Sippican Capital Advisors Boosts Stock Holdings in MGM Resorts International (NYSE:MGM)

Sippican Capital Advisors raised its holdings in shares of MGM Resorts International (NYSE:MGM) by 1.8% during the third quarter, according to its most recent filing with the SEC. The firm owned 51,487 shares of the company’s stock after purchasing an additional 919 shares during the period. MGM Resorts International accounts for about 1.4% of Sippican Capital Advisors’ portfolio, making the stock its 24th largest position. Sippican Capital Advisors’ holdings in MGM Resorts International were worth $2,013,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in MGM. ACR Alpine Capital Research LLC purchased a new position in shares of MGM Resorts International in the 1st quarter worth approximately $3,922,000. Marshall Wace LLP grew its position in shares of MGM Resorts International by 174.8% in the 2nd quarter. Marshall Wace LLP now owns 1,110,040 shares of the company’s stock worth $49,330,000 after buying an additional 706,159 shares during the last quarter. Maverick Capital Ltd. acquired a new stake in MGM Resorts International in the 2nd quarter worth approximately $1,211,000. Texas Permanent School Fund Corp boosted its stake in MGM Resorts International by 0.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 56,487 shares of the company’s stock worth $2,667,000 after purchasing an additional 245 shares in the last quarter. Finally, Wedge Capital Management L L P NC acquired a new stake in MGM Resorts International in the 2nd quarter worth approximately $3,314,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity

In other MGM Resorts International news, Director Paul J. Salem acquired 147,500 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the completion of the purchase, the director now owns 1,702,500 shares in the company, valued at $57,544,500. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO William Hornbuckle purchased 58,900 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average price of $33.73 per share, for a total transaction of $1,986,697.00. Following the completion of the purchase, the chief executive officer now directly owns 377,112 shares of the company’s stock, valued at $12,719,987.76. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Paul J. Salem purchased 147,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average price of $33.80 per share, with a total value of $4,985,500.00. Following the purchase, the director now directly owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is currently owned by company insiders.

MGM Resorts International Trading Down 9.2 %

MGM stock traded down $3.79 during mid-day trading on Thursday, hitting $37.62. 1,480,797 shares of the company were exchanged, compared to its average volume of 4,048,769. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $11.43 billion, a P/E ratio of 15.92, a PEG ratio of 0.97 and a beta of 2.23. The business has a fifty day simple moving average of $38.46 and a 200-day simple moving average of $40.23. 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 announced its earnings results on Wednesday, October 30th. The company reported $0.54 earnings per share for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The company had revenue of $4.18 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same period last year, the business earned $0.64 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts predict that MGM Resorts International will post 2.54 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MGM shares. Truist Financial decreased their target price on shares of MGM Resorts International from $58.00 to $56.00 and set a “buy” rating for the company in a research note on Wednesday, October 23rd. BTIG Research began coverage on shares of MGM Resorts International in a report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price objective on the stock. Morgan Stanley increased their price objective 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. Stifel Nicolaus increased their target price on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Finally, Susquehanna raised their price objective on shares of 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 equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.08.

MGM Resorts International Profile

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.