ArrowMark Colorado Holdings LLC Has $25.66 Million Position in MGM Resorts International (NYSE:MGM)

ArrowMark Colorado Holdings LLC boosted its position in MGM Resorts International (NYSE:MGM) by 207.5% during the third quarter, Holdings Channel reports. The institutional investor owned 656,475 shares of the company’s stock after purchasing an additional 442,975 shares during the quarter. ArrowMark Colorado Holdings LLC’s holdings in MGM Resorts International were worth $25,662,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of MGM. UMB Bank n.a. raised its holdings in shares of MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the last quarter. Envestnet Portfolio Solutions Inc. lifted its position in MGM Resorts International by 1.2% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock worth $1,018,000 after buying an additional 278 shares in the last quarter. HB Wealth Management LLC boosted its stake in shares of MGM Resorts International by 6.3% during the 2nd quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock worth $219,000 after buying an additional 293 shares during the last quarter. Quent Capital LLC grew its holdings in shares of MGM Resorts International by 14.6% in the 3rd quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock valued at $93,000 after acquiring an additional 304 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of MGM Resorts International by 0.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock valued at $2,080,000 after acquiring an additional 309 shares during the last quarter. Institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MGM shares. Wells Fargo & Company reduced their price target on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Mizuho lowered their target price on shares of MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. JMP Securities cut their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a “market outperform” rating for the company in a research note on Monday, November 25th. Barclays lowered their price objective on shares of MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. Finally, Truist Financial cut their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $52.85.

Insider Activity

In other news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $38.34 on Monday. The stock’s fifty day moving average price is $38.70 and its two-hundred day moving average price is $39.59. The firm has a market cap of $11.42 billion, a price-to-earnings ratio of 13.69, a P/E/G ratio of 2.74 and a beta of 2.23. MGM Resorts International has a one year low of $33.44 and a one year high of $48.24. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. The company had revenue of $4.18 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the prior year, the company earned $0.64 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities analysts forecast that MGM Resorts International will post 2.5 EPS for the current year.

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.