Huntington National Bank Raises Position in MGM Resorts International (NYSE:MGM)

Huntington National Bank lifted its position in MGM Resorts International (NYSE:MGMFree Report) by 46.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,999 shares of the company’s stock after buying an additional 636 shares during the period. Huntington National Bank’s holdings in MGM Resorts International were worth $73,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Tyler Stone Wealth Management bought a new position in shares of MGM Resorts International in the second quarter worth approximately $26,000. ST Germain D J Co. Inc. bought a new position in shares of MGM Resorts International in the second quarter worth approximately $31,000. VitalStone Financial LLC lifted its stake in shares of MGM Resorts International by 108.9% in the first quarter. VitalStone Financial LLC now owns 729 shares of the company’s stock worth $33,000 after buying an additional 380 shares in the last quarter. Mendota Financial Group LLC bought a new position in shares of MGM Resorts International in the third quarter worth approximately $27,000. Finally, International Assets Investment Management LLC bought a new position in shares of MGM Resorts International in the third quarter worth approximately $28,000. Institutional investors own 66.46% of the company’s stock.

MGM Resorts International Stock Performance

Shares of NYSE MGM opened at $47.02 on Tuesday. The firm has a fifty day moving average price of $43.77 and a 200-day moving average price of $41.52. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.78 and a quick ratio of 1.73. The stock has a market cap of $16.06 billion, a PE ratio of 15.99 and a beta of 2.19. MGM Resorts International has a 1 year low of $34.12 and a 1 year high of $51.35.

MGM Resorts International declared that its Board of Directors has authorized a share buyback program on Wednesday, November 8th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the company to buy up to 14.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Transactions at MGM Resorts International

In other news, insider John Mcmanus sold 10,000 shares of the stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $43.45, for a total value of $434,500.00. Following the completion of the sale, the insider now directly owns 73,695 shares of the company’s stock, valued at $3,202,047.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider John Mcmanus sold 10,000 shares of the company’s stock in a transaction on Tuesday, December 12th. The shares were sold at an average price of $43.45, for a total transaction of $434,500.00. Following the completion of the transaction, the insider now owns 73,695 shares in the company, valued at $3,202,047.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Corey Ian Sanders sold 30,000 shares of the company’s stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $44.82, for a total transaction of $1,344,600.00. Following the transaction, the chief operating officer now owns 227,674 shares of the company’s stock, valued at approximately $10,204,348.68. The disclosure for this sale can be found here. Insiders sold a total of 50,000 shares of company stock valued at $2,229,100 over the last three months. Corporate insiders own 2.39% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MGM. JMP Securities reiterated a “market outperform” rating and issued a $57.00 target price on shares of MGM Resorts International in a research note on Monday, January 29th. Morgan Stanley decreased their price objective on shares of MGM Resorts International from $42.00 to $40.00 and set an “equal weight” rating for the company in a report on Monday, November 13th. Wells Fargo & Company decreased their price objective on shares of MGM Resorts International from $58.00 to $54.00 and set an “overweight” rating for the company in a report on Thursday, November 9th. Truist Financial reissued a “buy” rating and set a $55.00 price objective on shares of MGM Resorts International in a report on Tuesday, December 5th. Finally, Stifel Nicolaus decreased their price objective on shares of MGM Resorts International from $59.00 to $55.00 and set a “buy” rating for the company in a report on Thursday, November 9th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, MGM Resorts International presently has an average rating of “Moderate Buy” and an average target price of $56.12.

Read Our Latest Research Report on MGM

About MGM Resorts International

(Free Report)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.

See Also

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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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