First Citizens Bank & Trust Co. Trims Stake in MGM Resorts International (NYSE:MGM)

First Citizens Bank & Trust Co. reduced its position in MGM Resorts International (NYSE:MGMFree Report) by 78.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,503 shares of the company’s stock after selling 19,464 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in MGM Resorts International were worth $246,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of MGM. Tyler Stone Wealth Management bought a new position in shares of MGM Resorts International in the second quarter worth approximately $26,000. Mendota Financial Group LLC bought a new position in shares of MGM Resorts International in the third quarter worth approximately $27,000. International Assets Investment Management LLC bought a new position in shares of MGM Resorts International in the third quarter worth approximately $28,000. CVA Family Office LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth approximately $28,000. Finally, ICA Group Wealth Management LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth approximately $28,000. 68.11% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MGM. Deutsche Bank Aktiengesellschaft upped their price target on shares of MGM Resorts International from $50.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Barclays dropped their target price on shares of MGM Resorts International from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. Morgan Stanley upped their target price on shares of MGM Resorts International from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 28th. JPMorgan Chase & Co. upped their target price on shares of MGM Resorts International from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 14th. Finally, Mizuho assumed coverage on shares of MGM Resorts International in a research report on Tuesday, March 26th. They set a “buy” rating and a $61.00 target price for the company. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.28.

Check Out Our Latest Stock Report on MGM Resorts International

MGM Resorts International Price Performance

MGM stock opened at $46.75 on Thursday. The company has a fifty day simple moving average of $44.02 and a two-hundred day simple moving average of $41.38. The firm has a market capitalization of $14.82 billion, a P/E ratio of 14.75, a price-to-earnings-growth ratio of 1.58 and a beta of 2.19. The company has a quick ratio of 1.53, a current ratio of 1.57 and a debt-to-equity ratio of 1.46. MGM Resorts International has a 52 week low of $34.12 and a 52 week high of $51.35.

MGM Resorts International (NYSE:MGMGet Free Report) last released its earnings results on Tuesday, February 13th. The company reported $1.06 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.39. The company had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.14 billion. MGM Resorts International had a net margin of 7.07% and a return on equity of 20.51%. MGM Resorts International’s revenue for the quarter was up 21.8% on a year-over-year basis. During the same period last year, the business earned $0.69 EPS. Analysts anticipate that MGM Resorts International will post 2.53 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Keith A. Meister sold 325,000 shares of MGM Resorts International stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $42.90, for a total value of $13,942,500.00. Following the completion of the sale, the director now directly owns 6,098,778 shares in the company, valued at approximately $261,637,576.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.83% of the stock is owned by company insiders.

About MGM Resorts International

(Free Report)

MGM Resorts International, through its subsidiaries, owns and operates casino, hotel, and entertainment resorts in the United States and internationally. 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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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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