Huntington National Bank Increases Stock Position in MGM Resorts International (NYSE:MGM)

Huntington National Bank raised its stake in MGM Resorts International (NYSE:MGM) by 133.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,909 shares of the company’s stock after acquiring an additional 1,090 shares during the period. Huntington National Bank’s holdings in MGM Resorts International were worth $75,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in the company. Goldentree Asset Management LP purchased a new position in MGM Resorts International during the 1st quarter worth approximately $35,726,000. Marshall Wace LLP boosted 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 acquiring an additional 706,159 shares during the period. Boston Partners grew its position in shares of MGM Resorts International by 12.6% during the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after acquiring an additional 684,676 shares during the last quarter. LSV Asset Management purchased a new stake in MGM Resorts International in the 2nd quarter valued at $21,149,000. Finally, Shellback Capital LP boosted its stake in MGM Resorts International by 433.3% during the 2nd quarter. Shellback Capital LP now owns 400,000 shares of the company’s stock worth $17,776,000 after purchasing an additional 325,000 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Down 0.3 %

MGM stock opened at $37.15 on Tuesday. 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 company’s 50-day moving average price is $38.48 and its 200 day moving average price is $39.79. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The company has a market cap of $11.06 billion, a P/E ratio of 13.27, a P/E/G ratio of 2.66 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last announced its quarterly 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 firm had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the firm earned $0.64 EPS. MGM Resorts International’s revenue was up 5.3% compared to the same quarter last year. On average, research analysts expect that MGM Resorts International will post 2.5 earnings per share for the current fiscal year.

Insider Buying and Selling at MGM Resorts International

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 shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the transaction, the director now owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. The trade was a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 2.13% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on MGM shares. Truist Financial dropped their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Mizuho reduced their price objective on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a research note on Thursday, October 31st. Susquehanna lifted their target price on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. JMP Securities cut their price target on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a research note on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on shares of MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $53.15.

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.