Triangle Securities Wealth Management Has $721,000 Holdings in MGM Resorts International (NYSE:MGM)

Triangle Securities Wealth Management lifted its stake in MGM Resorts International (NYSE:MGM) by 4.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,314 shares of the company’s stock after buying an additional 1,143 shares during the period. Triangle Securities Wealth Management’s holdings in MGM Resorts International were worth $721,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Assetmark Inc. boosted its position in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new position in MGM Resorts International during the fourth quarter worth approximately $28,000. True Wealth Design LLC acquired a new position in shares of MGM Resorts International in the fourth quarter valued at approximately $33,000. Global Retirement Partners LLC grew its position in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares during the last quarter. Finally, Quarry LP grew its position in MGM Resorts International by 750.6% during the fourth quarter. Quarry LP now owns 1,446 shares of the company’s stock worth $50,000 after buying an additional 1,276 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 40,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total value of $1,377,200.00. Following the completion of the transaction, the chief operating officer now owns 281,530 shares in the company, valued at approximately $9,693,077.90. This represents a 12.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were bought at an average cost of $32.17 per share, with a total value of $321,700.00. Following the purchase, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. This represents a 15.23% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $31.96 on Wednesday. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $47.26. The firm has a market capitalization of $8.70 billion, a P/E ratio of 13.32, a price-to-earnings-growth ratio of 0.98 and a beta of 1.78. The company’s 50-day moving average is $30.87 and its 200 day moving average is $33.34.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, April 30th. The company reported $0.69 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.29 billion. During the same period in the prior year, the firm earned $0.74 EPS. The company’s revenue for the quarter was down 2.4% compared to the same quarter last year. Research analysts forecast that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its board has initiated a share buyback program on Wednesday, April 30th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the company to purchase up to 22.4% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

Several equities analysts have recently issued reports on MGM shares. Truist Financial decreased their price target on MGM Resorts International from $50.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, April 23rd. Citigroup upped their price target on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Wall Street Zen upgraded shares of MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Susquehanna upped their price target on MGM Resorts International from $45.00 to $50.00 and gave the stock a “positive” rating in a research note on Thursday, May 1st. Finally, Argus raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Friday, February 14th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.94.

MGM Resorts International Company Profile

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.