After grabbing 9.85 million shares, the institutional investor is now in possession of 9.85 million shares of the Consumer Cyclical Company. The new investment brought the stake of investor firm to 2.88% having worth around $439.89 million. Moreover, Capital Research & Management Co increased its share by 5.57 million to have a control over 5.57 million shares. And Norges Bank Investment Management raised its holdings to 1.22 million shares by acquiring 4.95 million shares or 1.45% of the stake.
MGM Resorts International (MGM) concluded trading on Wednesday at a closing price of $42.86, with 3.82 million shares of worth about $163.61 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -13.78% during that period and On Wednesday, January 24 the price saw a loss of about -0.44%. Currently the company’s common shares owned by public are about 379.09M shares, out of which, 274.32M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 83 times over the past 12 months. They bought 771,651 shares in 37 of the transactions. In 46 selling transactions, insiders dumped 947,046 shares.
Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and American Funds Growth Fund of Ame are the top 3 mutual funds which are holding stakes in MGM Resorts International Vanguard Total Stock Market ETF is currently holding 8.09 million shares of worth totaling $361.26 million. The company recently came selling -0.14 million shares which brought its stake up to 2.37% of the company’s outstanding shares. Vanguard 500 Index Fund sold -0.17 million shares, after which its hold over company’s outstanding shares shrunk to 1.95%, leaving 6.67 million shares with the mutual fund that have a worth of about $298.15 million. American Funds Growth Fund of Ame, after buying 6.46 million shares, have now control over 1.89% of the stake in the company. It holds 0.97 million shares of worth $288.41 million.
However, the stock later moved at a day high price of 43.66, or with a loss of -0.44%. Stock saw a price change of 2.95% in past 5 days and over the past one month there was a price change of -3.66%. Year-to-date (YTD), MGM shares are showing a performance of -4.07% which increased to 7.42% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $34.12 but also hit the highest price of $51.35 during that period. The average intraday trading volume for MGM Resorts International shares is 4.61 million. The stock is currently trading -2.33% below its 20-day simple moving average (SMA20), while that difference is up 1.63% for SMA50 and it goes to 1.72% higher than SMA200.
Davis Selected Advisers LP acquired 9.85 million shares of MGM Resorts International having value of about $439.89 million. MGM Resorts International (NYSE: MGM) currently have 379.09M outstanding shares and institutions hold larger chunk of about 68.66% of that. Holding of mutual funds in the company is about 36.22% while other institutional holders and individual stake holders have control over 66.47% and 32.67% of the stake respectively.
The stock has a current market capitalization of $14.64B and its 3Y-monthly beta is at 2.20. PE ratio of stock for trailing 12 months is 14.62, while it has posted earnings per share of $2.93 in the same period. It has Quick Ratio of 1.73 while making debt-to-equity ratio of 8.02. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for MGM, volatility over the week remained 2.32% while standing at 2.31% over the month.
Analysts are in expectations that MGM Resorts International (MGM) stock would likely to be making an EPS of $0.71 in the current quarter, while forecast for next quarter EPS is $0.55 and it is $2.29 for next year. For the current quarter EPS, analysts have given the company a lowest target $0.54 which is $0.91 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$1.53 in the same quarter a year ago. Stock’s fiscal year EPS is expected to rise by 185.00% while it is estimated to decrease by -1.53% in next year.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by HSBC Securities on October 23, 2023 offering a Buy rating for the stock and assigned a target price of $49 to it.
