Eastern Bank Acquires New Position in MGM Resorts International (NYSE:MGM)

Eastern Bank acquired a new stake in MGM Resorts International (NYSE:MGM) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 900 shares of the company’s stock, valued at approximately $35,000.

Several other hedge funds also recently bought and sold shares of MGM. Wealth Enhancement Advisory Services LLC boosted its stake in MGM Resorts International by 6.9% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 26,989 shares of the company’s stock worth $1,274,000 after buying an additional 1,753 shares during the period. Mirador Capital Partners LP boosted its stake in MGM Resorts International by 3.0% during the first quarter. Mirador Capital Partners LP now owns 73,974 shares of the company’s stock worth $3,492,000 after buying an additional 2,187 shares during the period. Norden Group LLC purchased a new position in MGM Resorts International during the first quarter worth about $462,000. Principal Financial Group Inc. boosted its stake in MGM Resorts International by 1.4% during the first quarter. Principal Financial Group Inc. now owns 312,831 shares of the company’s stock worth $14,769,000 after buying an additional 4,176 shares during the period. Finally, Van ECK Associates Corp boosted its stake in MGM Resorts International by 3.5% during the first quarter. Van ECK Associates Corp now owns 52,493 shares of the company’s stock worth $2,478,000 after buying an additional 1,795 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Up 0.6 %

Shares of NYSE:MGM opened at $40.36 on Friday. The firm’s 50 day moving average price is $38.38 and its 200 day moving average price is $40.29. The stock has a market cap of $12.26 billion, a price-to-earnings ratio of 15.23, a price-to-earnings-growth ratio of 0.97 and a beta of 2.23. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The company had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the company earned $0.59 earnings per share. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, equities research analysts predict that MGM Resorts International will post 2.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on MGM. Deutsche Bank Aktiengesellschaft lowered their target price on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. BTIG Research assumed coverage on shares of MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price target on the stock. Barclays reduced their price target on shares of MGM Resorts International from $56.00 to $54.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. UBS Group raised shares of MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Finally, Truist Financial reduced 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. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average price target of $54.08.

Insiders Place Their Bets

In related news, Director Paul J. Salem acquired 147,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were bought at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the acquisition, the director now owns 1,702,500 shares in the company, valued at $57,544,500. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Paul J. Salem acquired 147,500 shares of the business’s stock in a transaction on Monday, August 5th. The shares were bought at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the acquisition, the director now owns 1,702,500 shares in the company, valued at $57,544,500. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred on 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 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 disclosure for this sale can be found here. Over the last quarter, insiders have purchased 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is owned by corporate insiders.

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.