MGM Resorts International (NYSE:MGM) Major Shareholder Acquires $16,708,500.00 in Stock

MGM Resorts International (NYSE:MGM) major shareholder Iac Inc. purchased 450,000 shares of the stock in a transaction on Tuesday, March 24th. The shares were acquired at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the transaction, the insider owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. The trade was a 0.68% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Iac Inc. also recently made the following trade(s):

• On Monday, March 23rd, Iac Inc. purchased 550,000 shares of MGM Resorts International stock. The stock was acquired at an average price of $37.30 per share, for a total transaction of $20,515,000.00.

MGM Resorts International Stock Performance

Shares of MGM traded up $0.37 during trading hours on Wednesday, hitting $37.48. The company had a trading volume of 4,089,364 shares, compared to its average volume of 5,335,345. The firm has a market cap of $9.59 billion, a price-to-earnings ratio of 49.98 and a beta of 1.38. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $40.16. The business has a fifty day moving average of $35.58 and a 200-day moving average of $34.80.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. The company had revenue of $4.61 billion during the quarter, compared to analysts’ expectations of $4.42 billion. MGM Resorts International had a return on equity of 26.04% and a net margin of 1.17%.During the same quarter in the previous year, the company posted $0.45 earnings per share. Equities analysts anticipate that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of MGM Resorts International by 5.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 19,652 shares of the company’s stock worth $582,000 after buying an additional 951 shares during the last quarter. NewEdge Advisors LLC raised its holdings in MGM Resorts International by 12.1% during the 1st quarter. NewEdge Advisors LLC now owns 3,893 shares of the company’s stock valued at $115,000 after acquiring an additional 421 shares during the period. Woodline Partners LP raised its stake in shares of MGM Resorts International by 39.1% during the 1st quarter. Woodline Partners LP now owns 18,901 shares of the company’s stock valued at $560,000 after purchasing an additional 5,312 shares during the period. Cetera Investment Advisers lifted its holdings in shares of MGM Resorts International by 8.7% in the second quarter. Cetera Investment Advisers now owns 127,204 shares of the company’s stock worth $4,375,000 after buying an additional 10,132 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its stake in MGM Resorts International by 4.6% in the 2nd quarter. Rockefeller Capital Management L.P. now owns 19,767 shares of the company’s stock worth $680,000 after purchasing an additional 862 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $33.00 price objective on shares of MGM Resorts International in a report on Monday, December 15th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of MGM Resorts International from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. Berenberg Bank reissued a “buy” rating on shares of MGM Resorts International in a research note on Wednesday, February 11th. Truist Financial boosted their price objective on shares of MGM Resorts International from $38.00 to $39.00 and gave the stock a “hold” rating in a research note on Friday, February 6th. Finally, Barclays set a $37.00 target price on shares of MGM Resorts International in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $41.94.

MGM Resorts International Company Profile

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.