Private Trust Co. NA Increases Stake in MGM Resorts International (NYSE:MGM)

Private Trust Co. NA increased its position in shares of MGM Resorts International (NYSE:MGM) by 29.5% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,105 shares of the company’s stock after buying an additional 708 shares during the period. Private Trust Co. NA’s holdings in MGM Resorts International were worth $121,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International during the second quarter worth $28,000. MidAtlantic Capital Management Inc. purchased a new position in MGM Resorts International in the third quarter valued at approximately $28,000. EverSource Wealth Advisors LLC raised its holdings in MGM Resorts International by 60.7% during the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock worth $41,000 after purchasing an additional 329 shares in the last quarter. Eastern Bank acquired a new position in shares of MGM Resorts International in the 3rd quarter valued at $35,000. Finally, UMB Bank n.a. raised its stake in MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after acquiring an additional 237 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Barclays cut their target price on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a research report on Thursday, October 31st. Macquarie lowered their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Truist Financial cut their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley lifted their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 22nd. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and a consensus price target of $52.85.

MGM Resorts International Trading Up 2.6 %

Shares of MGM stock opened at $38.33 on Friday. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. The business’s fifty day moving average price is $38.68 and its 200 day moving average price is $39.63. The firm has a market capitalization of $11.41 billion, a PE ratio of 13.69, a P/E/G ratio of 2.67 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The company had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.64 EPS. As a group, sell-side analysts forecast that MGM Resorts International will post 2.5 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. The trade was a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 2.13% 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.