MCF Advisors LLC Raises Position in MGM Resorts International (NYSE:MGM)

MCF Advisors LLC lifted its position in shares of MGM Resorts International (NYSE:MGM) by 9.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,744 shares of the company’s stock after acquiring an additional 1,592 shares during the quarter. MCF Advisors LLC’s holdings in MGM Resorts International were worth $789,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP increased its position in MGM Resorts International by 21.0% during the 4th quarter. Westfield Capital Management Co. LP now owns 2,401,407 shares of the company’s stock worth $107,295,000 after purchasing an additional 416,911 shares during the period. Gateway Investment Advisers LLC boosted its position in shares of MGM Resorts International by 41.2% during the 1st quarter. Gateway Investment Advisers LLC now owns 9,841 shares of the company’s stock worth $465,000 after purchasing an additional 2,872 shares in the last quarter. ACR Alpine Capital Research LLC acquired a new position in MGM Resorts International during the first quarter worth about $3,922,000. Fisher Asset Management LLC grew its holdings in shares of MGM Resorts International by 5.2% in the 4th quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock worth $194,686,000 after acquiring an additional 213,528 shares during the period. Finally, Texas Permanent School Fund Corp grew its holdings in MGM Resorts International by 0.4% in the first quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock valued at $2,667,000 after purchasing an additional 245 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Wells Fargo & Company lowered their price target on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. JMP Securities dropped their price objective on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a report on Thursday, August 1st. Morgan Stanley dropped their target price on shares of MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research report on Wednesday. Finally, UBS Group raised MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.93.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $35.82 on Friday. The stock has a market capitalization of $11.24 billion, a price-to-earnings ratio of 13.78, a PEG ratio of 0.66 and a beta of 2.22. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The company’s 50-day simple moving average is $40.60 and its 200-day simple moving average is $41.69. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The firm had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the business posted $0.59 earnings per share. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. Equities analysts anticipate that MGM Resorts International will post 2.75 earnings per share for the current fiscal year.

Insider Activity

In other MGM Resorts International news, Director Paul J. Salem acquired 147,500 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The shares were purchased at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the purchase, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Paul J. Salem acquired 147,500 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the purchase, the director now directly owns 1,702,500 shares in the company, valued at $57,544,500. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Keith A. Meister sold 139,300 shares of the firm’s stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the sale, the director now owns 5,859,478 shares in the company, valued at $236,957,290.32. The disclosure for this sale can be found here. In the last three months, insiders acquired 216,400 shares of company stock valued at $7,312,197. Company insiders own 2.13% of the company’s stock.

About MGM Resorts International

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.