EverSource Wealth Advisors LLC Boosts Stake in MGM Resorts International (NYSE:MGM)

EverSource Wealth Advisors LLC raised its position in MGM Resorts International (NYSE:MGM) by 74.9% during the fourth quarter, HoldingsChannel.com reports. The firm owned 1,478 shares of the company’s stock after purchasing an additional 633 shares during the period. EverSource Wealth Advisors LLC’s holdings in MGM Resorts International were worth $51,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Global Trust Asset Management LLC purchased a new stake in MGM Resorts International in the 4th quarter worth about $28,000. Assetmark Inc. raised its position in MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares during the period. Global Retirement Partners LLC raised its position in MGM Resorts International by 47.8% in 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 during the period. Brooklyn Investment Group purchased a new stake in MGM Resorts International in the 3rd quarter worth about $44,000. Finally, Modus Advisors LLC purchased a new stake in MGM Resorts International in the 4th quarter worth about $46,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction 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 owns 18,301 shares of the company’s stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Jonathan S. Halkyard bought 10,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the acquisition, the chief financial officer now owns 75,648 shares of the company’s stock, valued at $2,433,596.16. The trade was a 15.23 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 2.13% of the stock is owned by insiders.

MGM Resorts International Price Performance

Shares of MGM opened at $32.69 on Thursday. The company has a market cap of $9.33 billion, a price-to-earnings ratio of 13.62, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. MGM Resorts International has a twelve month low of $29.99 and a twelve month high of $48.25. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The company has a 50 day moving average of $34.03 and a two-hundred day moving average of $36.14.

MGM Resorts International (NYSE:MGM) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share 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%. As a group, analysts predict that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MGM has been the topic of a number of research reports. Citigroup raised their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Capital One Financial raised their target price on shares of MGM Resorts International from $52.00 to $56.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Leerink Partners lowered shares of MGM Resorts International to a “market perform” rating in a research report on Thursday, February 13th. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 target price on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Mizuho raised their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and a consensus target price of $51.29.

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.