Freedom Investment Management Inc. Raises Stock Holdings in MGM Resorts International (NYSE:MGM)

Freedom Investment Management Inc. lifted its stake in MGM Resorts International (NYSE:MGM) by 16.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,988 shares of the company’s stock after acquiring an additional 1,145 shares during the quarter. Freedom Investment Management Inc.’s holdings in MGM Resorts International were worth $312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in MGM. Marshall Wace LLP grew its position in MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after purchasing an additional 706,159 shares during the period. Maverick Capital Ltd. bought a new stake in shares of MGM Resorts International in the second quarter worth $1,211,000. Empower Advisory Group LLC increased its position in MGM Resorts International by 4.2% during the third quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after acquiring an additional 62,997 shares during the last quarter. Wedge Capital Management L L P NC bought a new position in MGM Resorts International in the second quarter valued at about $3,314,000. Finally, American Assets Capital Advisers LLC boosted its position in MGM Resorts International by 135.0% in the third quarter. American Assets Capital Advisers LLC now owns 469,552 shares of the company’s stock worth $18,355,000 after purchasing an additional 269,761 shares during the last quarter. 68.11% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MGM shares. Morgan Stanley upped their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 22nd. Truist Financial reduced their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, October 23rd. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Deutsche Bank Aktiengesellschaft reduced their price objective on MGM Resorts International from $57.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company lowered their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, October 17th. Four investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $52.85.

MGM Resorts International Trading Up 2.6 %

MGM stock opened at $38.34 on Friday. The company has a market capitalization of $11.42 billion, a price-to-earnings ratio of 13.69, a PEG ratio of 2.67 and a beta of 2.23. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. MGM Resorts International has a 1-year low of $33.44 and a 1-year high of $48.24. The business has a 50 day simple moving average of $38.70 and a two-hundred day simple moving average of $39.62.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). The company had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. MGM Resorts International’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 EPS. Research analysts anticipate that MGM Resorts International will post 2.5 EPS for the current fiscal year.

Insider Activity

In other news, Director Keith A. Meister sold 121,000 shares of the company’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 transaction of $4,443,120.00. Following the sale, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This represents a 2.07 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.13% of the company’s stock.

MGM Resorts International 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.