1.23. The firm has a market capitalization of $9.59 billion, a PE ratio of 11.18 and a beta of 1.38. The firm has a 50 day moving average price of $35.58 and a two-hundred day moving average price of $34.80.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.96. The firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. During the same quarter last year, the business posted $0.45 earnings per share. On average, research analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Zacks Research upgraded MGM Resorts International from a “strong sell” rating to a “hold” rating in a report on Monday, December 22nd. Capital One Financial reduced their price objective on shares of MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating for the company in a research report on Friday, December 5th. Susquehanna lowered their price objective on shares of MGM Resorts International from $46.00 to $45.00 and set a “positive” rating on the stock in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock a “buy” rating in a research note on Thursday, February 12th. Finally, JPMorgan Chase & Co. increased their target price on shares of MGM Resorts International from $39.00 to $41.00 and gave the company a “neutral” rating in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $41.94.

Institutional Investors Weigh In On MGM Resorts International

Hedge funds and other institutional investors have recently modified their holdings of the stock. CYBER HORNET ETFs LLC bought a new stake in MGM Resorts International during the 2nd quarter valued at $25,000. Mendota Financial Group LLC purchased a new position in shares of MGM Resorts International during the 3rd quarter valued at $27,000. Global Retirement Partners LLC raised its position in MGM Resorts International by 55.9% during the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after acquiring an additional 281 shares in the last quarter. Mather Group LLC. acquired a new stake in shares of MGM Resorts International in the third quarter worth about $33,000. Finally, Elyxium Wealth LLC acquired a new stake in shares of MGM Resorts International in the fourth quarter worth $42,000. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.