MGM Resorts International (NYSE:MGM) Stake Lessened by Swiss National Bank

Swiss National Bank lessened its holdings in MGM Resorts International (NYSE:MGM) by 6.2% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 877,800 shares of the company’s stock after selling 58,300 shares during the quarter. Swiss National Bank’s holdings in MGM Resorts International were worth $39,220,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of MGM. CVA Family Office LLC purchased a new position in MGM Resorts International during the 4th quarter valued at about $28,000. Sandy Spring Bank grew its position in MGM Resorts International by 140.8% during the third quarter. Sandy Spring Bank now owns 855 shares of the company’s stock valued at $31,000 after purchasing an additional 500 shares in the last quarter. Sunbelt Securities Inc. increased its stake in MGM Resorts International by 510.2% in the 3rd quarter. Sunbelt Securities Inc. now owns 1,196 shares of the company’s stock valued at $44,000 after buying an additional 1,000 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in MGM Resorts International by 49.7% in the 4th quarter. Massmutual Trust Co. FSB ADV now owns 1,105 shares of the company’s stock worth $49,000 after buying an additional 367 shares in the last quarter. Finally, Huntington National Bank boosted its stake in shares of MGM Resorts International by 46.7% during the 3rd quarter. Huntington National Bank now owns 1,999 shares of the company’s stock valued at $73,000 after buying an additional 636 shares during the period. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Activity at MGM Resorts International

In other MGM Resorts International news, Director Keith A. Meister sold 325,000 shares of the firm’s stock in a transaction 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 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 is accessible through the SEC website. Corporate insiders own 2.83% of the company’s stock.

Analyst Upgrades and Downgrades

MGM has been the topic of a number of research reports. JPMorgan Chase & Co. upped their price target on shares of MGM Resorts International from $54.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, May 2nd. Bank Of America (Bofa) upped their target price 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. Deutsche Bank Aktiengesellschaft raised their price target on MGM Resorts International from $50.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, February 14th. TheStreet upgraded MGM Resorts International from a “c+” rating to a “b-” rating in a report on Tuesday, February 13th. Finally, StockNews.com upgraded shares of MGM Resorts International from a “hold” rating to a “buy” rating in a research note on Thursday, May 2nd. Two equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average target price of $54.83.

MGM Resorts International Price Performance

NYSE MGM opened at $40.64 on Wednesday. The stock has a 50-day simple moving average of $43.48 and a 200 day simple moving average of $42.40. MGM Resorts International has a twelve month low of $34.12 and a twelve month high of $51.35. The stock has a market capitalization of $12.75 billion, a PE ratio of 15.63, a P/E/G ratio of 0.95 and a beta of 2.22. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. The company had revenue of $4.38 billion during 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%. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.44 earnings per share. Research analysts anticipate that MGM Resorts International will post 2.76 EPS for the current year.

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.