HighPoint Advisor Group LLC Acquires 3,881 Shares of MGM Resorts International (NYSE:MGM)

HighPoint Advisor Group LLC increased its holdings in shares of MGM Resorts International (NYSE:MGM) by 58.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 10,520 shares of the company’s stock after purchasing an additional 3,881 shares during the period. HighPoint Advisor Group LLC’s holdings in MGM Resorts International were worth $361,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Global Trust Asset Management LLC acquired a new position in MGM Resorts International during the fourth quarter worth about $28,000. Assetmark Inc. grew its holdings in shares of MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after purchasing an additional 411 shares during the last quarter. Global Retirement Partners LLC increased its position in MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares in the last quarter. Modus Advisors LLC bought a new position in MGM Resorts International in the 4th quarter valued at approximately $46,000. Finally, EverSource Wealth Advisors LLC lifted its stake in MGM Resorts International by 74.9% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company’s stock valued at $51,000 after purchasing an additional 633 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Stock Up 2.9 %

MGM stock opened at $30.80 on Thursday. The company has a market cap of $8.79 billion, a P/E ratio of 12.83, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. MGM Resorts International has a fifty-two week low of $28.63 and a fifty-two week high of $47.45. The stock’s 50 day simple moving average is $33.73 and its 200 day simple moving average is $35.82. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $32.17 per share, with a total value of $321,700.00. Following the transaction, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the transaction, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MGM. Leerink Partners downgraded shares of MGM Resorts International to a “market perform” rating in a report on Thursday, February 13th. Barclays reaffirmed an “equal weight” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Macquarie reissued an “outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Morgan Stanley upped their price objective on MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a research note on Monday, February 24th. Finally, Canaccord Genuity Group reiterated a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.29.

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.