Deltec Asset Management LLC Acquires New Stake in MGM Resorts International (NYSE:MGM)

Deltec Asset Management LLC bought a new position in MGM Resorts International (NYSE:MGM) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,000 shares of the company’s stock, valued at approximately $586,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MGM. International Assets Investment Management LLC bought a new position in MGM Resorts International during the second quarter valued at about $28,000. Eastern Bank bought a new position in shares of MGM Resorts International during the 3rd quarter valued at about $35,000. EverSource Wealth Advisors LLC grew its stake in shares of MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 329 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after purchasing an additional 237 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in MGM Resorts International during the second quarter valued at approximately $49,000. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This represents a 0.00 % 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, CEO William Hornbuckle bought 58,900 shares of the business’s stock in a transaction on Monday, August 5th. The shares were bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the acquisition, the chief executive officer now owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 216,400 shares of company stock worth $7,312,197 over the last ninety days. 2.13% of the stock is currently owned by insiders.

MGM Resorts International Price Performance

Shares of NYSE:MGM opened at $41.99 on Wednesday. The business has a fifty day simple moving average of $38.46 and a 200 day simple moving average of $40.23. The company has a current ratio of 1.47, a quick ratio of 1.42 and a debt-to-equity ratio of 1.65. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The firm has a market cap of $12.76 billion, a price-to-earnings ratio of 16.15, a P/E/G ratio of 0.97 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.20. The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm’s revenue was up 9.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.59 EPS. As a group, sell-side analysts predict that MGM Resorts International will post 2.54 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Stifel Nicolaus lifted their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. BTIG Research began coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 target price on the stock. Susquehanna increased their price target on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research report on Thursday, August 1st. Barclays cut their price objective on MGM Resorts International from $56.00 to $54.00 and set an “overweight” rating on the stock in a report on Thursday, October 17th. Finally, UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Four research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $54.08.

About MGM Resorts International

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.