Czech National Bank Reduces Position in MGM Resorts International (NYSE:MGM)

Posted by on Jun 30th, 2023

Czech National Bank decreased its holdings in shares of MGM Resorts International (NYSE:MGM – Free Report) by 0.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,062 shares of the company’s stock after selling 252 shares during the quarter. Czech National Bank’s holdings in MGM Resorts International were worth $1,646,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of MGM. RB Capital Management LLC grew its holdings in shares of MGM Resorts International by 29.1% during the first quarter. RB Capital Management LLC now owns 7,796 shares of the company’s stock worth $327,000 after buying an additional 1,756 shares in the last quarter. American Century Companies Inc. boosted its position in shares of MGM Resorts International by 10.7% during the 1st quarter. American Century Companies Inc. now owns 24,436 shares of the company’s stock valued at $1,024,000 after acquiring an additional 2,368 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of MGM Resorts International by 3.2% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 50,398 shares of the company’s stock valued at $2,114,000 after acquiring an additional 1,542 shares during the last quarter. Synovus Financial Corp boosted its position in shares of MGM Resorts International by 107.5% during the 1st quarter. Synovus Financial Corp now owns 12,597 shares of the company’s stock valued at $529,000 after acquiring an additional 6,526 shares during the last quarter. Finally, Cibc World Market Inc. boosted its position in shares of MGM Resorts International by 81.6% during the 1st quarter. Cibc World Market Inc. now owns 10,980 shares of the company’s stock valued at $461,000 after acquiring an additional 4,934 shares during the last quarter. Hedge funds and other institutional investors own 64.88% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on MGM shares. JPMorgan Chase & Co. boosted their price target on shares of MGM Resorts International from $55.00 to $60.00 in a research report on Tuesday, May 2nd. StockNews.com started coverage on shares of MGM Resorts International in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. TheStreet raised shares of MGM Resorts International from a “c+” rating to a “b-” rating in a research report on Thursday, April 6th. Truist Financial upped their target price on shares of MGM Resorts International from $57.00 to $58.00 in a research report on Tuesday, May 2nd. Finally, Susquehanna increased their price target on shares of MGM Resorts International from $38.00 to $51.00 in a research report on Wednesday, May 3rd. Two equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.59.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, COO Corey Ian Sanders sold 50,000 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 161,632 shares in the company, valued at $7,179,693.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider John Mcmanus sold 10,000 shares of the stock in a transaction that occurred on Wednesday, June 7th. The stock was 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 directly owns 62,283 shares of the company’s stock, valued at $2,572,910.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Corey Ian Sanders sold 50,000 shares of the stock in a transaction that occurred 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 directly owns 161,632 shares of the company’s stock, valued at $7,179,693.44. The disclosure for this sale can be found here. Insiders have sold 322,350 shares of company stock worth $14,120,881 over the last three months. Insiders own 2.13% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $43.01 on Friday. The firm has a market capitalization of $15.65 billion, a P/E ratio of 9.19 and a beta of 2.07. MGM Resorts International has a 52 week low of $27.79 and a 52 week high of $46.37. The company has a quick ratio of 2.15, a current ratio of 2.19 and a debt-to-equity ratio of 1.31. The firm’s 50 day moving average is $42.37 and its two-hundred day moving average is $41.28.

MGM Resorts International (NYSE:MGM – Free Report) last announced its quarterly earnings results on Monday, May 1st. The company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.04 by $0.40. The company had revenue of $3.90 billion for the quarter, compared to analyst estimates of $3.61 billion. MGM Resorts International had a net margin of 13.84% and a negative return on equity of 1.33%. The firm’s revenue was up 36.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 earnings per share. Research analysts forecast that MGM Resorts International will post 1.89 EPS for the current fiscal year.

MGM Resorts International Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding MGM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for MGM Resorts International (NYSE:MGM – Free Report).

Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

Receive News & Ratings for MGM Resorts International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for MGM Resorts International and related companies with MarketBeat.com's FREE daily email newsletter.