Oppenheimer & Co. Inc. Purchases 9,935 Shares of MGM Resorts International (NYSE:MGM)

Oppenheimer & Co. Inc. lifted its position in MGM Resorts International (NYSE:MGM) by 21.2% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 56,906 shares of the company’s stock after buying an additional 9,935 shares during the period. Oppenheimer & Co. Inc.’s holdings in MGM Resorts International were worth $2,224,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. International Assets Investment Management LLC purchased a new stake in shares of MGM Resorts International in the 2nd quarter worth approximately $28,000. Eastern Bank bought a new stake in MGM Resorts International during the 3rd quarter valued at $35,000. EverSource Wealth Advisors LLC increased its holdings in shares of MGM Resorts International by 60.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company’s stock valued at $41,000 after acquiring an additional 329 shares during the period. UMB Bank n.a. raised its position in shares of MGM Resorts International by 33.3% in the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock worth $42,000 after acquiring an additional 237 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new stake in shares of MGM Resorts International during the 2nd quarter worth $49,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Trading Down 0.6 %

MGM Resorts International stock opened at $37.28 on Friday. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The stock has a 50-day moving average price of $38.44 and a 200 day moving average price of $39.82. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63. The company has a market capitalization of $11.10 billion, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 2.71 and a beta of 2.23.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the company earned $0.64 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. Sell-side analysts anticipate that MGM Resorts International will post 2.5 EPS for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the business’s stock in a transaction that occurred on Friday, September 13th. The stock was 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 directly owns 5,738,478 shares of the company’s stock, valued at approximately $210,716,912.16. The trade was a 2.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.13% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MGM. Mizuho cut their target price on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, October 31st. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Wells Fargo & Company lowered their target price on shares of MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research note on Thursday, October 17th. Truist Financial reduced their price target on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, October 23rd. Finally, Deutsche Bank Aktiengesellschaft lowered their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.15.

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.