21,520 MGM Resorts International $MGM Shares Acquired by ProShare Advisors LLC

ProShare Advisors LLC lifted its holdings in MGM Resorts International (NYSE:MGM) by 52.7% during the third quarter, Holdings Channel reports. The institutional investor owned 62,344 shares of the company’s stock after purchasing an additional 21,520 shares during the quarter. ProShare Advisors LLC’s holdings in MGM Resorts International were worth $1,936,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. State Street Corp raised its position in MGM Resorts International by 0.8% in the second quarter. State Street Corp now owns 7,047,768 shares of the company’s stock worth $336,954,000 after acquiring an additional 56,072 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of MGM Resorts International by 1.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,379,727 shares of the company’s stock worth $88,050,000 after purchasing an additional 36,649 shares in the last quarter. Montanova Capital LLC boosted its position in shares of MGM Resorts International by 7.7% during the 2nd quarter. Montanova Capital LLC now owns 2,325,360 shares of the company’s stock worth $111,175,000 after purchasing an additional 166,560 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of MGM Resorts International by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,598,531 shares of the company’s stock worth $76,426,000 after purchasing an additional 46,268 shares during the period. Finally, Royal Bank of Canada grew its stake in shares of MGM Resorts International by 2.2% during the 1st quarter. Royal Bank of Canada now owns 1,110,977 shares of the company’s stock worth $41,117,000 after purchasing an additional 23,951 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MGM. Argus cut their price target on shares of MGM Resorts International from $55.00 to $40.00 and set a “buy” rating for the company in a report on Thursday. JPMorgan Chase & Co. decreased their price objective on shares of MGM Resorts International from $42.00 to $39.00 and set an “overweight” rating on the stock in a report on Thursday, October 29th. Barclays lowered their target price on shares of MGM Resorts International from $37.00 to $34.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 29th. Zacks Research cut shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a report on Friday, October 2nd. Finally, HSBC upgraded shares of MGM Resorts International to a “strong-buy” rating in a research report on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $44.29.

Insiders Place Their Bets

In other MGM Resorts International news, Director Keith Meister bought 1,738,074 shares of the business’s stock in a transaction on Friday, October 30th. The stock was bought at an average price of $29.64 per share, for a total transaction of $51,516,513.36. Following the completion of the transaction, the director owned 7,086,052 shares in the company, valued at approximately $210,030,581.28. The trade was a 32.50% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.38% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM stock traded down $0.26 during mid-day trading on Friday, reaching $32.28. The stock had a trading volume of 4,741,805 shares, compared to its average volume of 5,662,068. MGM Resorts International has a 12-month low of $26.71 and a 12-month high of $51.59. The company has a market cap of $8.17 billion, a P/E ratio of 12.27, a price-to-earnings-growth ratio of 1.82 and a beta of 1.34. The business has a 50-day simple moving average of $33.63 and a 200 day simple moving average of $38.93. The company has a current ratio of 1.24, a quick ratio of 1.20 and a debt-to-equity ratio of 1.68.

MGM Resorts International (NYSE:MGM) last released its quarterly earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.15). MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The firm had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the firm earned $0.24 EPS. The company’s quarterly revenue was down .9% compared to the same quarter last year. On average, sell-side analysts anticipate that MGM Resorts International will post 1.68 earnings per share for the current year.

MGM Resorts International Profile

MGM Resorts International is a global hospitality and entertainment company that develops, owns, and operates destination resorts featuring casinos, hotels, restaurants, entertainment venues, convention facilities, retail spaces, and nightlife offerings. Its portfolio includes well-known properties such as MGM Grand, Bellagio, ARIA, Mandalay Bay, and The Cosmopolitan of Las Vegas.

The company serves customers through properties in Las Vegas and other U.S. markets, including regional destinations in Michigan, Maryland, Massachusetts, Mississippi, New Jersey, New York, and Ohio.