Key Points
- IAC Inc. acquired 1,098,748 shares of MGM on Dec. 5 at an average price of $36.30 (≈$39.88M), raising its stake to 65,822,350 shares — a 1.7% increase disclosed in an SEC filing.
- MGM reported quarterly EPS of $0.24, missing estimates of $0.37, while revenue was $4.25B (slightly above estimates) and the company posted a slim net margin of 0.40%.
- Analysts have a consensus rating of Hold with an average target price of $45.42, and the company’s market capitalization is roughly $9.8B.
MGM Resorts International (NYSE:MGM - Get Free Report) major shareholder Iac Inc. acquired 1,098,748 shares of the firm's stock in a transaction dated Friday, December 5th. The stock was bought at an average price of $36.30 per share, for a total transaction of $39,884,552.40. Following the completion of the acquisition, the insider owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. The trade was a 1.70% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Major shareholders that own 10% or more of a company's stock are required to disclose their transactions with the SEC.
MGM Resorts International Stock Up 1.5%
MGM Resorts International stock opened at $35.87 on Wednesday. The company has a market capitalization of $9.81 billion, a PE ratio of 224.16, a price-to-earnings-growth ratio of 2.62 and a beta of 1.48. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.19 and a current ratio of 1.23. MGM Resorts International has a fifty-two week low of $25.30 and a fifty-two week high of $41.32. The firm has a 50 day moving average price of $33.00 and a 200 day moving average price of $34.72.
MGM Resorts International (NYSE:MGM - Get Free Report) last issued its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.13). The firm had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The company's quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 earnings per share. Research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.
Analyst Upgrades and Downgrades
MGM has been the topic of several research reports. Stifel Nicolaus set a $45.00 price target on shares of MGM Resorts International in a research report on Thursday, October 30th. Macquarie cut their target price on shares of 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. JPMorgan Chase & Co. decreased their price target on shares of MGM Resorts International from $41.00 to $38.00 and set a "neutral" rating for the company in a research report on Thursday, October 30th. Deutsche Bank Aktiengesellschaft cut their price objective on MGM Resorts International from $54.00 to $53.00 in a research report on Monday, September 22nd. Finally, Truist Financial decreased their target price on MGM Resorts International from $48.00 to $47.00 and set a "buy" rating for the company in a report on Thursday, October 30th. Thirteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and four have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $45.42.
View Our Latest Stock Report on MGM
Hedge Funds Weigh In On MGM Resorts International
A number of institutional investors and hedge funds have recently modified their holdings of MGM. XML Financial LLC increased its holdings in MGM Resorts International by 0.9% in the second quarter. XML Financial LLC now owns 30,884 shares of the company's stock valued at $1,062,000 after buying an additional 287 shares during the last quarter. Concurrent Investment Advisors LLC raised its position in shares of MGM Resorts International by 4.1% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 7,975 shares of the company's stock worth $274,000 after acquiring an additional 315 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in MGM Resorts International by 0.8% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company's stock worth $1,378,000 after purchasing an additional 328 shares during the last quarter. Quarry LP boosted its holdings in MGM Resorts International by 24.1% in the first quarter. Quarry LP now owns 1,795 shares of the company's stock valued at $53,000 after purchasing an additional 349 shares in the last quarter. Finally, Public Employees Retirement System of Ohio boosted its holdings in MGM Resorts International by 0.6% in the third quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company's stock valued at $2,218,000 after purchasing an additional 397 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.
MGM Resorts International Company Profile
(
Get Free Report)
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.
Further Reading
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