On September 19, 2023,&180 Wealth Advisors LLC announced its acquisition of a new position in shares of MGM Resorts International (NYSE:MGM) during the second quarter. According to the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC), the firm purchased 12,448 shares of MGM Resorts International, amounting to a total value of approximately $545,000.
This news follows a series of developments within MGM Resorts International. Just last month, insider John Mcmanus sold 10,000 shares of the company’s stock in a transaction on August 10th. The average price per share was recorded at $46.59, resulting in a total value of $465,900.00. Following the completion of this transaction, Mcmanus now directly owns 32,283 shares of MGM Resorts International stock valued at $1,504,064.97. This particular sale was disclosed through a legal filing with the SEC and can be accessed through a provided hyperlink.
Moreover, COO Corey Ian Sanders also made headlines when he sold 25,000 shares of the business’s stock on August 7th at an average price of $45.21 per share. The total value of this transaction amounted to $1,130,250.00. As a result of this sale, Sanders now possesses 136,632 shares of MGM Resorts International stock worth $6,177,132.72.
Overall insider activity has been active within MGM Resorts International over recent months with insiders selling a total of 49,454 shares valued at $2,249,894. Based on these transactions’ figures and statistics available as per September 19th data,&189; “To enhance optimisation precision” -&189; Kr?g Interactive&189; predicts that approximately &179;16%&179;134&179;/41-58income and other growth forms of Investment Firms are expected in the next quarter.
These updates provide shareholders and industry observers with valuable insights into MGM Resorts International’s current stock movements and executive decisions. It is always important for investors to stay informed about changes within a company, such as insider buying or selling activity.
While these developments may impact how stakeholders perceive the health and prospects of the organization, it is crucial to remember that investment decisions should never be based solely on insider transactions. Instead, investors should consider a variety of factors, including the company’s overall performance, financial statements, industry trends, and other relevant data before making any investment decisions.
Furthermore, it is worth noting that past insider activities do not guarantee future performance or stock movements. Shareholders should exercise caution and conduct thorough research before making any investment choices.
[bs_slider_forecast ticker=”RBA”]
Changes in Hedge Fund and Institutional Investor Positions Drive Stability and Growth for MGM Resorts International
As of the first quarter of this year, several hedge funds and institutional investors have made changes to their positions in MGM Resorts International. Aspire Private Capital LLC acquired a new position in the company with a worth of approximately $12,314,468,000. Similarly, James Investment Research Inc. also purchased a new position during this period but with a significantly lower value of around $29,000.
VitalStone Financial LLC experienced substantial growth in its stake in MGM Resorts International, recording an increase of 108.9% during the first quarter. The company now owns 729 shares valued at $33,000 after purchasing an additional 380 shares over the last quarter. Additionally, GPS Wealth Strategies Group LLC acquired a new position worth approximately $34,000 in MGM Resorts International. Finally, Register Financial Advisors LLC witnessed its stake grow by 136.2% during the same period and now holds 789 shares valued at $35,000 after purchasing an additional 455 shares.
It is noteworthy that institutional investors and hedge funds own a significant majority—specifically 66.46%—of MGM Resorts International’s stock.
Several research analysts have recently issued reports on MGM Resorts International’s stock performance. Citigroup raised their price target on the company from $63.00 to $66.50 in their research note published on Friday, August 4th. However, TheStreet downgraded MGM Resorts International from a “b” rating to a “c+” rating in their research note on Wednesday, August 2nd.
JMP Securities reiterated its “market outperform” rating for MGM Resorts International and set a target price of $60.00 per share in their research note released on Tuesday July18th.
StockNews.com also downgraded MGM Resorts International but this time from a “buy” rating to a “hold” rating as seen on Wednesday September6th.
Truist Financial provided some positive outlook, raising MGM Resorts International’s target price from $58.00 to $60.00 and extending a “buy” rating in their research note on Tuesday July 18th.
Taking into account the various ratings mentioned above, the stock presently has an average rating of “Moderate Buy” according to data from Bloomberg.com. Moreover, Bloomberg.com’s consensus target price for MGM Resorts International is set at $58.86.
Entering the market on Tuesday, shares of MGM stock opened at $40.29. The stock has shown a fifty-day moving average price of $45.53 and a two-hundred-day moving average price of $43.73.
With a market capitalization of $14.14 billion, a PE ratio of 39.12, and a beta value of 2.10, MGM Resorts International remains resilient in the face of these recent changes.
The company experienced both its one-year high and low earlier this year with prices reaching as high as $51.35 per share but dropping as low as $29.20 per share.
In terms of financial performance, MGM Resorts International released its quarterly earnings data on Wednesday August 2nd which showcased exemplary results. The company reported earnings per share (EPS) of $0.59 for the quarter, surpassing analysts’ consensus estimate by $0.06.
Additionally, MGM Resorts International recorded revenue amounting to a significant $3.94 billion during the quarter—a figure that exceeded analysts’ expectations which projected revenue at only $3.82 billion.
Comparatively to the same period last year, MGM Resorts International observed a remarkable increase in revenue by 20.7%. Last year during this quarter they posted EPS of just $0.03.
Analysts involved in sell-side projections anticipate that MGM Resorts International will post earnings per share (EPS) amounting to roughly 2.44 for the current fiscal year based on their findings thus far.
In conclusion, MGM Resorts International has seen recent changes in its stock positions due to the activities of various hedge funds and institutional investors. Though some fluctuations have been recorded, the company’s performance has generally remained stable with positive earnings and revenue growth. Analysts’ projections for its future continue to be moderately positive while acknowledging both strengths and areas that require caution. Investors and market participants are keeping a close eye on MGM Resorts International as they navigate these financial landscapes.
