Wright Investors Service Inc. Buys Shares of 26,685 MGM Resorts International (NYSE:MGM)

Wright Investors Service Inc. bought a new position in shares of MGM Resorts International (NYSE:MGM) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 26,685 shares of the company’s stock, valued at approximately $1,043,000.

A number of other large investors also recently modified their holdings of the business. Capital World Investors grew its position in shares of MGM Resorts International by 17.7% during the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after acquiring an additional 984,617 shares during the last quarter. Boston Partners increased its stake in shares of MGM Resorts International by 12.6% in the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after purchasing an additional 684,676 shares during the period. Fisher Asset Management LLC raised its holdings in shares of MGM Resorts International by 5.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock valued at $194,686,000 after buying an additional 213,528 shares during the last quarter. Bamco Inc. NY boosted its position in shares of MGM Resorts International by 3.6% during the first quarter. Bamco Inc. NY now owns 2,101,065 shares of the company’s stock worth $99,191,000 after buying an additional 73,515 shares during the period. Finally, Marshall Wace LLP grew its holdings in MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after buying an additional 706,159 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MGM shares. Deutsche Bank Aktiengesellschaft reduced their price target on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday. Susquehanna raised their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Wells Fargo & Company lowered their price objective on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Finally, BTIG Research started coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and a consensus price target of $53.93.

MGM Resorts International Trading Up 1.9 %

Shares of MGM Resorts International stock traded up $0.76 during trading on Friday, hitting $40.43. The stock had a trading volume of 3,635,664 shares, compared to its average volume of 4,120,659. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $12.68 billion, a PE ratio of 15.55, a P/E/G ratio of 0.68 and a beta of 2.22. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The stock has a 50 day simple moving average of $37.79 and a 200 day simple moving average of $40.93.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. The company 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 company’s revenue for the quarter was up 9.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share. On average, research analysts expect that MGM Resorts International will post 2.63 EPS for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO William Hornbuckle purchased 58,900 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the purchase, the chief executive officer now owns 377,112 shares in the company, valued at $12,719,987.76. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $210,716,912.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have acquired a total of 216,400 shares of company stock valued at $7,312,197 in the last 90 days. 2.13% of the stock is currently owned by corporate insiders.

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.