Robeco Institutional Asset Management B.V. trimmed its holdings in shares of MGM Resorts International (NYSE:MGM – Get Rating) by 44.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 74,841 shares of the company’s stock after selling 60,972 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in MGM Resorts International were worth $2,509,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of MGM. Invesco Ltd. boosted its stake in shares of MGM Resorts International by 8.6% during the 1st quarter. Invesco Ltd. now owns 4,018,367 shares of the company’s stock worth $168,530,000 after acquiring an additional 317,622 shares in the last quarter. TD Asset Management Inc. grew its holdings in MGM Resorts International by 6.7% during the third quarter. TD Asset Management Inc. now owns 1,484,656 shares of the company’s stock valued at $44,525,000 after purchasing an additional 92,854 shares during the last quarter. Barclays PLC raised its position in shares of MGM Resorts International by 11.8% in the third quarter. Barclays PLC now owns 1,367,352 shares of the company’s stock valued at $40,640,000 after purchasing an additional 143,825 shares during the period. Clearbridge Investments LLC lifted its stake in shares of MGM Resorts International by 3.2% in the first quarter. Clearbridge Investments LLC now owns 1,169,369 shares of the company’s stock worth $49,043,000 after buying an additional 36,736 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of MGM Resorts International by 6.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,074,910 shares of the company’s stock worth $36,042,000 after buying an additional 67,978 shares during the last quarter. 82.77% of the stock is currently owned by institutional investors.
MGM Resorts International Stock Down 2.1 %
Shares of MGM stock opened at $42.81 on Friday. MGM Resorts International has a one year low of $26.41 and a one year high of $46.37. The company has a debt-to-equity ratio of 1.31, a current ratio of 2.19 and a quick ratio of 1.78. The stock has a fifty day moving average price of $43.41 and a 200 day moving average price of $39.45. The stock has a market cap of $15.57 billion, a P/E ratio of 9.15 and a beta of 2.06.
MGM Resorts International announced that its board has authorized a share buyback plan on Wednesday, February 8th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 12.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.
Insider Buying and Selling at MGM Resorts International
In related news, CEO William Hornbuckle sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $44.86, for a total transaction of $4,934,600.00. Following the completion of the transaction, the chief executive officer now owns 172,781 shares in the company, valued at approximately $7,750,955.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other MGM Resorts International news, insider John Mcmanus sold 20,000 shares of the business’s stock in a transaction dated Friday, February 17th. The shares were sold at an average price of $43.47, for a total value of $869,400.00. Following the transaction, the insider now directly owns 68,175 shares in the company, valued at $2,963,567.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO William Hornbuckle sold 110,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $44.86, for a total transaction of $4,934,600.00. Following the sale, the chief executive officer now directly owns 172,781 shares of the company’s stock, valued at approximately $7,750,955.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 182,870 shares of company stock valued at $8,149,070. 2.13% of the stock is currently owned by corporate insiders.
Analyst Ratings Changes
A number of research firms recently issued reports on MGM. Barclays raised their target price on shares of MGM Resorts International from $59.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, April 21st. Truist Financial lifted their price objective on MGM Resorts International from $57.00 to $58.00 in a research note on Tuesday. StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Tuesday. Susquehanna lifted their price target on MGM Resorts International from $38.00 to $51.00 in a research report on Wednesday. Finally, Wells Fargo & Company upped their price target on MGM Resorts International from $53.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, January 25th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $56.13.
About MGM Resorts International
MGM Resorts International is a holding company, which engages in the ownership and operations of casino resorts. The firm’s casino resorts offer gaming, hotel, convention, dining, entertainment, retail, and other resort amenities. It operates through the following business segments: Las Vegas Strip Resorts, Regional Operations and MGM China.
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