Brighton Jones LLC Purchases New Stake in MGM Resorts International $MGM

Brighton Jones LLC bought a new stake in shares of MGM Resorts International (NYSE:MGM) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 6,630 shares of the company’s stock, valued at approximately $228,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bayforest Capital Ltd bought a new stake in shares of MGM Resorts International during the 1st quarter valued at $43,000. MassMutual Private Wealth & Trust FSB raised its position in shares of MGM Resorts International by 66.9% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock valued at $45,000 after acquiring an additional 529 shares during the last quarter. Quarry LP boosted its holdings in MGM Resorts International by 24.1% during the first quarter. Quarry LP now owns 1,795 shares of the company’s stock worth $53,000 after buying an additional 349 shares during the last quarter. UMB Bank n.a. boosted its holdings in MGM Resorts International by 27.5% during the second quarter. UMB Bank n.a. now owns 2,061 shares of the company’s stock worth $71,000 after buying an additional 445 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in MGM Resorts International during the first quarter worth about $79,000. Institutional investors own 68.11% of the company’s stock.

Wall Street Analysts Forecast Growth

MGM has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. reduced their target price on MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday. Weiss Ratings restated a “sell (d+)” rating on shares of MGM Resorts International in a report on Wednesday, October 8th. Truist Financial reduced their target price on MGM Resorts International from $48.00 to $47.00 and set a “buy” rating on the stock in a report on Thursday. Susquehanna raised their target price on MGM Resorts International from $50.00 to $60.00 and gave the stock a “positive” rating in a report on Tuesday, July 29th. Finally, Morgan Stanley raised their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a report on Thursday, September 11th. Fourteen analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $47.58.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $32.03 on Friday. The firm has a market cap of $8.72 billion, a PE ratio of 200.16, a PEG ratio of 1.40 and a beta of 1.67. The company has a current ratio of 1.22, a quick ratio of 1.18 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $41.32. The company has a fifty day moving average price of $34.71 and a 200 day moving average price of $34.37.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). The firm had revenue of $4.25 billion during the quarter, compared to the consensus estimate of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 16.95%. The company’s revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.54 EPS. Research analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the business’s stock in a transaction that occurred on 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 sale, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. The trade was a 65.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Keith A. Meister sold 242,000 shares of the business’s stock in a transaction that occurred on 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 sale, the director owned 5,385,478 shares in the company, valued at $190,753,630.76. The trade was a 4.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 3.06% of the company’s stock.

MGM Resorts International 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.