Merit Financial Group LLC Raises Stock Position in MGM Resorts International $MGM

Merit Financial Group LLC boosted its stake in shares of MGM Resorts International (NYSE:MGM) by 108.6% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 31,875 shares of the company’s stock after acquiring an additional 16,598 shares during the period. Merit Financial Group LLC’s holdings in MGM Resorts International were worth $1,105,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. CYBER HORNET ETFs LLC acquired a new position in shares of MGM Resorts International during the 2nd quarter worth about $25,000. Mendota Financial Group LLC acquired a new position in shares of MGM Resorts International during the third quarter valued at approximately $27,000. Employees Retirement System of Texas purchased a new position in shares of MGM Resorts International in the second quarter valued at approximately $45,000. MassMutual Private Wealth & Trust FSB boosted its stake in shares of MGM Resorts International by 66.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after acquiring an additional 529 shares during the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in shares of MGM Resorts International during the first quarter worth approximately $43,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM stock opened at $35.71 on Wednesday. The company has a debt-to-equity ratio of 1.80, a current ratio of 1.23 and a quick ratio of 1.19. The company has a market capitalization of $9.77 billion, a PE ratio of 223.19, a price-to-earnings-growth ratio of 2.60 and a beta of 1.46. The firm’s 50-day moving average is $34.67 and its two-hundred day moving average is $35.34. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $41.32.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.13). The firm 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 17.23% and a net margin of 0.40%.The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 EPS. Analysts predict that MGM Resorts International will post 2.21 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have weighed in on MGM. Macquarie decreased their price objective on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday, October 2nd. Mizuho set a $62.00 target price on shares of MGM Resorts International in a research report on Thursday, October 30th. Morgan Stanley boosted their price target on shares of MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 11th. Truist Financial cut their price objective on shares of MGM Resorts International from $47.00 to $45.00 and set a “buy” rating for the company in a report on Friday, January 2nd. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of MGM Resorts International in a research note on Monday, December 29th. Eleven analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, MGM Resorts International has a consensus rating of “Hold” and a consensus target price of $44.91.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, major shareholder Iac Inc. bought 1,098,748 shares of MGM Resorts International stock in a transaction on Friday, December 5th. The shares were bought at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the transaction, the insider directly owned 65,822,350 shares of the company’s stock, valued at $2,389,351,305. This trade represents a 1.70% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. 3.06% of the stock is currently owned by company insiders.

About MGM Resorts International

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.