Oppenheimer & Co. Inc. Reduces Holdings in MGM Resorts International (NYSE:MGM) (2024)

Posted by Defense World Staff on Jun 10th, 2024

Oppenheimer & Co. Inc. cut its stake in shares of MGM Resorts International (NYSE:MGM – Free Report) by 3.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 36,714 shares of the company’s stock after selling 1,382 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in MGM Resorts International were worth $1,640,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. CVA Family Office LLC purchased a new stake in MGM Resorts International during the 4th quarter valued at about $28,000. Sunbelt Securities Inc. boosted its holdings in MGM Resorts International by 510.2% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock valued at $44,000 after acquiring an additional 1,000 shares during the period. Massmutual Trust Co. FSB ADV boosted its holdings in MGM Resorts International by 49.7% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company’s stock valued at $49,000 after acquiring an additional 367 shares during the period. Sandy Spring Bank boosted its holdings in MGM Resorts International by 33.7% during the 4th quarter. Sandy Spring Bank now owns 1,143 shares of the company’s stock valued at $51,000 after acquiring an additional 288 shares during the period. Finally, Huntington National Bank boosted its holdings in MGM Resorts International by 46.7% during the 3rd quarter. Huntington National Bank now owns 1,999 shares of the company’s stock valued at $73,000 after acquiring an additional 636 shares during the period. 68.11% of the stock is currently owned by hedge funds and other institutional investors.

MGM Resorts International Stock Up 1.5 %

MGM stock opened at $40.69 on Monday. MGM Resorts International has a twelve month low of $34.12 and a twelve month high of $51.35. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 1.56. The firm has a market cap of $12.76 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 0.89 and a beta of 2.24. The business has a 50 day moving average of $41.83 and a 200 day moving average of $42.79.

MGM Resorts International (NYSE:MGM – Get Free Report) last posted its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. The company had revenue of $4.38 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same quarter last year, the company earned $0.44 EPS. The firm’s revenue for the quarter was up 13.2% on a year-over-year basis. On average, research analysts forecast that MGM Resorts International will post 2.9 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, Director Daniel J. Taylor sold 4,344 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total transaction of $178,190.88. Following the completion of the transaction, the director now owns 5,250 shares of the company’s stock, valued at approximately $215,355. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other MGM Resorts International news, Director Daniel J. Taylor sold 4,344 shares of the stock in a transaction on Tuesday, May 21st. The stock was sold at an average price of $41.02, for a total transaction of $178,190.88. Following the sale, the director now directly owns 5,250 shares in the company, valued at approximately $215,355. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Keith A. Meister sold 325,000 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the sale, the director now owns 6,098,778 shares in the company, valued at $261,637,576.20. The disclosure for this sale can be found here. Insiders sold a total of 333,688 shares of company stock valued at $14,300,967 in the last 90 days. Corporate insiders own 2.83% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on MGM shares. Barclays increased their price objective on MGM Resorts International from $55.00 to $56.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. TheStreet upgraded MGM Resorts International from a “c+” rating to a “b-” rating in a report on Tuesday, February 13th. Susquehanna upgraded MGM Resorts International from a “neutral” rating to a “positive” rating and increased their price objective for the stock from $46.00 to $54.00 in a report on Thursday, May 2nd. JMP Securities increased their price objective on MGM Resorts International from $57.00 to $58.00 and gave the stock a “market outperform” rating in a report on Monday, May 6th. Finally, JPMorgan Chase & Co. increased their price objective on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.83.

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