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

MGM Resorts International (NYSE:MGM) major shareholder Iac Inc. acquired 550,000 shares of MGM Resorts International stock in a transaction on Monday, March 23rd. The shares were bought at an average cost of $37.30 per share, with a total value of $20,515,000.00. Following the completion of the purchase, 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 purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Tuesday, March 24th, Iac Inc. bought 450,000 shares of MGM Resorts International stock. The stock was bought at an average price of $37.13 per share, for a total transaction of $16,708,500.00.

MGM Resorts International Trading Down 3.1%

NYSE:MGM opened at $36.39 on Friday. The firm has a market cap of $9.31 billion, a P/E ratio of 48.52 and a beta of 1.38. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. The stock’s 50 day simple moving average is $35.66 and its 200-day simple moving average is $34.82. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $40.16.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, topping the consensus estimate of $0.64 by $0.96. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.The firm had revenue of $4.61 billion during the quarter, compared to the consensus estimate of $4.42 billion. During the same period last year, the company earned $0.45 earnings per share. Equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Hedge Funds Weigh In On MGM Resorts International

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC increased its holdings in MGM Resorts International by 356.6% in the second quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock valued at $18,176,000 after buying an additional 412,767 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of MGM Resorts International by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock worth $817,175,000 after acquiring an additional 340,629 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in shares of MGM Resorts International by 109.7% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company’s stock worth $4,276,000 after acquiring an additional 67,542 shares during the period. TD Asset Management Inc grew its holdings in shares of MGM Resorts International by 146.9% in the 3rd quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock worth $3,222,000 after acquiring an additional 55,300 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in MGM Resorts International in the 2nd quarter valued at approximately $6,351,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Zacks Research upgraded shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. JPMorgan Chase & Co. increased their price target on shares of MGM Resorts International from $39.00 to $41.00 and gave the stock a “neutral” rating in a report on Friday, February 6th. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MGM Resorts International in a report on Monday, December 29th. Finally, Berenberg Bank reiterated a “buy” rating on shares of MGM Resorts International in a research report on Wednesday, February 11th. 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 assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $41.94.

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.