Ieq Capital LLC Takes $1.05 Million Position in MGM Resorts International (NYSE:MGM)

Ieq Capital LLC purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 30,155 shares of the company’s stock, valued at approximately $1,045,000.

Several other hedge funds also recently added to or reduced their stakes in MGM. Blue Trust Inc. raised its holdings in shares of MGM Resorts International by 120.6% in the third quarter. Blue Trust Inc. now owns 1,348 shares of the company’s stock worth $53,000 after buying an additional 737 shares during the period. International Assets Investment Management LLC increased its stake in MGM Resorts International by 6,902.6% in the third quarter. International Assets Investment Management LLC now owns 43,626 shares of the company’s stock worth $1,705,000 after purchasing an additional 43,003 shares during the period. Assenagon Asset Management S.A. increased its stake in MGM Resorts International by 37.7% in the third quarter. Assenagon Asset Management S.A. now owns 198,664 shares of the company’s stock worth $7,766,000 after purchasing an additional 54,355 shares during the period. Lake Street Advisors Group LLC boosted its stake in shares of MGM Resorts International by 13.5% during the third quarter. Lake Street Advisors Group LLC now owns 5,242 shares of the company’s stock valued at $205,000 after purchasing an additional 623 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of MGM Resorts International by 50.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 18,037 shares of the company’s stock valued at $715,000 after purchasing an additional 6,085 shares during the period. 68.11% of the stock is currently owned by institutional investors.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Keith A. Meister sold 51,000 shares of MGM Resorts International stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the transaction, the director now owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. The trade was a 0.89 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 2.83% of the company’s stock.

MGM Resorts International Stock Performance

MGM opened at $36.32 on Tuesday. The company has a market cap of $10.37 billion, a P/E ratio of 15.13, a price-to-earnings-growth ratio of 0.98 and a beta of 2.20. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The firm’s 50-day moving average price is $34.55 and its 200-day moving average price is $36.80. MGM Resorts International has a 52-week low of $31.61 and a 52-week high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MGM. Stifel Nicolaus lifted their price objective on shares of MGM Resorts International from $47.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Mizuho boosted their price target on MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a report on Thursday, February 13th. Morgan Stanley raised their price objective on MGM Resorts International from $39.00 to $41.00 and gave the stock an “equal weight” rating in a report on Monday. Truist Financial lowered their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Jefferies Financial Group cut their price target on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Friday, January 3rd. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.29.

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.