Strategic Financial Concepts LLC Takes $363,000 Position in MGM Resorts International (NYSE:MGM)

Strategic Financial Concepts LLC purchased a new stake in MGM Resorts International (NYSE:MGM) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 10,476 shares of the company’s stock, valued at approximately $363,000.

Other institutional investors have also made changes to their positions in the company. Empower Advisory Group LLC increased its holdings in shares of MGM Resorts International by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after acquiring an additional 62,997 shares during the last quarter. Goldentree Asset Management LP boosted its position in MGM Resorts International by 86.4% during the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after purchasing an additional 1,390,599 shares during the period. Miracle Mile Advisors LLC acquired a new position in MGM Resorts International during the 4th quarter valued at approximately $2,010,000. Assenagon Asset Management S.A. boosted its position in MGM Resorts International by 80.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 358,186 shares of the company’s stock valued at $12,411,000 after purchasing an additional 159,522 shares during the period. Finally, Zacks Investment Management boosted its position in MGM Resorts International by 7.8% during the 3rd quarter. Zacks Investment Management now owns 400,393 shares of the company’s stock valued at $15,651,000 after purchasing an additional 29,107 shares during the period. 68.11% of the stock is currently owned by institutional investors.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction on Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the completion of the sale, the director now directly owns 5,687,478 shares of the company’s stock, valued at $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the subject of a number of analyst reports. Barclays boosted their price objective on MGM Resorts International from $45.00 to $47.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Truist Financial reduced their price objective on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Macquarie restated an “outperform” rating and set a $50.00 price objective on shares of MGM Resorts International in a research report on Thursday, February 13th. BTIG Research lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a research report on Monday, February 3rd. Finally, Citigroup boosted their price target on MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus price target of $51.47.

MGM Resorts International Trading Down 0.1 %

Shares of MGM stock opened at $38.32 on Friday. The stock has a 50-day simple moving average of $34.54 and a 200 day simple moving average of $36.79. MGM Resorts International has a fifty-two week low of $31.61 and a fifty-two week high of $48.24. The stock has a market capitalization of $11.41 billion, a P/E ratio of 15.96, a P/E/G ratio of 3.06 and a beta of 2.20. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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.