Essex Financial Services Inc. Acquires 1,256 Shares of MGM Resorts International (NYSE:MGM)

Essex Financial Services Inc. lifted its holdings in MGM Resorts International (NYSE:MGM) by 22.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,978 shares of the company’s stock after purchasing an additional 1,256 shares during the quarter. Essex Financial Services Inc.’s holdings in MGM Resorts International were worth $242,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of MGM. CWM LLC boosted its holdings in shares of MGM Resorts International by 8.4% during the 3rd quarter. CWM LLC now owns 10,984 shares of the company’s stock valued at $429,000 after acquiring an additional 854 shares during the last quarter. Creative Planning boosted its holdings in MGM Resorts International by 8.4% in the third quarter. Creative Planning now owns 77,682 shares of the company’s stock worth $3,037,000 after purchasing an additional 6,040 shares during the last quarter. Vontobel Holding Ltd. grew its position in MGM Resorts International by 37.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 20,426 shares of the company’s stock worth $798,000 after purchasing an additional 5,611 shares during the period. nVerses Capital LLC raised its stake in MGM Resorts International by 233.3% during the 3rd quarter. nVerses Capital LLC now owns 21,000 shares of the company’s stock valued at $821,000 after buying an additional 14,700 shares during the last quarter. Finally, V Square Quantitative Management LLC lifted its holdings in shares of MGM Resorts International by 31.0% during the 3rd quarter. V Square Quantitative Management LLC now owns 6,939 shares of the company’s stock valued at $271,000 after buying an additional 1,643 shares during the period. 68.11% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 51,000 shares of the business’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $36.57, for a total value of $1,865,070.00. Following the sale, the director now owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. The trade was a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.13% of the stock is owned by company insiders.

MGM Resorts International Stock Up 17.5 %

Shares of MGM opened at $40.38 on Friday. The company has a current ratio of 1.24, a quick ratio of 1.21 and a debt-to-equity ratio of 1.63. The business’s 50 day moving average is $34.32 and its 200 day moving average is $36.83. MGM Resorts International has a 12-month low of $31.61 and a 12-month high of $48.24. The company has a market capitalization of $12.02 billion, a PE ratio of 14.42, a price-to-earnings-growth ratio of 2.94 and a beta of 2.20.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.37 by $0.08. MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. Research analysts expect that MGM Resorts International will post 2.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on the company. Susquehanna Bancshares lifted their price objective on MGM Resorts International from $53.00 to $56.00 in a report on Wednesday. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research report on Thursday. BTIG Research cut shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Citigroup boosted their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday. Finally, Wells Fargo & Company increased their price target on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of “Moderate Buy” and a consensus target price of $51.47.

MGM Resorts International Company 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.