Iac Inc. Acquires 450,000 Shares of MGM Resorts International (NYSE:MGM) Stock

MGM Resorts International (NYSE:MGM) major shareholder Iac Inc. purchased 450,000 shares of MGM Resorts International stock in a transaction dated Tuesday, March 24th. The shares were acquired at an average cost of $37.13 per share, for a total transaction of $16,708,500.00. Following the transaction, the insider directly owned 66,822,350 shares of the company’s stock, valued at approximately $2,481,113,855.50. This represents a 0.68% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Iac Inc. also recently made the following trade(s):

• On Monday, March 23rd, Iac Inc. purchased 550,000 shares of MGM Resorts International stock. The stock was acquired at an average price of $37.30 per share, with a total value of $20,515,000.00.

MGM Resorts International Stock Up 1.0%

NYSE:MGM traded up $0.37 during midday trading on Wednesday, reaching $37.48. The company had a trading volume of 4,089,364 shares, compared to its average volume of 5,335,345. The stock’s fifty day simple moving average is $35.58 and its 200-day simple moving average is $34.80. The company has a current ratio of 1.23, a quick ratio of 1.20 and a debt-to-equity ratio of 1.91. The firm has a market capitalization of $9.59 billion, a price-to-earnings ratio of 49.98 and a beta of 1.38. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $40.16.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, February 4th. The company reported $1.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.64 by $0.96. MGM Resorts International had a net margin of 1.17% and a return on equity of 26.04%. The firm had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.42 billion. During the same period in the prior year, the firm earned $0.45 earnings per share. On average, sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Texas Capital upgraded shares of MGM Resorts International to a “strong-buy” rating in a report on Thursday, January 8th. Stifel Nicolaus boosted their target price on MGM Resorts International from $45.00 to $50.00 and gave the company a “buy” rating in a report on Friday, February 6th. Deutsche Bank Aktiengesellschaft increased their price target on shares of MGM Resorts International from $43.00 to $44.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Barclays set a $37.00 price objective on MGM Resorts International in a research report on Friday, February 6th. Finally, Wells Fargo & Company lifted their price target on shares of MGM Resorts International from $29.00 to $31.00 and gave the company an “underweight” rating in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, seven have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $41.94.

Hedge Funds Weigh In On MGM Resorts International

Institutional investors and hedge funds have recently modified their holdings of the company. Global Retirement Partners LLC increased its stake in MGM Resorts International by 55.9% in the fourth quarter. Global Retirement Partners LLC now owns 784 shares of the company’s stock valued at $29,000 after purchasing an additional 281 shares in the last quarter. Asset Management One Co. Ltd. lifted its holdings in shares of MGM Resorts International by 4.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 7,700 shares of the company’s stock valued at $286,000 after purchasing an additional 313 shares in the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in MGM Resorts International by 0.8% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 39,763 shares of the company’s stock worth $1,378,000 after acquiring an additional 328 shares during the last quarter. Brown Brothers Harriman & Co. boosted its holdings in MGM Resorts International by 23.1% during the fourth quarter. Brown Brothers Harriman & Co. now owns 1,893 shares of the company’s stock worth $69,000 after purchasing an additional 355 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of MGM Resorts International by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 64,006 shares of the company’s stock valued at $2,218,000 after acquiring an additional 397 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

MGM Resorts International Company Profile

MGM Resorts International is a leading global hospitality and entertainment company that develops, owns and operates destination resorts, hotels and casinos. Its properties feature integrated gaming floors alongside luxury accommodations, fine dining and retail outlets, live entertainment venues and convention facilities. The company also offers loyalty programs, sports betting and digital gaming experiences to enhance guest engagement and drive repeat visitation.

The company traces its heritage to the opening of the original MGM Grand Hotel & Casino on the Las Vegas Strip in 1973.