SG Americas Securities LLC Acquires 499,024 Shares of MGM Resorts International $MGM

SG Americas Securities LLC lifted its stake in shares of MGM Resorts International (NYSE:MGM) by 461.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 607,164 shares of the company’s stock after buying an additional 499,024 shares during the quarter. SG Americas Securities LLC’s holdings in MGM Resorts International were worth $22,155,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of MGM. AQR Capital Management LLC lifted its position in shares of MGM Resorts International by 202.5% during the 3rd quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after acquiring an additional 5,654,757 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in MGM Resorts International by 81.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after purchasing an additional 3,429,946 shares during the period. Samlyn Capital LLC acquired a new stake in MGM Resorts International in the third quarter worth $62,787,000. Norges Bank bought a new stake in MGM Resorts International in the second quarter valued at $60,570,000. Finally, Goldentree Asset Management LP raised its holdings in shares of MGM Resorts International by 20.7% during the second quarter. Goldentree Asset Management LP now owns 5,402,092 shares of the company’s stock valued at $185,778,000 after purchasing an additional 924,810 shares during the period. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 0.2%

Shares of NYSE MGM opened at $37.58 on Friday. The stock has a market capitalization of $9.61 billion, a P/E ratio of 50.11 and a beta of 1.38. The company has a 50-day moving average price of $35.63 and a 200-day moving average price of $34.81. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $40.16. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.23 and a quick ratio of 1.20.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same quarter in the prior year, the business posted $0.45 EPS. On average, equities research analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MGM shares. JPMorgan Chase & Co. increased their price objective on shares of MGM Resorts International from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft boosted their target price on MGM Resorts International from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Zacks Research raised MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. Truist Financial increased their price target on MGM Resorts International from $38.00 to $39.00 and gave the stock a “hold” rating in a report on Friday, February 6th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a report on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. According to MarketBeat.com, MGM Resorts International currently has a consensus rating of “Hold” and an average target price of $41.94.

Insider Buying and Selling

In related news, major shareholder Iac Inc. bought 450,000 shares of the company’s stock in a transaction dated Tuesday, March 24th. The shares were bought at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the completion of the acquisition, the insider directly owned 66,822,350 shares of the company’s stock, valued at $2,481,113,855.50. This trade represents a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Keith A. Meister sold 37,500 shares of MGM Resorts International stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $34.27, for a total value of $1,285,125.00. Following the transaction, the director directly owned 5,347,978 shares in the company, valued at approximately $183,275,206.06. The trade was a 0.70% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 3.06% of the company’s stock.

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.