HB Wealth Management LLC Invests $285,000 in MGM Resorts International $MGM

HB Wealth Management LLC purchased a new position in MGM Resorts International (NYSE:MGM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,273 shares of the company’s stock, valued at approximately $285,000.

A number of other large investors have also recently made changes to their positions in MGM. Golden State Wealth Management LLC grew its stake in shares of MGM Resorts International by 83.5% in the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after acquiring an additional 455 shares during the period. CX Institutional bought a new stake in shares of MGM Resorts International in the first quarter worth approximately $36,000. Bayforest Capital Ltd bought a new stake in shares of MGM Resorts International in the first quarter worth approximately $43,000. MassMutual Private Wealth & Trust FSB grew its stake in shares of MGM Resorts International by 66.9% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock worth $45,000 after acquiring an additional 529 shares during the period. Finally, UMB Bank n.a. grew its stake in shares of MGM Resorts International by 91.0% in the first quarter. UMB Bank n.a. now owns 1,616 shares of the company’s stock worth $48,000 after acquiring an additional 770 shares during the period. 68.11% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. The Goldman Sachs Group cut their target price on shares of MGM Resorts International from $37.00 to $34.00 and set a “sell” rating for the company in a research report on Wednesday, October 1st. Stifel Nicolaus boosted their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, July 31st. JMP Securities restated a “market perform” rating on shares of MGM Resorts International in a research report on Thursday, June 26th. Macquarie cut their target price on shares of MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a research report on Thursday, October 2nd. Finally, Seaport Res Ptn lowered shares of MGM Resorts International from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $48.50.

MGM Resorts International Trading Down 0.0%

MGM stock opened at $33.92 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $42.53. The stock has a market capitalization of $9.23 billion, a price-to-earnings ratio of 18.64, a price-to-earnings-growth ratio of 1.44 and a beta of 1.67. The firm’s fifty day simple moving average is $36.17 and its two-hundred day simple moving average is $34.04.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.28 billion. During the same quarter in the previous year, the business posted $0.86 earnings per share. The business’s revenue was up 1.8% compared to the same quarter last year. As a group, analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 242,000 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the transaction, the director directly owned 5,385,478 shares in the company, valued at $190,753,630.76. This represents a 4.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John Mcmanus sold 60,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $36.12, for a total transaction of $2,167,200.00. Following the transaction, the insider owned 31,521 shares in the company, valued at approximately $1,138,538.52. The trade was a 65.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 3.06% of the company’s stock.

About MGM Resorts International

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.