Commerce Bank Acquires 6,610 Shares of MGM Resorts International (NYSE:MGM)

Commerce Bank raised its holdings in MGM Resorts International (NYSE:MGM) by 40.7% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 22,864 shares of the company’s stock after purchasing an additional 6,610 shares during the quarter. Commerce Bank’s holdings in MGM Resorts International were worth $894,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Marshall Wace LLP increased its holdings in shares of MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after purchasing an additional 706,159 shares in the last quarter. Maverick Capital Ltd. acquired a new position in shares of MGM Resorts International in the 2nd quarter valued at $1,211,000. Empower Advisory Group LLC raised its position in shares of MGM Resorts International by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock worth $61,430,000 after purchasing an additional 62,997 shares during the period. Wedge Capital Management L L P NC bought a new position in MGM Resorts International in the second quarter valued at approximately $3,314,000. Finally, Boston Partners boosted its stake in MGM Resorts International by 12.6% in the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after purchasing an additional 684,676 shares during the period. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Down 0.6 %

MGM stock opened at $37.80 on Monday. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The business’s 50 day simple moving average is $38.64 and its 200 day simple moving average is $39.71. 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 firm has a market capitalization of $11.25 billion, a PE ratio of 13.50, a PEG ratio of 2.71 and a beta of 2.23.

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

Analysts Set New Price Targets

MGM has been the topic of a number of recent research reports. UBS Group raised MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Macquarie cut their price objective on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. Morgan Stanley increased their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 22nd. Truist Financial cut their price target on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Finally, JMP Securities decreased their price objective on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $53.15.

Insider Buying and Selling at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the company’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $36.72, for a total value 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. This represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 2.13% of the company’s stock.

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.