MGM Resorts International (NYSE:MGM) Shares Sold by Meridian Investment Counsel Inc.

Meridian Investment Counsel Inc. trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 2.4% during the third quarter, Holdings Channel.com reports. The firm owned 50,200 shares of the company’s stock after selling 1,250 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in MGM Resorts International were worth $1,962,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. UMB Bank n.a. grew its position in MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after buying an additional 237 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in shares of MGM Resorts International by 1.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after acquiring an additional 278 shares during the period. HB Wealth Management LLC boosted its holdings in shares of MGM Resorts International by 6.3% in the second quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock valued at $219,000 after acquiring an additional 293 shares in the last quarter. US Bancorp DE boosted its holdings in shares of MGM Resorts International by 1.3% in the first quarter. US Bancorp DE now owns 23,558 shares of the company’s stock valued at $1,112,000 after acquiring an additional 298 shares in the last quarter. Finally, Quent Capital LLC increased its stake in shares of MGM Resorts International by 14.6% during the third quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock valued at $93,000 after acquiring an additional 304 shares during the period. 68.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of research reports. Truist Financial decreased their price target on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Susquehanna lifted their target price on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a report on Thursday, August 1st. Mizuho cut their price target on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Stifel Nicolaus upped their price target on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Macquarie decreased 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. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.15.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the sale, the director now directly owns 5,738,478 shares of the company’s stock, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Price Performance

NYSE MGM opened at $37.27 on Friday. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. The firm has a market cap of $11.10 billion, a P/E ratio of 13.31, a price-to-earnings-growth ratio of 2.71 and a beta of 2.23. The stock’s 50-day moving average is $38.44 and its two-hundred day moving average is $39.81. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24.

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 net margin of 5.23% and a return on equity of 25.84%. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the business earned $0.64 EPS. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts anticipate that MGM Resorts International will post 2.5 earnings per share for the current fiscal 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.