Planning Capital Management Corp Invests $45,000 in MGM Resorts International (NYSE:MGM)

Planning Capital Management Corp purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the third quarter, Holdings Channel.com reports. The firm purchased 1,163 shares of the company’s stock, valued at approximately $45,000.

A number of other hedge funds have also made changes to their positions in the stock. UMB Bank n.a. increased its holdings in shares of MGM Resorts International by 33.3% during the 2nd quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after acquiring an additional 237 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in MGM Resorts International by 1.2% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 22,900 shares of the company’s stock valued at $1,018,000 after buying an additional 278 shares during the last quarter. HB Wealth Management LLC grew its holdings in MGM Resorts International by 6.3% in the 2nd quarter. HB Wealth Management LLC now owns 4,917 shares of the company’s stock valued at $219,000 after buying an additional 293 shares during the last quarter. US Bancorp DE grew its holdings in MGM Resorts International by 1.3% in the 1st quarter. US Bancorp DE now owns 23,558 shares of the company’s stock valued at $1,112,000 after buying an additional 298 shares during the last quarter. Finally, Quent Capital LLC grew its holdings in MGM Resorts International by 14.6% in the 3rd quarter. Quent Capital LLC now owns 2,383 shares of the company’s stock valued at $93,000 after buying an additional 304 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $37.52 on Friday. The stock has a 50-day moving average price of $38.39 and a two-hundred day moving average price of $39.84. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The company has a market capitalization of $11.17 billion, a PE ratio of 13.40, a P/E/G ratio of 2.71 and a beta of 2.23.

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 analysts’ consensus estimates of $0.58 by ($0.04). The firm had revenue of $4.18 billion for the quarter, compared to the consensus estimate of $4.21 billion. MGM Resorts International had a return on equity of 25.84% and a net margin of 5.23%. MGM Resorts International’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.64 EPS. Analysts expect that MGM Resorts International will post 2.5 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Barclays lowered their target price on MGM Resorts International from $54.00 to $50.00 and set an “overweight” rating on the stock in a report on Thursday, October 31st. Mizuho decreased their price objective on MGM Resorts International from $57.00 to $56.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company cut their target price on MGM Resorts International from $53.00 to $47.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. Morgan Stanley raised their target price on MGM Resorts International from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 22nd. Finally, JMP Securities cut their target price on MGM Resorts International from $56.00 to $54.00 and set a “market outperform” rating for the company in a research report on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.15.

Insider Activity at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the sale, the director now owns 5,738,478 shares in the company, valued at $210,716,912.16. This trade represents a 2.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.13% of the stock is owned by insiders.

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.