MGM Resorts International (NYSE:MGM) Shares Purchased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. increased its stake in shares of MGM Resorts International (NYSE:MGM) by 29.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 25,224 shares of the company’s stock after acquiring an additional 5,756 shares during the period. Oppenheimer Asset Management Inc.’s holdings in MGM Resorts International were worth $748,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MGM. Global Retirement Partners LLC grew its holdings in MGM Resorts International by 47.8% during the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after acquiring an additional 404 shares during the period. IFP Advisors Inc increased its position in shares of MGM Resorts International by 17.0% in the fourth quarter. IFP Advisors Inc now owns 4,824 shares of the company’s stock valued at $167,000 after buying an additional 702 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of MGM Resorts International by 3.3% in the fourth quarter. Bank of New York Mellon Corp now owns 1,323,992 shares of the company’s stock valued at $45,876,000 after buying an additional 42,256 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of MGM Resorts International in the fourth quarter valued at approximately $2,053,000. Finally, Factorial Partners LLC purchased a new stake in shares of MGM Resorts International in the fourth quarter valued at approximately $658,000. 68.11% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Daniel J. Taylor sold 5,261 shares of the business’s stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $34.93, for a total transaction of $183,766.73. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister sold 60,000 shares of the business’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $32.09, for a total value of $1,925,400.00. Following the transaction, the director now directly owns 5,627,478 shares of the company’s stock, valued at $180,585,769.02. This represents a 1.05% decrease in their position. The disclosure for this sale can be found here. Insiders sold 105,261 shares of company stock worth $3,486,367 over the last quarter. Corporate insiders own 3.06% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Citizens Jmp lowered MGM Resorts International from an “outperform” rating to a “market perform” rating in a research note on Thursday. JPMorgan Chase & Co. assumed coverage on MGM Resorts International in a research note on Monday, June 23rd. They issued a “neutral” rating and a $38.00 price target on the stock. Wall Street Zen raised MGM Resorts International from a “sell” rating to a “hold” rating in a research note on Thursday, May 22nd. Citigroup lowered MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research note on Thursday. Finally, Macquarie lowered their price target on MGM Resorts International from $50.00 to $48.00 and set an “outperform” rating on the stock in a research note on Friday, May 2nd. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.29.

MGM Resorts International Stock Up 1.7%

NYSE:MGM opened at $34.35 on Friday. The firm has a market capitalization of $9.35 billion, a PE ratio of 15.34, a price-to-earnings-growth ratio of 2.37 and a beta of 1.76. The stock has a 50 day moving average of $32.50 and a 200-day moving average of $32.82. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The company has a current ratio of 1.31, a quick ratio of 1.26 and a debt-to-equity ratio of 1.79.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.19. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.29 billion. MGM Resorts International had a return on equity of 20.64% and a net margin of 3.95%. The business’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.74 EPS. Analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

MGM Resorts International announced that its Board of Directors has approved a stock buyback plan on Wednesday, April 30th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 22.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.