Oppenheimer & Co. Inc. Increases Holdings in MGM Resorts International (NYSE:MGM)

Oppenheimer & Co. Inc. lifted its holdings in MGM Resorts International (NYSE:MGM) by 21.2% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,906 shares of the company’s stock after acquiring an additional 9,935 shares during the period. Oppenheimer & Co. Inc.’s holdings in MGM Resorts International were worth $2,224,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Marshall Wace LLP boosted its stake in MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after purchasing an additional 706,159 shares during the period. Maverick Capital Ltd. purchased a new position in MGM Resorts International during the second quarter valued at $1,211,000. Empower Advisory Group LLC increased its holdings in 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. Wedge Capital Management L L P NC bought a new stake in MGM Resorts International in the 2nd quarter valued at $3,314,000. Finally, Boston Partners lifted its stake in MGM Resorts International by 12.6% in the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after purchasing an additional 684,676 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Down 0.6 %

Shares of NYSE MGM opened at $37.28 on Friday. The company has a market cap of $11.10 billion, a P/E ratio of 13.31, a PEG ratio of 2.71 and a beta of 2.23. The firm has a 50-day simple moving average of $38.44 and a two-hundred day simple moving average of $39.82. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the prior year, the business posted $0.64 earnings per share. MGM Resorts International’s revenue was up 5.3% on a year-over-year basis. Research analysts anticipate that MGM Resorts International will post 2.5 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MGM. Wells Fargo & Company cut their price objective on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Mizuho cut their price target on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft decreased their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating on the stock in a report on Tuesday, October 1st. Susquehanna raised their target price on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday, August 1st. Finally, 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 note on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $53.15.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction dated Friday, September 13th. The shares were 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 $210,716,912.16. The trade was a 2.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.13% of the company’s stock.

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.