Oppenheimer & Co. Inc. Has $1.40 Million Stock Position in MGM Resorts International (NYSE:MGM)

Oppenheimer & Co. Inc. lowered its holdings in MGM Resorts International (NYSE:MGMFree Report) by 11.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 38,096 shares of the company’s stock after selling 4,856 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in MGM Resorts International were worth $1,400,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. RB Capital Management LLC grew its holdings in shares of MGM Resorts International by 29.1% during the 1st quarter. RB Capital Management LLC now owns 7,796 shares of the company’s stock worth $327,000 after purchasing an additional 1,756 shares in the last quarter. American Century Companies Inc. lifted its position in shares of MGM Resorts International by 10.7% during the 1st quarter. American Century Companies Inc. now owns 24,436 shares of the company’s stock worth $1,024,000 after buying an additional 2,368 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of MGM Resorts International by 3.2% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 50,398 shares of the company’s stock worth $2,114,000 after buying an additional 1,542 shares during the period. Synovus Financial Corp lifted its position in shares of MGM Resorts International by 107.5% during the 1st quarter. Synovus Financial Corp now owns 12,597 shares of the company’s stock worth $529,000 after buying an additional 6,526 shares during the period. Finally, Cibc World Market Inc. lifted its position in shares of MGM Resorts International by 81.6% during the 1st quarter. Cibc World Market Inc. now owns 10,980 shares of the company’s stock worth $461,000 after buying an additional 4,934 shares during the period. Institutional investors and hedge funds own 66.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research report on Friday, October 13th. Truist Financial restated a “buy” rating and set a $55.00 target price on shares of MGM Resorts International in a research report on Tuesday, December 5th. Wells Fargo & Company cut their target price on MGM Resorts International from $58.00 to $54.00 and set an “overweight” rating for the company in a research report on Thursday, November 9th. JMP Securities reissued a “market outperform” rating and issued a $57.00 price objective on shares of MGM Resorts International in a research note on Monday, January 29th. Finally, Morgan Stanley reduced their price objective on MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Monday, November 13th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.12.

View Our Latest Research Report on MGM Resorts International

MGM Resorts International Trading Up 0.4 %

Shares of MGM stock opened at $44.70 on Wednesday. The firm has a market capitalization of $15.27 billion, a P/E ratio of 15.20 and a beta of 2.19. MGM Resorts International has a twelve month low of $34.12 and a twelve month high of $51.35. The company has a quick ratio of 1.73, a current ratio of 1.78 and a debt-to-equity ratio of 1.47. The stock’s fifty day simple moving average is $43.27 and its 200 day simple moving average is $41.62.

MGM Resorts International (NYSE:MGMGet Free Report) last announced its earnings results on Wednesday, November 8th. The company reported $0.64 EPS for the quarter, topping the consensus estimate of $0.52 by $0.12. The firm had revenue of $3.97 billion for the quarter, compared to the consensus estimate of $3.86 billion. MGM Resorts International had a return on equity of 18.04% and a net margin of 7.23%. The business’s quarterly revenue was up 16.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($1.39) EPS. As a group, sell-side analysts predict that MGM Resorts International will post 2.26 EPS for the current fiscal year.

MGM Resorts International declared that its board has approved a share buyback plan on Wednesday, November 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to reacquire up to 14.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In other MGM Resorts International news, COO Corey Ian Sanders sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, December 14th. The stock was sold at an average price of $44.82, for a total transaction of $1,344,600.00. Following the completion of the sale, the chief operating officer now directly owns 227,674 shares of the company’s stock, valued at approximately $10,204,348.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other MGM Resorts International news, insider John Mcmanus sold 10,000 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $45.00, for a total transaction of $450,000.00. Following the sale, the insider now owns 63,695 shares in the company, valued at $2,866,275. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Corey Ian Sanders sold 30,000 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $44.82, for a total value of $1,344,600.00. Following the sale, the chief operating officer now owns 227,674 shares in the company, valued at approximately $10,204,348.68. The disclosure for this sale can be found here. In the last three months, insiders have sold 50,000 shares of company stock valued at $2,229,100. 2.39% of the stock is owned by company insiders.

MGM Resorts International Company Profile

(Free Report)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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