Iac Inc. Purchases 1,098,748 Shares of MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) major shareholder Iac Inc. bought 1,098,748 shares of the stock in a transaction dated Friday, December 5th. The stock was acquired at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the purchase, the insider owned 65,822,350 shares of the company’s stock, valued at $2,389,351,305. This represents a 1.70% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

MGM Resorts International Stock Up 3.5%

Shares of NYSE MGM opened at $37.16 on Thursday. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $41.32. The firm’s 50-day simple moving average is $33.05 and its 200 day simple moving average is $34.74. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 1.80. The company has a market cap of $10.16 billion, a price-to-earnings ratio of 232.22, a price-to-earnings-growth ratio of 2.66 and a beta of 1.48.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.13). MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The company had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the previous year, the business posted $0.54 EPS. The company’s revenue was up 1.6% compared to the same quarter last year. On average, research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Institutional Trading of MGM Resorts International

A number of hedge funds have recently modified their holdings of MGM. Helikon Investments Ltd raised its stake in MGM Resorts International by 379.9% during the 2nd quarter. Helikon Investments Ltd now owns 8,810,322 shares of the company’s stock worth $302,987,000 after buying an additional 6,974,347 shares during the period. AQR Capital Management LLC grew its stake in MGM Resorts International by 202.5% in the third quarter. AQR Capital Management LLC now owns 8,446,982 shares of the company’s stock valued at $292,772,000 after acquiring an additional 5,654,757 shares during the period. Kingstone Capital Partners Texas LLC bought a new stake in shares of MGM Resorts International in the second quarter worth about $171,632,000. Arrowstreet Capital Limited Partnership raised its position in shares of MGM Resorts International by 81.4% during the third quarter. Arrowstreet Capital Limited Partnership now owns 7,642,060 shares of the company’s stock worth $264,874,000 after purchasing an additional 3,429,946 shares during the period. Finally, Davis Selected Advisers raised its position in shares of MGM Resorts International by 14.4% during the second quarter. Davis Selected Advisers now owns 23,821,109 shares of the company’s stock worth $819,208,000 after purchasing an additional 3,006,052 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on MGM. Weiss Ratings reaffirmed a “sell (d)” rating on shares of MGM Resorts International in a report on Monday. Morgan Stanley boosted their target price on MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 11th. UBS Group decreased their price target on MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Monday, November 17th. Barclays lowered their price objective on MGM Resorts International from $43.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, October 30th. Finally, Truist Financial cut their target price on shares of MGM Resorts International from $48.00 to $47.00 and set a “buy” rating on the stock in a research report on Thursday, October 30th. Thirteen research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, MGM Resorts International currently has an average rating of “Hold” and an average target price of $45.42.

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.