4,926 Shares in MGM Resorts International (NYSE:MGM) Purchased by Essex Financial Services Inc.

Essex Financial Services Inc. acquired a new stake in shares of MGM Resorts International (NYSE:MGM) during the 4th quarter, HoldingsChannel.com reports. The fund acquired 4,926 shares of the company’s stock, valued at approximately $220,000.

Several other institutional investors have also added to or reduced their stakes in the business. Davis Selected Advisers purchased a new stake in MGM Resorts International during the third quarter valued at about $361,915,000. Boston Partners lifted its holdings in MGM Resorts International by 1,447.6% during the third quarter. Boston Partners now owns 3,980,892 shares of the company’s stock valued at $145,916,000 after purchasing an additional 3,723,659 shares during the last quarter. Invesco Ltd. lifted its holdings in MGM Resorts International by 14.6% during the third quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock valued at $144,840,000 after purchasing an additional 500,566 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in MGM Resorts International by 4.4% during the third quarter. Ameriprise Financial Inc. now owns 2,527,893 shares of the company’s stock valued at $92,923,000 after purchasing an additional 106,158 shares during the last quarter. Finally, Qube Research & Technologies Ltd lifted its holdings in MGM Resorts International by 544.8% during the third quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock valued at $73,364,000 after purchasing an additional 1,686,267 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at MGM Resorts International

In other news, Director Keith A. Meister sold 325,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the transaction, the director now owns 6,098,778 shares in the company, valued at $261,637,576.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley increased their price target on shares of MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Barclays increased their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday. Mizuho increased their price target on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday. TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b-” rating in a report on Tuesday, February 13th. Finally, Bank Of America (Bofa) increased their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $54.77.

MGM Resorts International Stock Up 0.4 %

Shares of NYSE MGM opened at $41.04 on Friday. MGM Resorts International has a one year low of $34.12 and a one year high of $51.35. The company has a debt-to-equity ratio of 1.56, a current ratio of 1.51 and a quick ratio of 1.53. The firm’s 50 day simple moving average is $43.52 and its two-hundred day simple moving average is $42.28. The stock has a market capitalization of $12.87 billion, a P/E ratio of 15.78, a PEG ratio of 1.68 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The business had revenue of $4.38 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period last year, the business earned $0.44 earnings per share. The business’s quarterly revenue was up 13.2% on a year-over-year basis. As a group, analysts expect that MGM Resorts International will post 2.76 EPS for the current fiscal year.

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.