Mirae Asset Global Investments Co. Ltd. Increases Holdings in MGM Resorts International (NYSE:MGM)

Mirae Asset Global Investments Co. Ltd. boosted its position in MGM Resorts International (NYSE:MGM) by 50.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 18,037 shares of the company’s stock after purchasing an additional 6,085 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in MGM Resorts International were worth $715,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International in the 2nd quarter valued at $28,000. Eastern Bank acquired a new stake in MGM Resorts International during the 3rd quarter worth about $35,000. EverSource Wealth Advisors LLC raised its stake in shares of MGM Resorts International by 60.7% during the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after buying an additional 329 shares during the last quarter. UMB Bank n.a. raised its stake in shares of MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at about $49,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Wall Street Analyst Weigh In

MGM has been the topic of several analyst reports. UBS Group raised MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Mizuho dropped their price objective on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday. Susquehanna boosted 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. Stifel Nicolaus raised their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Wells Fargo & Company cut their price objective on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a report on Thursday, October 17th. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $53.15.

MGM Resorts International Stock Performance

Shares of NYSE:MGM opened at $36.41 on Friday. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.42. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The firm has a market capitalization of $10.84 billion, a PE ratio of 13.00, a P/E/G ratio of 0.94 and a beta of 2.23. The business’s 50 day moving average price is $38.41 and its 200-day moving average price is $40.17.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.58 by ($0.04). The business had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period last year, the firm earned $0.64 EPS. As a group, equities research analysts expect that MGM Resorts International will post 2.45 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, CFO Jonathan S. Halkyard bought 10,000 shares of the stock in a transaction dated Monday, August 5th. The shares were acquired at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the acquisition, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $34.00 per share, for a total transaction of $340,000.00. Following the acquisition, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO William Hornbuckle purchased 58,900 shares of the stock in a transaction dated Monday, August 5th. The shares were purchased at an average cost of $33.73 per share, for a total transaction of $1,986,697.00. Following the transaction, the chief executive officer now owns 377,112 shares in the company, valued at approximately $12,719,987.76. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 216,400 shares of company stock valued at $7,312,197. Corporate insiders own 2.13% of the company’s stock.

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.