Headlands Technologies LLC acquired a new stake in shares of MGM Resorts International (NYSE:MGM – Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 2,535 shares of the company’s stock, valued at approximately $93,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MGM. Norges Bank purchased a new position in MGM Resorts International during the fourth quarter valued at approximately $165,932,000. Boston Partners grew its position in MGM Resorts International by 1,447.6% in the third quarter. Boston Partners now owns 3,980,892 shares of the company’s stock worth $145,916,000 after acquiring an additional 3,723,659 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its position in MGM Resorts International by 17.0% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 21,276,150 shares of the company’s stock worth $713,390,000 after acquiring an additional 3,098,142 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in MGM Resorts International in the third quarter worth approximately $31,903,000. Finally, Barclays PLC grew its position in MGM Resorts International by 59.2% in the second quarter. Barclays PLC now owns 2,290,212 shares of the company’s stock worth $100,584,000 after acquiring an additional 851,971 shares in the last quarter. 66.46% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
MGM has been the subject of several recent research reports. Stifel Nicolaus decreased 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 report on Thursday, November 9th. Truist Financial reaffirmed a “buy” rating and set a $55.00 price objective on shares of MGM Resorts International in a report on Tuesday, December 5th. JMP Securities reaffirmed a “market outperform” rating and set a $57.00 price objective on shares of MGM Resorts International in a report on Monday, January 29th. HSBC initiated coverage on shares of MGM Resorts International in a report on Monday, October 23rd. They set a “buy” rating and a $49.00 price objective for the company. Finally, Morgan Stanley decreased their price objective on shares of MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, November 13th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $56.12.
MGM Resorts International Stock Up 0.6 %
Shares of NYSE:MGM opened at $47.02 on Tuesday. The firm has a market cap of $16.06 billion, a P/E ratio of 15.99 and a beta of 2.19. The company has a quick ratio of 1.73, a current ratio of 1.78 and a debt-to-equity ratio of 1.47. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The company’s 50-day moving average price is $43.77 and its two-hundred day moving average price is $41.52.
MGM Resorts International announced that its Board of Directors has authorized a share repurchase plan on Wednesday, November 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the company to purchase up to 14.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In other news, insider John Mcmanus sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, December 12th. The shares were sold at an average price of $43.45, for a total value of $434,500.00. Following the transaction, the insider now owns 73,695 shares of the company’s stock, valued at approximately $3,202,047.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider John Mcmanus sold 10,000 shares of the stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $43.45, for a total value of $434,500.00. Following the sale, the insider now directly owns 73,695 shares in the company, valued at approximately $3,202,047.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Corey Ian Sanders sold 30,000 shares of the stock in a transaction that occurred on Thursday, December 14th. The shares were sold at an average price of $44.82, for a total transaction of $1,344,600.00. Following the completion of the sale, the chief operating officer now owns 227,674 shares in the company, valued at $10,204,348.68. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,000 shares of company stock valued at $2,229,100. 2.39% of the stock is currently owned by insiders.
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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