Inscription Capital LLC Invests $494,000 in MGM Resorts International (NYSE:MGM)

Inscription Capital LLC acquired a new position in MGM Resorts International (NYSE:MGM) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 11,580 shares of the company’s stock, valued at approximately $494,000.

Several other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of MGM Resorts International by 2.6% in the second quarter. Vanguard Group Inc. now owns 43,236,311 shares of the company’s stock worth $1,844,029,000 after acquiring an additional 1,113,274 shares during the last quarter. SRS Investment Management LLC grew its stake in shares of MGM Resorts International by 242.6% in the first quarter. SRS Investment Management LLC now owns 10,591,600 shares of the company’s stock worth $402,375,000 after acquiring an additional 7,500,000 shares during the last quarter. Canada Pension Plan Investment Board grew its stake in shares of MGM Resorts International by 4.1% in the first quarter. Canada Pension Plan Investment Board now owns 6,067,600 shares of the company’s stock worth $230,508,000 after acquiring an additional 238,693 shares during the last quarter. FMR LLC grew its stake in shares of MGM Resorts International by 2.6% in the second quarter. FMR LLC now owns 5,646,583 shares of the company’s stock worth $240,826,000 after acquiring an additional 142,925 shares during the last quarter. Finally, Fred Alger Management LLC acquired a new stake in shares of MGM Resorts International in the first quarter worth $197,494,000. Institutional investors and hedge funds own 63.52% of the company’s stock.

Shares of MGM stock opened at $48.15 on Thursday. The stock has a 50-day moving average price of $42.29 and a 200 day moving average price of $41.29. The company has a quick ratio of 3.19, a current ratio of 3.23 and a debt-to-equity ratio of 1.13. The firm has a market cap of $23.20 billion, a price-to-earnings ratio of -18.88 and a beta of 2.44. MGM Resorts International has a 12 month low of $19.55 and a 12 month high of $48.94.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, August 4th. The company reported ($0.13) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.37) by $0.24. The firm had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.17 billion. MGM Resorts International had a negative return on equity of 11.74% and a negative net margin of 18.51%. The company’s revenue was up 682.6% on a year-over-year basis. During the same period last year, the company earned ($1.52) earnings per share. Sell-side analysts predict that MGM Resorts International will post -1.05 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Investors of record on Friday, September 10th were given a $0.0025 dividend. This represents a $0.01 dividend on an annualized basis and a yield of 0.02%. This is a positive change from MGM Resorts International’s previous quarterly dividend of $0.00. The ex-dividend date was Thursday, September 9th. MGM Resorts International’s dividend payout ratio (DPR) is presently -0.25%.

In other news, Director Alexis Herman sold 2,500 shares of the business’s stock in a transaction dated Wednesday, August 25th. The stock was sold at an average price of $41.95, for a total transaction of $104,875.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Corey Ian Sanders sold 40,000 shares of the business’s stock in a transaction dated Friday, October 1st. The stock was sold at an average price of $44.15, for a total value of $1,766,000.00. The disclosure for this sale can be found here. Over the last quarter, insiders sold 132,500 shares of company stock valued at $5,771,175. Corporate insiders own 5.09% of the company’s stock.

A number of equities research analysts have weighed in on the stock. The Goldman Sachs Group upgraded shares of MGM Resorts International from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $38.00 to $43.00 in a research note on Wednesday, July 28th. Credit Suisse Group upgraded shares of MGM Resorts International from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $33.00 to $68.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating and lifted their price target for the stock from $42.00 to $54.00 in a research note on Thursday, June 24th. They noted that the move was a valuation call. Susquehanna Bancshares downgraded shares of MGM Resorts International to a “negative” rating and lifted their price target for the stock from $10.00 to $36.00 in a research note on Friday, October 1st. Finally, Jefferies Financial Group began coverage on MGM Resorts International in a report on Thursday, August 5th. They set a “buy” rating and a $56.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $45.81.

MGM Resorts International Company Profile

MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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