CX Institutional Purchases 5,640 Shares of MGM Resorts International $MGM

CX Institutional increased its position in MGM Resorts International (NYSE:MGM) by 463.8% in the 2nd quarter, Holdings Channel reports. The firm owned 6,856 shares of the company’s stock after buying an additional 5,640 shares during the quarter. CX Institutional’s holdings in MGM Resorts International were worth $236,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of MGM. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in MGM Resorts International in the fourth quarter worth $5,343,000. Centaurus Financial Inc. lifted its position in MGM Resorts International by 37.3% in the fourth quarter. Centaurus Financial Inc. now owns 5,125 shares of the company’s stock worth $178,000 after purchasing an additional 1,392 shares during the period. Mascagni Wealth Management Inc. bought a new position in MGM Resorts International in the fourth quarter worth $28,000. GAMMA Investing LLC lifted its position in MGM Resorts International by 3,177.2% in the first quarter. GAMMA Investing LLC now owns 191,978 shares of the company’s stock worth $5,690,000 after purchasing an additional 186,120 shares during the period. Finally, Rhumbline Advisers lifted its position in MGM Resorts International by 18.0% in the first quarter. Rhumbline Advisers now owns 450,116 shares of the company’s stock worth $13,341,000 after purchasing an additional 68,502 shares during the period. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $35.59 on Friday. The stock has a 50-day simple moving average of $36.56 and a 200 day simple moving average of $33.90. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $42.53. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 1.51 and a beta of 1.69.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a return on equity of 19.39% and a net margin of 3.13%.The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.28 billion. During the same period in the previous year, the business posted $0.86 earnings per share. The firm’s revenue for the quarter was up 1.8% compared to the same quarter last year. On average, research analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on MGM shares. The Goldman Sachs Group began coverage on MGM Resorts International in a research report on Monday, July 7th. They issued a “sell” rating and a $34.00 target price for the company. Susquehanna lifted their price objective on MGM Resorts International from $50.00 to $60.00 and gave the company a “positive” rating in a report on Tuesday, July 29th. Seaport Res Ptn cut MGM Resorts International from a “strong-buy” rating to a “hold” rating in a report on Monday, July 21st. UBS Group cut their price objective on MGM Resorts International from $44.00 to $39.00 and set a “neutral” rating for the company in a report on Thursday, September 11th. Finally, Morgan Stanley lifted their price objective on MGM Resorts International from $41.00 to $43.00 and gave the company an “equal weight” rating in a report on Thursday, September 11th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $48.61.

Insider Transactions at MGM Resorts International

In related news, insider John Mcmanus sold 60,000 shares of MGM Resorts International stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the transaction, the insider directly owned 31,521 shares of the company’s stock, valued at $1,138,538.52. The trade was a 65.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Keith A. Meister sold 242,000 shares of MGM Resorts International stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total value of $8,571,640.00. Following the completion of the transaction, the director directly owned 5,385,478 shares of the company’s stock, valued at $190,753,630.76. This represents a 4.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 3.06% of the company’s stock.

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.