GAM Holding AG Makes New Investment in MGM Resorts International $MGM

GAM Holding AG bought a new position in MGM Resorts International (NYSE:MGM) in the 3rd quarter, Holdings Channel.com reports. The firm bought 160,000 shares of the company’s stock, valued at approximately $5,546,000.

A number of other institutional investors and hedge funds have also made changes to their positions in MGM. CYBER HORNET ETFs LLC acquired a new stake in MGM Resorts International in the second quarter valued at about $25,000. Mendota Financial Group LLC acquired a new position in MGM Resorts International during the 3rd quarter worth approximately $27,000. Mather Group LLC. purchased a new position in shares of MGM Resorts International during the 3rd quarter worth approximately $33,000. Employees Retirement System of Texas acquired a new stake in shares of MGM Resorts International in the 2nd quarter valued at approximately $45,000. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in shares of MGM Resorts International by 66.9% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 1,320 shares of the company’s stock valued at $45,000 after buying an additional 529 shares during the period. 68.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on MGM. Morgan Stanley increased their price objective on MGM Resorts International from $41.00 to $43.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 11th. Deutsche Bank Aktiengesellschaft cut their price target on shares of MGM Resorts International from $54.00 to $53.00 in a report on Monday, September 22nd. Zacks Research raised shares of MGM Resorts International from a “strong sell” rating to a “hold” rating in a report on Monday, December 22nd. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $33.00 target price on shares of MGM Resorts International in a report on Monday, December 15th. Finally, Barclays set a $38.00 price target on MGM Resorts International and gave the stock an “equal weight” rating in a research note on Wednesday, December 17th. Eleven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $44.91.

Insider Buying and Selling

In related news, major shareholder Iac Inc. purchased 1,098,748 shares of the company’s stock in a transaction on Friday, December 5th. The stock was bought at an average price of $36.30 per share, with a total value of $39,884,552.40. Following the completion of the transaction, the insider owned 65,822,350 shares of the company’s stock, valued at approximately $2,389,351,305. This represents a 1.70% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.06% of the company’s stock.

MGM Resorts International Stock Performance

NYSE:MGM opened at $36.46 on Friday. The company has a current ratio of 1.23, a quick ratio of 1.19 and a debt-to-equity ratio of 1.80. The company has a market capitalization of $9.97 billion, a P/E ratio of 227.84, a price-to-earnings-growth ratio of 2.63 and a beta of 1.48. The firm has a 50-day moving average price of $34.54 and a two-hundred day moving average price of $35.29. MGM Resorts International has a twelve month low of $25.30 and a twelve month high of $41.32.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 29th. The company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.13). MGM Resorts International had a net margin of 0.40% and a return on equity of 17.23%. The business had revenue of $4.25 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the company earned $0.54 earnings per share. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, research analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

MGM Resorts International Profile

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.