21,290 Shares in MGM Resorts International $MGM Purchased by Permanent Capital Management LP

Permanent Capital Management LP bought a new stake in MGM Resorts International (NYSE:MGM) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 21,290 shares of the company’s stock, valued at approximately $738,000.

A number of other institutional investors also recently bought and sold shares of MGM. Northwestern Mutual Wealth Management Co. increased its stake in shares of MGM Resorts International by 12.6% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 25,246 shares of the company’s stock worth $748,000 after acquiring an additional 2,830 shares during the period. Comerica Bank boosted its holdings in MGM Resorts International by 59.2% in the first quarter. Comerica Bank now owns 64,737 shares of the company’s stock valued at $1,919,000 after purchasing an additional 24,078 shares during the last quarter. Ieq Capital LLC grew its position in MGM Resorts International by 100.0% during the 1st quarter. Ieq Capital LLC now owns 60,310 shares of the company’s stock worth $1,788,000 after purchasing an additional 30,155 shares during the period. OMERS ADMINISTRATION Corp raised its stake in shares of MGM Resorts International by 20.7% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 63,594 shares of the company’s stock valued at $1,885,000 after buying an additional 10,889 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new position in shares of MGM Resorts International in the 1st quarter valued at about $308,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Price Performance

Shares of NYSE MGM opened at $37.71 on Monday. The company has a debt-to-equity ratio of 1.80, a quick ratio of 1.19 and a current ratio of 1.23. The firm has a fifty day moving average of $34.14 and a 200 day moving average of $35.19. The firm has a market cap of $10.31 billion, a PE ratio of 235.66, a PEG ratio of 2.48 and a beta of 1.48. MGM Resorts International has a one year low of $25.30 and a one 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 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.13). The company had revenue of $4.25 billion for 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 17.23%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.54 earnings per share. As a group, research analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

In other news, major shareholder Iac Inc. acquired 1,098,748 shares of the business’s stock in a transaction on Friday, December 5th. The stock was bought at an average cost of $36.30 per share, for a total transaction of $39,884,552.40. Following the purchase, the insider owned 65,822,350 shares in the company, valued at approximately $2,389,351,305. This represents a 1.70% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on MGM. Stifel Nicolaus set a $45.00 target price on MGM Resorts International in a report on Thursday, October 30th. Zacks Research raised shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a research note on Monday, December 22nd. Truist Financial decreased their target price on shares of MGM Resorts International from $48.00 to $47.00 and set a “buy” rating for the company in a research note on Thursday, October 30th. UBS Group lowered their price target on shares of MGM Resorts International from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Monday, November 17th. Finally, The Goldman Sachs Group reaffirmed a “sell” rating and issued a $33.00 price objective on shares of MGM Resorts International in a report on Monday, December 15th. Twelve investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, MGM Resorts International currently has an average rating of “Hold” and an average price target of $45.31.

About MGM Resorts International

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.