Iac Inc. Acquires 550,000 Shares of MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) major shareholder Iac Inc. bought 550,000 shares of MGM Resorts International stock in a transaction on Monday, March 23rd. The stock was acquired at an average price of $37.30 per share, for a total transaction of $20,515,000.00. Following the purchase, the insider owned 66,372,350 shares of the company’s stock, valued at approximately $2,475,688,655. This trade represents a 0.84% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Iac Inc. also recently made the following trade(s):

• On Tuesday, March 24th, Iac Inc. bought 450,000 shares of MGM Resorts International stock. The shares were bought at an average cost of $37.13 per share, with a total value of $16,708,500.00.

MGM Resorts International Trading Up 0.2%

NYSE MGM opened at $37.58 on Friday. The company’s 50-day moving average price is $35.63 and its 200-day moving average price is $34.81. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. The stock has a market cap of $9.61 billion, a PE ratio of 50.11 and a beta of 1.38. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $40.16.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.96. The company had revenue of $4.61 billion during the quarter, compared to analyst estimates of $4.42 billion. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. During the same quarter last year, the business posted $0.45 EPS. Equities research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

Institutional Investors Weigh In On MGM Resorts International

Several institutional investors have recently added to or reduced their stakes in the business. CYBER HORNET ETFs LLC acquired a new position in shares of MGM Resorts International during the second quarter valued at about $25,000. Mendota Financial Group LLC acquired a new stake in MGM Resorts International in the 3rd quarter worth approximately $27,000. Global Retirement Partners LLC grew its position in MGM Resorts International by 55.9% during the 4th quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock worth $29,000 after purchasing an additional 281 shares during the last quarter. Mather Group LLC. purchased a new stake in MGM Resorts International during the 3rd quarter worth approximately $33,000. Finally, Elyxium Wealth LLC acquired a new position in MGM Resorts International during the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on MGM shares. Weiss Ratings reiterated a “sell (d)” rating on shares of MGM Resorts International in a report on Monday, December 29th. Susquehanna decreased their target price on MGM Resorts International from $46.00 to $45.00 and set a “positive” rating for the company in a research report on Friday, February 6th. Texas Capital upgraded MGM Resorts International to a “strong-buy” rating in a report on Thursday, January 8th. Capital One Financial dropped their price target on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a research report on Friday, December 5th. Finally, Zacks Research upgraded MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have issued a Hold rating and four have given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $41.94.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.