Proficio Capital Partners LLC Makes New Investment in MGM Resorts International (NYSE:MGM)

Proficio Capital Partners LLC bought a new position in shares of MGM Resorts International (NYSE:MGM) during the 4th quarter, HoldingsChannel.com reports. The fund bought 59,252 shares of the company’s stock, valued at approximately $2,053,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Fisher Asset Management LLC lifted its holdings in MGM Resorts International by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,547,883 shares of the company’s stock worth $177,777,000 after acquiring an additional 90,645 shares during the period. Goldentree Asset Management LP raised its stake in shares of 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 worth $117,270,000 after purchasing an additional 1,390,599 shares during the period. HG Vora Capital Management LLC purchased a new position in shares of MGM Resorts International in the 3rd quarter worth about $97,725,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in MGM Resorts International by 5.7% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,298,094 shares of the company’s stock valued at $89,832,000 after buying an additional 123,124 shares during the period. Finally, FMR LLC increased its holdings in MGM Resorts International by 5.0% during the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock worth $65,738,000 after buying an additional 79,486 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM Resorts International stock opened at $32.84 on Thursday. The company’s fifty day simple moving average is $34.56 and its two-hundred day simple moving average is $36.64. MGM Resorts International has a 12-month low of $31.60 and a 12-month high of $48.24. The firm has a market cap of $9.38 billion, a PE ratio of 13.68, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. 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 quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. As a group, equities analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

Wall Street Analyst Weigh In

MGM has been the topic of a number of research analyst reports. Mizuho boosted their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. Morgan Stanley increased their price objective on MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Monday, February 24th. Leerink Partners lowered MGM Resorts International to a “market perform” rating in a research note on Thursday, February 13th. Jefferies Financial Group cut their price target on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. Finally, Stifel Nicolaus boosted their price objective on MGM Resorts International from $47.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has an average rating of “Moderate Buy” and an average target price of $51.29.

Insider Activity

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the completion of the sale, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This trade represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.83% of the company’s stock.

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.