PNC Financial Services Group Inc. Sells 3,305 Shares of MGM Resorts International (NYSE:MGM)

PNC Financial Services Group Inc. cut its position in shares of MGM Resorts International (NYSE:MGM) by 8.9% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,847 shares of the company’s stock after selling 3,305 shares during the quarter. PNC Financial Services Group Inc.’s holdings in MGM Resorts International were worth $1,173,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MGM. Apollon Wealth Management LLC boosted its position in shares of MGM Resorts International by 6.6% during the third quarter. Apollon Wealth Management LLC now owns 10,997 shares of the company’s stock valued at $430,000 after purchasing an additional 681 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of MGM Resorts International by 1.8% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 455,672 shares of the company’s stock valued at $17,812,000 after purchasing an additional 7,917 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of MGM Resorts International by 4.3% during the third quarter. Victory Capital Management Inc. now owns 114,385 shares of the company’s stock valued at $4,471,000 after purchasing an additional 4,745 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in shares of MGM Resorts International by 48.9% during the third quarter. Oppenheimer Asset Management Inc. now owns 22,081 shares of the company’s stock valued at $863,000 after purchasing an additional 7,255 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in shares of MGM Resorts International by 21.2% during the third quarter. Oppenheimer & Co. Inc. now owns 56,906 shares of the company’s stock valued at $2,224,000 after purchasing an additional 9,935 shares in the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insider Activity at MGM Resorts International

In related news, CFO Jonathan S. Halkyard purchased 10,000 shares of the business’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $32.17 per share, with a total value of $321,700.00. Following the completion of the acquisition, the chief financial officer now owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.

MGM Resorts International Stock Up 5.4 %

MGM Resorts International stock opened at $31.78 on Monday. The stock has a market cap of $9.07 billion, a PE ratio of 13.24, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. MGM Resorts International has a one year low of $29.99 and a one year high of $48.24. The stock has a fifty day moving average of $34.09 and a 200 day moving average of $36.24.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. As a group, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MGM. Wells Fargo & Company lifted their price target on MGM Resorts International from $44.00 to $46.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Citigroup boosted their target price on MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Truist Financial dropped their target price on MGM Resorts International from $54.00 to $50.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. BTIG Research downgraded MGM Resorts International from a “buy” rating to a “neutral” rating in a report on Monday, February 3rd. Finally, Barclays reissued an “equal weight” rating on shares of MGM Resorts International in a report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.29.

MGM Resorts International Company 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.