Iac Inc. Acquires 450,000 Shares of MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) major shareholder Iac Inc. bought 450,000 shares of the firm’s stock in a transaction on Tuesday, March 24th. The shares were purchased at an average price of $37.13 per share, for a total transaction of $16,708,500.00. Following the completion of the transaction, the insider owned 66,822,350 shares of the company’s stock, valued at $2,481,113,855.50. This represents a 0.68% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, March 23rd, Iac Inc. purchased 550,000 shares of MGM Resorts International stock. The stock was purchased at an average price of $37.30 per share, with a total value of $20,515,000.00.

MGM Resorts International Trading Up 0.2%

NYSE:MGM opened at $37.58 on Friday. The company has a market capitalization of $9.61 billion, a PE ratio of 50.11 and a beta of 1.38. The company has a quick ratio of 1.20, a current ratio of 1.23 and a debt-to-equity ratio of 1.91. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $40.16. The stock has a fifty day simple moving average of $35.63 and a 200-day simple moving average of $34.81.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.60 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The firm had revenue of $4.61 billion for the quarter, compared to analysts’ expectations of $4.42 billion. During the same period in the prior year, the company earned $0.45 EPS. On average, equities research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MGM Resorts International

A number of institutional investors have recently modified their holdings of MGM. Corient Private Wealth LLC lifted its stake in shares of MGM Resorts International by 356.6% during the 2nd quarter. Corient Private Wealth LLC now owns 528,526 shares of the company’s stock worth $18,176,000 after purchasing an additional 412,767 shares during the period. Vanguard Group Inc. grew its position in shares of MGM Resorts International by 1.5% in the third quarter. Vanguard Group Inc. now owns 23,576,877 shares of the company’s stock valued at $817,175,000 after purchasing an additional 340,629 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of MGM Resorts International by 109.7% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 129,115 shares of the company’s stock valued at $4,276,000 after purchasing an additional 67,542 shares during the period. TD Asset Management Inc increased its stake in MGM Resorts International by 146.9% in the third quarter. TD Asset Management Inc now owns 92,957 shares of the company’s stock valued at $3,222,000 after purchasing an additional 55,300 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new position in MGM Resorts International in the second quarter valued at $6,351,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Ratings Changes

MGM has been the topic of several research reports. Barclays set a $37.00 price target on shares of MGM Resorts International in a research report on Friday, February 6th. Capital One Financial reduced their target price on MGM Resorts International from $47.00 to $46.00 and set an “overweight” rating on the stock in a research note on Friday, December 5th. Berenberg Bank reiterated a “buy” rating on shares of MGM Resorts International in a report on Wednesday, February 11th. JPMorgan Chase & Co. raised their price target on MGM Resorts International from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Friday, February 6th. Finally, Stifel Nicolaus boosted their price target on MGM Resorts International from $45.00 to $50.00 and gave the stock a “buy” rating in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $41.94.

MGM Resorts International Company Profile

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.