Farther Finance Advisors LLC Boosts Stock Position in MGM Resorts International (NYSE:MGM)

Farther Finance Advisors LLC lifted its position in MGM Resorts International (NYSE:MGM) by 24.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,601 shares of the company’s stock after purchasing an additional 1,710 shares during the quarter. Farther Finance Advisors LLC’s holdings in MGM Resorts International were worth $369,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Capital World Investors boosted its holdings in shares of MGM Resorts International by 17.7% in the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after purchasing an additional 984,617 shares in the last quarter. Boston Partners boosted its holdings in shares of 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. Fisher Asset Management LLC boosted its holdings in shares of MGM Resorts International by 5.2% in the 4th quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock worth $194,686,000 after purchasing an additional 213,528 shares in the last quarter. Norges Bank purchased a new position in shares of MGM Resorts International in the 4th quarter worth about $139,599,000. Finally, Westfield Capital Management Co. LP boosted its holdings in shares of MGM Resorts International by 21.0% in the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock worth $107,295,000 after purchasing an additional 416,911 shares in the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Trading Up 0.9 %

MGM opened at $36.61 on Thursday. The business has a 50 day simple moving average of $40.75 and a two-hundred day simple moving average of $41.73. The firm has a market capitalization of $11.48 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 0.66 and a beta of 2.22. The company has a debt-to-equity ratio of 1.65, a current ratio of 1.47 and a quick ratio of 1.42. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter in the prior year, the company earned $0.59 EPS. The business’s revenue was up 9.8% compared to the same quarter last year. Analysts predict that MGM Resorts International will post 2.75 EPS for the current year.

Wall Street Analyst Weigh In

MGM has been the subject of a number of research reports. StockNews.com cut MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. UBS Group raised MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Stifel Nicolaus boosted their target price on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Macquarie lowered their target price on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Finally, Wells Fargo & Company lowered their target price on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $53.93.

Insider Transactions at MGM Resorts International

In other news, CEO William Hornbuckle bought 58,900 shares of the firm’s stock in a transaction dated Monday, August 5th. The stock was purchased at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the transaction, the chief executive officer now owns 377,112 shares of the company’s stock, valued at $12,719,987.76. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CEO William Hornbuckle purchased 58,900 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the purchase, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the business’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average price of $34.00 per share, for a total transaction of $340,000.00. Following the purchase, the chief financial officer now directly owns 38,299 shares in the company, valued at $1,302,166. The disclosure for this purchase can be found here. In the last quarter, insiders bought 216,400 shares of company stock valued at $7,312,197. Corporate insiders own 2.13% 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.