CIBC Asset Management Inc Has $1.70 Million Holdings in MGM Resorts International (NYSE:MGM)

Posted by Defense World Staff on Jun 12th, 2023

CIBC Asset Management Inc grew its stake in MGM Resorts International (NYSE:MGM – Get Rating) by 11.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 50,688 shares of the company’s stock after acquiring an additional 5,056 shares during the period. CIBC Asset Management Inc’s holdings in MGM Resorts International were worth $1,700,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of MGM. McElhenny Sheffield Capital Management LLC bought a new stake in shares of MGM Resorts International during the fourth quarter worth approximately $34,000. Tobam acquired a new position in shares of MGM Resorts International in the fourth quarter valued at approximately $34,000. Accurate Wealth Management LLC acquired a new position in MGM Resorts International during the fourth quarter worth $40,000. Neo Ivy Capital Management acquired a new position in MGM Resorts International during the third quarter worth $42,000. Finally, RFP Financial Group LLC acquired a new position in MGM Resorts International during the fourth quarter worth $49,000. 82.77% of the stock is owned by institutional investors.

MGM Resorts International Trading Up 2.6 %

NYSE MGM traded up $1.09 during trading hours on Monday, reaching $42.42. The company’s stock had a trading volume of 2,038,867 shares, compared to its average volume of 4,301,737. The firm has a fifty day simple moving average of $42.62 and a 200-day simple moving average of $40.73. The stock has a market cap of $15.43 billion, a P/E ratio of 9.05 and a beta of 2.07. MGM Resorts International has a 52 week low of $26.41 and a 52 week 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 2.15.

MGM Resorts International (NYSE:MGM – Get Rating) last released its quarterly earnings results on Monday, May 1st. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.40. MGM Resorts International had a net margin of 13.84% and a negative return on equity of 1.33%. The firm had revenue of $3.90 billion during the quarter, compared to analyst estimates of $3.61 billion. During the same quarter last year, the business earned $0.01 EPS. The company’s revenue was up 36.6% compared to the same quarter last year. Equities analysts forecast that MGM Resorts International will post 1.89 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Stifel Nicolaus upped their price target on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Tuesday, May 2nd. Barclays raised their price target on shares of MGM Resorts International from $59.00 to $60.00 and gave the stock an “overweight” rating in a research report on Friday, April 21st. TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research report on Thursday, April 6th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of MGM Resorts International from $53.00 to $58.00 in a research note on Wednesday, May 3rd. Finally, StockNews.com assumed coverage on shares of MGM Resorts International in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Two investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, MGM Resorts International has an average rating of “Moderate Buy” and an average price target of $57.59.

Insiders Place Their Bets

In other news, insider John Mcmanus sold 10,000 shares of MGM Resorts International stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $41.31, for a total value of $413,100.00. Following the completion of the sale, the insider now owns 62,283 shares in the company, valued at approximately $2,572,910.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, COO Corey Ian Sanders sold 50,000 shares of MGM Resorts International stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $44.42, for a total value of $2,221,000.00. Following the completion of the sale, the chief operating officer now owns 161,632 shares of the company’s stock, valued at approximately $7,179,693.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider John Mcmanus sold 10,000 shares of MGM Resorts International stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $41.31, for a total transaction of $413,100.00. Following the transaction, the insider now directly owns 62,283 shares in the company, valued at $2,572,910.73. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,350 shares of company stock worth $2,734,281. 2.39% of the stock is currently owned by insiders.

MGM Resorts International Company Profile

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MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and Macau. 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.