Bridgewater Associates LP Grows Stake in MGM Resorts International (NYSE:MGM)

Bridgewater Associates LP raised its stake in MGM Resorts International (NYSE:MGM) by 142.0% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 404,213 shares of the company’s stock after acquiring an additional 237,151 shares during the period. Bridgewater Associates LP’s holdings in MGM Resorts International were worth $15,801,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Marshall Wace LLP lifted its position in MGM Resorts International by 174.8% in the second quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock valued at $49,330,000 after acquiring an additional 706,159 shares during the last quarter. Maverick Capital Ltd. acquired a new stake in shares of MGM Resorts International in the 2nd quarter valued at about $1,211,000. Empower Advisory Group LLC boosted its position in shares of MGM Resorts International by 4.2% in the 3rd quarter. Empower Advisory Group LLC now owns 1,571,492 shares of the company’s stock valued at $61,430,000 after purchasing an additional 62,997 shares during the period. Wedge Capital Management L L P NC purchased a new position in MGM Resorts International during the 2nd quarter worth approximately $3,314,000. Finally, Boston Partners increased its position in MGM Resorts International by 12.6% during the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after buying an additional 684,676 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This trade represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.13% of the stock is owned by company insiders.

MGM Resorts International Stock Performance

Shares of MGM opened at $37.37 on Thursday. The company’s 50 day simple moving average is $38.68 and its 200 day simple moving average is $39.67. The company has a debt-to-equity ratio of 1.63, a quick ratio of 1.21 and a current ratio of 1.24. The company has a market capitalization of $11.13 billion, a price-to-earnings ratio of 13.35, a PEG ratio of 2.74 and a beta of 2.23. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business had revenue of $4.18 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the firm earned $0.64 EPS. MGM Resorts International’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, sell-side analysts predict that MGM Resorts International will post 2.5 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Mizuho decreased their price objective on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 31st. Susquehanna lifted their price objective on shares of MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a research note on Thursday, August 1st. Macquarie decreased their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research note on Friday, August 2nd. Morgan Stanley boosted their price target on 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. Finally, Truist Financial dropped their target price on MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $52.85.

About MGM Resorts International

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.