Rhumbline Advisers decreased its stake in shares of MGM Resorts International (NYSE:MGM – Free Report) by 0.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 571,719 shares of the company’s stock after selling 952 shares during the period. Rhumbline Advisers owned about 0.16% of MGM Resorts International worth $25,396,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of MGM. Contrarius Investment Management Ltd boosted its position in MGM Resorts International by 76.0% in the first quarter. Contrarius Investment Management Ltd now owns 1,134,608 shares of the company’s stock worth $50,399,000 after purchasing an additional 490,124 shares during the last quarter. Mount Yale Investment Advisors LLC boosted its position in MGM Resorts International by 69.2% in the first quarter. Mount Yale Investment Advisors LLC now owns 19,818 shares of the company’s stock worth $880,000 after purchasing an additional 8,105 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in MGM Resorts International by 0.6% in the first quarter. Commonwealth Equity Services LLC now owns 175,098 shares of the company’s stock worth $7,777,000 after purchasing an additional 1,054 shares during the last quarter. Resources Management Corp CT ADV boosted its position in MGM Resorts International by 2,113.0% in the first quarter. Resources Management Corp CT ADV now owns 8,852 shares of the company’s stock worth $1,629,000 after purchasing an additional 8,452 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its position in MGM Resorts International by 12.4% in the first quarter. Harvest Fund Management Co. Ltd now owns 2,548 shares of the company’s stock worth $113,000 after purchasing an additional 281 shares during the last quarter. Hedge funds and other institutional investors own 66.46% of the company’s stock.
Analysts Set New Price Targets
A number of analysts recently issued reports on MGM shares. JPMorgan Chase & Co. boosted their price objective on MGM Resorts International from $55.00 to $60.00 in a research note on Tuesday, May 2nd. StockNews.com started coverage on MGM Resorts International in a research note on Thursday, August 17th. They set a “buy” rating on the stock. Stifel Nicolaus boosted their price objective on MGM Resorts International from $56.00 to $59.00 in a research note on Thursday, August 3rd. Barclays decreased their price objective on MGM Resorts International from $64.00 to $62.00 and set an “overweight” rating on the stock in a research note on Thursday, August 3rd. Finally, Susquehanna decreased their price objective on MGM Resorts International from $51.00 to $48.00 and set a “neutral” rating on the stock in a research note on Thursday, August 3rd. Three 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 MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and an average price target of $58.95.
Insiders Place Their Bets
In other MGM Resorts International news, Director Keith A. Meister sold 250,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $43.79, for a total value of $10,947,500.00. Following the completion of the sale, the director now owns 6,423,778 shares in the company, valued at approximately $281,297,238.62. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Keith A. Meister sold 250,000 shares of the stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $43.79, for a total value of $10,947,500.00. Following the completion of the transaction, the director now owns 6,423,778 shares of the company’s stock, valued at approximately $281,297,238.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Corey Ian Sanders sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $45.21, for a total value of $1,130,250.00. Following the transaction, the chief operating officer now directly owns 136,632 shares of the company’s stock, valued at approximately $6,177,132.72. The disclosure for this sale can be found here. In the last 90 days, insiders sold 319,454 shares of company stock worth $14,049,594. 2.39% of the stock is currently owned by company insiders.
MGM Resorts International Trading Up 2.3 %
Shares of MGM stock opened at $43.14 on Tuesday. MGM Resorts International has a 1-year low of $29.20 and a 1-year high of $51.35. The company has a debt-to-equity ratio of 1.38, a current ratio of 2.04 and a quick ratio of 2.00. The business has a 50-day moving average of $45.54 and a 200 day moving average of $43.82. The stock has a market capitalization of $15.14 billion, a PE ratio of 41.88 and a beta of 2.07.
MGM Resorts International (NYSE:MGM – Get Free Report) last released its quarterly earnings data on Wednesday, August 2nd. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.06. MGM Resorts International had a return on equity of 2.10% and a net margin of 2.53%. The business had revenue of $3.94 billion during the quarter, compared to analysts’ expectations of $3.82 billion. During the same quarter last year, the business posted $0.03 EPS. The business’s revenue was up 20.7% on a year-over-year basis. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.47 earnings per share for the current year.
About MGM Resorts International
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.
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