Triton Wealth Management PLLC cut its position in shares of MGM Resorts International (NYSE:MGM – Free Report) by 2.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 17,632 shares of the company’s stock after selling 513 shares during the period. MGM Resorts International accounts for 0.5% of Triton Wealth Management PLLC’s holdings, making the stock its 24th biggest position. Triton Wealth Management PLLC’s holdings in MGM Resorts International were worth $871,000 at the end of the most recent quarter.
Other institutional investors also recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. increased its stake in shares of MGM Resorts International by 17.0% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 21,276,150 shares of the company’s stock worth $713,390,000 after purchasing an additional 3,098,142 shares in the last quarter. Morgan Stanley increased its position in MGM Resorts International by 12.8% during the fourth quarter. Morgan Stanley now owns 6,717,202 shares of the company’s stock worth $225,228,000 after buying an additional 764,699 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of MGM Resorts International by 0.9% in the first quarter. Geode Capital Management LLC now owns 6,484,714 shares of the company’s stock worth $287,398,000 after acquiring an additional 60,969 shares during the last quarter. Norges Bank acquired a new position in shares of MGM Resorts International in the fourth quarter worth $165,932,000. Finally, Fisher Asset Management LLC boosted its stake in shares of MGM Resorts International by 1.8% during the second quarter. Fisher Asset Management LLC now owns 4,436,653 shares of the company’s stock valued at $194,858,000 after acquiring an additional 78,062 shares during the last quarter. 66.46% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on MGM. Stifel Nicolaus cut their target price on shares of MGM Resorts International from $59.00 to $55.00 and set a “buy” rating for the company in a research note on Thursday, November 9th. Susquehanna reduced their price objective on shares of MGM Resorts International from $51.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, August 3rd. Barclays lowered their target price on shares of MGM Resorts International from $64.00 to $62.00 and set an “overweight” rating for the company in a research note on Thursday, August 3rd. Citigroup increased their price target on MGM Resorts International from $63.00 to $66.50 in a research note on Friday, August 4th. Finally, TheStreet downgraded MGM Resorts International from a “b” rating to a “c+” rating in a research report on Wednesday, August 2nd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.35.
MGM Resorts International Stock Down 1.0 %
NYSE MGM traded down $0.41 during trading hours on Friday, reaching $39.80. 5,700,905 shares of the company traded hands, compared to its average volume of 5,252,042. The stock has a market capitalization of $13.60 billion, a PE ratio of 13.54 and a beta of 2.17. The company has a current ratio of 1.78, a quick ratio of 1.73 and a debt-to-equity ratio of 1.47. MGM Resorts International has a 12 month low of $32.43 and a 12 month high of $51.35. The company has a 50 day moving average of $37.54 and a two-hundred day moving average of $41.76.
MGM Resorts International (NYSE:MGM – Get Free Report) last posted its quarterly earnings results on Wednesday, November 8th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.12. MGM Resorts International had a return on equity of 18.04% and a net margin of 7.23%. The business had revenue of $3.97 billion during the quarter, compared to the consensus estimate of $3.86 billion. During the same period last year, the firm earned ($1.39) earnings per share. The company’s revenue for the quarter was up 16.3% compared to the same quarter last year. As a group, equities analysts expect that MGM Resorts International will post 2.22 earnings per share for the current year.
MGM Resorts International declared that its Board of Directors has initiated a stock buyback program on Wednesday, November 8th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the company to purchase up to 14.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.
MGM Resorts International Profile
MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.
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