Freedom Investment Management Inc. Has $308,000 Position in MGM Resorts International (NYSE:MGM)

Freedom Investment Management Inc. increased its holdings in shares of MGM Resorts International (NYSE:MGM) by 11.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 8,893 shares of the company’s stock after purchasing an additional 905 shares during the period. Freedom Investment Management Inc.’s holdings in MGM Resorts International were worth $308,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in MGM Resorts International during the 4th quarter valued at $88,033,000. Marshall Wace LLP raised its stake in shares of MGM Resorts International by 50.9% in the 4th quarter. Marshall Wace LLP now owns 3,233,718 shares of the company’s stock valued at $112,048,000 after buying an additional 1,090,533 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of MGM Resorts International by 22.5% during the 4th quarter. Invesco Ltd. now owns 5,785,343 shares of the company’s stock worth $200,462,000 after acquiring an additional 1,063,707 shares during the period. Davis Selected Advisers boosted its position in shares of MGM Resorts International by 4.6% during the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock valued at $690,253,000 after acquiring an additional 882,417 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in MGM Resorts International in the fourth quarter worth about $20,053,000. Institutional investors own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the purchase, the chief financial officer now owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This represents a 15.23 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 3.06% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several brokerages recently commented on MGM. Barclays reaffirmed an “equal weight” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. BTIG Research downgraded shares of MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Leerink Partners cut shares of MGM Resorts International to a “market perform” rating in a research note on Thursday, February 13th. Truist Financial reduced their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Finally, Wells Fargo & Company increased their target price on MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and a consensus price target of $50.71.

MGM Resorts International Stock Performance

Shares of MGM stock opened at $28.99 on Tuesday. The company has a market capitalization of $8.20 billion, a P/E ratio of 12.08, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. MGM Resorts International has a 52 week low of $25.30 and a 52 week high of $47.26. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The company’s 50 day moving average price is $32.01 and its two-hundred day moving average price is $34.79.

MGM Resorts International (NYSE:MGM) last released its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. On average, analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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.