First Horizon Advisors Inc. Trims Holdings in MGM Resorts International (NYSE:MGM)

First Horizon Advisors Inc. trimmed its position in MGM Resorts International (NYSE:MGM) by 9.5% in the 4th quarter, HoldingsChannel reports. The fund owned 3,812 shares of the company’s stock after selling 402 shares during the quarter. First Horizon Advisors Inc.’s holdings in MGM Resorts International were worth $170,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MGM. Davis Selected Advisers purchased a new stake in MGM Resorts International during the 3rd quarter valued at approximately $361,915,000. Boston Partners boosted its position in shares of MGM Resorts International by 1,447.6% during the 3rd quarter. Boston Partners now owns 3,980,892 shares of the company’s stock valued at $145,916,000 after acquiring an additional 3,723,659 shares during the last quarter. Qube Research & Technologies Ltd boosted its position in shares of MGM Resorts International by 544.8% during the 3rd quarter. Qube Research & Technologies Ltd now owns 1,995,768 shares of the company’s stock valued at $73,364,000 after acquiring an additional 1,686,267 shares during the last quarter. Invesco Ltd. boosted its position in shares of MGM Resorts International by 14.6% during the 3rd quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock valued at $144,840,000 after acquiring an additional 500,566 shares during the last quarter. Finally, QRG Capital Management Inc. bought a new position in shares of MGM Resorts International during the 3rd quarter valued at approximately $13,930,000. 68.11% of the stock is owned by hedge funds and other institutional investors.

MGM Resorts International Stock Performance

Shares of MGM Resorts International stock opened at $41.01 on Tuesday. The firm has a market cap of $12.86 billion, a P/E ratio of 15.77, a P/E/G ratio of 0.95 and a beta of 2.22. The company has a current ratio of 1.51, a quick ratio of 1.46 and a debt-to-equity ratio of 1.56. MGM Resorts International has a 12 month low of $34.12 and a 12 month high of $51.35. The stock’s fifty day moving average price is $43.50 and its 200-day moving average price is $42.36.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, beating the consensus estimate of $0.56 by $0.18. The firm had revenue of $4.38 billion for the quarter, compared to analyst estimates of $4.24 billion. MGM Resorts International had a return on equity of 23.62% and a net margin of 5.35%. During the same quarter last year, the firm posted $0.44 earnings per share. The business’s revenue for the quarter was up 13.2% on a year-over-year basis. On average, equities research analysts expect that MGM Resorts International will post 2.76 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on MGM shares. Barclays increased their target price on MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research report on Thursday, May 2nd. JPMorgan Chase & Co. raised their price target on MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, May 2nd. Morgan Stanley raised their price target on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Macquarie restated an “outperform” rating and issued a $58.00 price target on shares of MGM Resorts International in a research report on Wednesday, February 14th. Finally, Bank Of America (Bofa) raised their price target on MGM Resorts International from $45.00 to $50.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $54.83.

Insider Buying and Selling at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of MGM Resorts International stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $42.90, for a total value of $13,942,500.00. Following the transaction, the director now owns 6,098,778 shares in the company, valued at $261,637,576.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.83% of the stock is owned by insiders.

MGM Resorts International Profile

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.