D.A. Davidson & CO. Grows Holdings in MGM Resorts International (NYSE:MGM)

D.A. Davidson & CO. grew its position in shares of MGM Resorts International (NYSE:MGM) by 42.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 299,733 shares of the company’s stock after purchasing an additional 89,647 shares during the period. D.A. Davidson & CO. owned 0.10% of MGM Resorts International worth $11,717,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MGM. The Manufacturers Life Insurance Company lifted its stake in shares of MGM Resorts International by 18.8% during the third quarter. The Manufacturers Life Insurance Company now owns 180,470 shares of the company’s stock valued at $7,055,000 after buying an additional 28,568 shares during the period. Bank of Montreal Can lifted its stake in shares of MGM Resorts International by 10.6% during the 3rd quarter. Bank of Montreal Can now owns 291,880 shares of the company’s stock worth $11,564,000 after purchasing an additional 27,883 shares during the period. Private Trust Co. NA boosted its holdings in shares of MGM Resorts International by 29.5% during the third quarter. Private Trust Co. NA now owns 3,105 shares of the company’s stock worth $121,000 after purchasing an additional 708 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of MGM Resorts International in the third quarter valued at $5,101,000. Finally, Prosperity Financial Group Inc. increased its stake in MGM Resorts International by 8.9% in the third quarter. Prosperity Financial Group Inc. now owns 12,062 shares of the company’s stock valued at $472,000 after purchasing an additional 986 shares during the last quarter. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 121,000 shares of MGM Resorts International stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the completion of the transaction, the director now directly owns 5,738,478 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through this link. Insiders own 2.83% of the company’s stock.

MGM Resorts International Stock Performance

MGM Resorts International stock opened at $37.55 on Wednesday. The company has a debt-to-equity ratio of 1.63, a current ratio of 1.24 and a quick ratio of 1.21. The firm’s fifty day moving average price is $38.68 and its 200 day moving average price is $39.69. The company has a market capitalization of $11.18 billion, a price-to-earnings ratio of 13.41, a price-to-earnings-growth ratio of 2.74 and a beta of 2.23. MGM Resorts International has a 12-month low of $33.44 and a 12-month high of $48.24.

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

Analyst Ratings Changes

Several analysts have commented on the company. Macquarie lowered their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a report on Friday, August 2nd. Morgan Stanley boosted their target price on shares of MGM Resorts International from $43.00 to $44.00 and gave the company an “equal weight” rating in a report on Tuesday, October 22nd. Truist Financial decreased their price target on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating on the stock in a report on Wednesday, October 23rd. Stifel Nicolaus upped their price objective on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, Susquehanna increased their target price on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus 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.