Mirae Asset Global Investments Co. Ltd. Makes New Investment in MGM Resorts International $MGM

Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of MGM Resorts International (NYSE:MGM) in the third quarter, according to its most recent filing with the SEC. The firm purchased 46,191 shares of the company’s stock, valued at approximately $1,434,000.

Other hedge funds have also recently made changes to their positions in the company. ProShare Advisors LLC boosted its position in shares of MGM Resorts International by 52.7% during the 3rd quarter. ProShare Advisors LLC now owns 62,344 shares of the company’s stock valued at $1,936,000 after purchasing an additional 21,520 shares in the last quarter. Vise Technologies Inc. grew its stake in MGM Resorts International by 8.6% during the third quarter. Vise Technologies Inc. now owns 13,105 shares of the company’s stock worth $407,000 after purchasing an additional 1,033 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in MGM Resorts International by 98.3% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 23,800 shares of the company’s stock worth $739,000 after purchasing an additional 11,800 shares in the last quarter. Arena Capital Advisors LLC CA bought a new stake in MGM Resorts International in the third quarter worth approximately $202,000. Finally, Latitude Advisors LLC bought a new stake in MGM Resorts International in the third quarter worth approximately $27,000. 68.11% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Mizuho set a $50.00 price target on MGM Resorts International in a report on Thursday, October 29th. Zacks Research lowered shares of MGM Resorts International from a “hold” rating to a “strong sell” rating in a research note on Friday, October 2nd. Weiss Ratings downgraded shares of MGM Resorts International from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, October 26th. Capital One Financial boosted their target price on shares of MGM Resorts International from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Monday, September 21st. Finally, JPMorgan Chase & Co. cut their target price on shares of MGM Resorts International from $42.00 to $39.00 and set an “overweight” rating on the stock in a research note on Thursday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, eight have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, MGM Resorts International presently has an average rating of “Hold” and a consensus target price of $44.29.

Insider Transactions at MGM Resorts International

In other MGM Resorts International news, Director Keith Meister purchased 7,518 shares of the firm’s stock in a transaction on Monday, November 2nd. The stock was acquired at an average price of $30.24 per share, for a total transaction of $227,344.32. Following the purchase, the director owned 7,093,570 shares of the company’s stock, valued at $214,509,556.80. This trade represents a 0.11% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.38% of the company’s stock.

MGM Resorts International Trading Down 0.8%

Shares of MGM Resorts International stock opened at $32.28 on Friday. The stock has a market capitalization of $8.17 billion, a PE ratio of 12.27, a price-to-earnings-growth ratio of 1.93 and a beta of 1.34. MGM Resorts International has a 52 week low of $26.71 and a 52 week high of $51.59. The stock has a 50 day moving average price of $33.63 and a two-hundred day moving average price of $38.93. The company has a debt-to-equity ratio of 1.68, a quick ratio of 1.20 and a current ratio of 1.24.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, October 28th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). MGM Resorts International had a return on equity of 20.58% and a net margin of 3.92%. The firm had revenue of $4.21 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the company earned $0.24 earnings per share. MGM Resorts International’s revenue for the quarter was down .9% compared to the same quarter last year. As a group, equities analysts anticipate that MGM Resorts International will post 1.62 earnings per share for the current fiscal year.

About MGM Resorts International

MGM Resorts International is a global hospitality and entertainment company that develops, owns and operates resorts featuring casinos, hotels, restaurants, live entertainment, meeting spaces and other leisure amenities. Its portfolio includes well-known Las Vegas properties as well as resorts in other U.S. markets.

The company also has a presence in Macau through its MGM China subsidiary, which operates integrated resorts including MGM Macau and MGM Cotai. MGM Resorts offers online sports betting and gaming through BetMGM, its digital gaming brand.

Originally known as MGM Grand Inc, the company adopted the name MGM Resorts International in 2010.