Davis Selected Advisers LP recently announced the acquisition of new stake in MGM Resorts International (NYSE:MGM). This fresh investment now brings its stake to 2.81% valued currently at $343.8 million. In addition, Capital Research & Management Co raised its holdings by 5.57 million to 5.57 million shares. And Norges Bank Investment Management has lifted its position by 32.63% or 1.22 million shares – to 4.95 million shares.
With over 4.32 million MGM Resorts International (MGM) shares trading Tuesday and a closing price of $39.73 on the day, the dollar volume was approximately $171.65 million. The shares have shown a positive half year performance of 0.23% and its price on 11/28/23 lost nearly -0.80%. Currently, there are 379.09M common shares owned by the public and among those 276.07M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 18 analysts who have offered their price forecasts for MGM have a consensus price objective of $54.47. The analysts have set the share’s price value over the next 12 months at a high of $66.50 and a low of $40.00. The average price target is 27.06% above its recent price level and an upside to the estimated low will see the stock gain 0.68% over that period. But an upside of 40.26% will see the stock hit the forecast high price target while median target price for the stock is $55.00.
Insiders at the company have transacted a total of 90 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 38 of these insider trades were purchases, accounting for 786,655 shares. Insider sales of the common stock occurred on 52 occasions, with total insider shares sold totaling 1,039,577 shares.
The top 3 mutual fund holders in MGM Resorts International are Vanguard Total Stock Market ETF, T Rowe Price Mid Cap Growth Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 8.22 million shares of the company’s stock, all valued at over $286.9 million. The company bought an additional 69668.0 shares recently to bring their total holdings to about 2.34% of the shares outstanding. T Rowe Price Mid Cap Growth Fund sold -2.7 million shares to see its total holdings shrink to 7.0 million shares valued at over $244.44 million and representing 2.00% of the shares outstanding. Vanguard 500 Index Fund bought 29878.0 shares to bring its total holdings to over 6.78 million shares at a value of $236.58 million. Vanguard 500 Index Fund now owns shares totaling to 1.93% of the shares outstanding.
Shares of MGM Resorts International (NYSE: MGM) opened at $39.92, down -$0.13 from a prior closing price of $40.05. However, the script later moved the day high at 40.09, down -0.80%. The company’s stock has a 5-day price change of -1.44% and -8.83% over the past three months. MGM shares are trading 18.49% year to date (YTD), with the 12-month market performance up to 11.20% higher. It has a 12-month low price of $32.43 and touched a high of $51.35 over the same period. MGM has an average intraday trading volume of 4.86 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.07%, 6.28%, and -5.81% respectively.
Institutional ownership of MGM Resorts International (NYSE: MGM) shares accounts for 68.94% of the company’s 379.09M shares outstanding. Mutual fund holders own 36.17%, while other institutional holders and individual stakeholders account for 64.71% and 31.24% respectively.
It has a market capitalization of $13.57B and a beta (3y monthly) value of 2.16. The stock’s trailing 12-month PE ratio is 13.55, while the earnings-per-share (ttm) stands at $2.93. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.31% over the week and 2.61% over the month.
Analysts forecast that MGM Resorts International (MGM) will achieve an EPS of $0.68 for the current quarter, $0.65 for the next quarter and $2.44 for 2024. The lowest estimate earnings-per-share for the quarter is $0.54 while analysts give the company a high EPS estimate of $0.88. Comparatively, EPS for the current quarter was -$1.53 a year ago. Earnings per share for the fiscal year are expected to increase by 183.65%, and 5.33% over the next financial year.
Looking at the support for the MGM, a number of firms have released research notes about the stock. HSBC Securities stated their Buy rating for the stock in a research note on October 23, 2023, with the firm’s price target at $49.
