Essex Financial Services Inc. Invests $220,000 in MGM Resorts International (NYSE:MGM)

Essex Financial Services Inc. acquired a new position in MGM Resorts International (NYSE:MGM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 4,926 shares of the company’s stock, valued at approximately $220,000.

Other large investors have also added to or reduced their stakes in the company. Davis Selected Advisers bought a new position in MGM Resorts International in the third quarter valued at approximately $361,915,000. Boston Partners grew its stake in shares of MGM Resorts International by 1,447.6% in the third quarter. Boston Partners now owns 3,980,892 shares of the company’s stock valued at $145,916,000 after buying an additional 3,723,659 shares in the last quarter. Qube Research & Technologies Ltd increased its holdings in MGM Resorts International by 544.8% during the third quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock worth $73,364,000 after buying an additional 1,686,267 shares during the last quarter. Invesco Ltd. raised its position in MGM Resorts International by 14.6% during the third quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock worth $144,840,000 after acquiring an additional 500,566 shares in the last quarter. Finally, QRG Capital Management Inc. bought a new stake in MGM Resorts International during the third quarter worth $13,930,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on MGM. Susquehanna raised shares of MGM Resorts International from a “neutral” rating to a “positive” rating and upped their price target for the stock from $46.00 to $54.00 in a research report on Thursday. Barclays upped their price target on shares of MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a research report on Thursday. Morgan Stanley upped their price target on shares of MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Macquarie reaffirmed an “outperform” rating and set a $58.00 price target on shares of MGM Resorts International in a research report on Wednesday, February 14th. Finally, Mizuho increased their price objective on shares of MGM Resorts International from $61.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday. Two investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, MGM Resorts International currently has an average rating of “Moderate Buy” and an average price target of $54.77.

MGM Resorts International Trading Up 0.4 %

MGM stock opened at $41.04 on Friday. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.53 and a current ratio of 1.51. The company’s 50-day simple moving average is $43.52 and its 200 day simple moving average is $42.28. MGM Resorts International has a 52 week low of $34.12 and a 52 week high of $51.35. The company has a market capitalization of $12.87 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 1.68 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The business had revenue of $4.38 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the company posted $0.44 earnings per share. MGM Resorts International’s revenue was up 13.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.76 earnings per share for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total transaction of $13,942,500.00. Following the sale, the director now directly owns 6,098,778 shares in the company, valued at $261,637,576.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Company Profile

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.