Blueshift Asset Management LLC Makes New $1.79 Million Investment in MGM Resorts International $MGM

Blueshift Asset Management LLC bought a new position in MGM Resorts International (NYSE:MGM) in the second quarter, Holdings Channel reports. The institutional investor bought 52,142 shares of the company’s stock, valued at approximately $1,793,000. MGM Resorts International comprises about 0.6% of Blueshift Asset Management LLC’s investment portfolio, making the stock its 29th largest holding.

Other institutional investors have also modified their holdings of the company. Cetera Investment Advisers grew its holdings in shares of MGM Resorts International by 5.5% in the first quarter. Cetera Investment Advisers now owns 117,072 shares of the company’s stock valued at $3,470,000 after purchasing an additional 6,116 shares during the period. Bayforest Capital Ltd acquired a new position in MGM Resorts International in the 1st quarter valued at about $43,000. US Bancorp DE boosted its holdings in MGM Resorts International by 6.2% in the 1st quarter. US Bancorp DE now owns 20,525 shares of the company’s stock valued at $608,000 after purchasing an additional 1,200 shares during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of MGM Resorts International in the 1st quarter valued at approximately $1,413,000. Finally, PNC Financial Services Group Inc. increased its holdings in shares of MGM Resorts International by 15.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 39,138 shares of the company’s stock worth $1,160,000 after buying an additional 5,291 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

NYSE MGM opened at $35.43 on Tuesday. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.22 and a quick ratio of 1.18. The company has a market cap of $9.69 billion, a P/E ratio of 221.46, a P/E/G ratio of 1.40 and a beta of 1.66. The stock has a 50-day moving average of $32.94 and a two-hundred day moving average of $34.59. MGM Resorts International has a 1-year low of $25.30 and a 1-year high of $41.32.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). The business had revenue of $4.25 billion during the quarter, compared to analysts’ expectations of $4.24 billion. MGM Resorts International had a net margin of 0.40% and a return on equity of 16.95%. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.54 EPS. As a group, analysts anticipate that MGM Resorts International will post 2.21 EPS for the current year.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, insider John Mcmanus sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $36.12, for a total value of $2,167,200.00. Following the completion of the transaction, the insider owned 31,521 shares of the company’s stock, valued at $1,138,538.52. This trade represents a 65.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Keith A. Meister sold 242,000 shares of the business’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $35.42, for a total transaction of $8,571,640.00. Following the completion of the transaction, the director owned 5,385,478 shares of the company’s stock, valued at approximately $190,753,630.76. This trade represents a 4.30% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 3.06% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on MGM shares. JPMorgan Chase & Co. decreased their price objective on MGM Resorts International from $41.00 to $38.00 and set a “neutral” rating on the stock in a report on Thursday, October 30th. Stifel Nicolaus set a $45.00 price target on MGM Resorts International in a research note on Thursday, October 30th. Macquarie lowered their price target on MGM Resorts International from $48.00 to $46.00 and set an “outperform” rating for the company in a report on Thursday, October 2nd. Weiss Ratings restated a “sell (d)” rating on shares of MGM Resorts International in a report on Tuesday, November 25th. Finally, Citigroup lowered their target price on shares of MGM Resorts International from $51.00 to $47.50 and set a “buy” rating for the company in a research note on Thursday, October 30th. Thirteen analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and four have given a Sell rating to the company. According to MarketBeat, MGM Resorts International has an average rating of “Hold” and a consensus target price of $45.97.

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.