QRG Capital Management Inc. Has $3.84 Million Position in MGM Resorts International (NYSE:MGM)

QRG Capital Management Inc. trimmed its position in MGM Resorts International (NYSE:MGM) by 53.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,095 shares of the company’s stock after selling 112,585 shares during the quarter. QRG Capital Management Inc.’s holdings in MGM Resorts International were worth $3,835,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in MGM. International Assets Investment Management LLC bought a new stake in shares of MGM Resorts International in the second quarter valued at approximately $28,000. Eastern Bank acquired a new position in MGM Resorts International in the 3rd quarter valued at $35,000. EverSource Wealth Advisors LLC lifted its position 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 acquiring an additional 329 shares during the period. UMB Bank n.a. grew its holdings 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 worth $42,000 after purchasing an additional 237 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of MGM Resorts International in the second quarter worth $49,000. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction dated 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 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 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.83% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MGM. JMP Securities cut their price objective on shares of MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a research report on Thursday, October 31st. Macquarie cut their price target on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Susquehanna lifted their price objective 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. Barclays cut their target price on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Thursday, October 31st. Finally, Stifel Nicolaus lifted their price target on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $53.15.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $37.43 on Thursday. The firm has a market capitalization of $11.14 billion, a price-to-earnings ratio of 13.37, a PEG ratio of 2.60 and a beta of 2.23. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The business’s 50-day moving average price is $38.35 and its 200-day moving average price is $40.04. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24.

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

MGM Resorts International Company 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.