Zurcher Kantonalbank Zurich Cantonalbank Raises Stake in MGM Resorts International (NYSE:MGM)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of MGM Resorts International (NYSE:MGM) by 2.6% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 54,581 shares of the company’s stock after purchasing an additional 1,381 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in MGM Resorts International were worth $1,891,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. MidAtlantic Capital Management Inc. purchased a new stake in MGM Resorts International during the 3rd quarter worth about $28,000. Assetmark Inc. lifted its holdings in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company’s stock worth $28,000 after purchasing an additional 411 shares in the last quarter. Global Trust Asset Management LLC purchased a new stake in MGM Resorts International during the 4th quarter worth about $28,000. Brooklyn Investment Group purchased a new stake in MGM Resorts International during the 3rd quarter worth about $44,000. Finally, Global Retirement Partners LLC lifted its holdings in MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after purchasing an additional 404 shares in the last quarter. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analyst Ratings Changes

MGM has been the topic of a number of research analyst reports. Barclays restated an “equal weight” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Citigroup upped their target price on MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Mizuho upped their target price on MGM Resorts International from $56.00 to $60.00 and gave the stock an “outperform” rating in a research note on Thursday, February 13th. Wedbush restated an “outperform” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Susquehanna Bancshares upped their target price on MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.29.

MGM Resorts International Trading Up 2.1 %

Shares of MGM stock opened at $32.43 on Tuesday. The stock has a market capitalization of $9.26 billion, a PE ratio of 13.51, a P/E/G ratio of 0.98 and a beta of 2.18. MGM Resorts International has a 1-year low of $29.99 and a 1-year high of $48.25. The business has a 50-day moving average of $34.06 and a 200 day moving average of $36.21. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate 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 anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Insiders Place Their Bets

In other MGM Resorts International news, CAO Todd Meinert sold 6,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total value of $227,040.00. Following the completion of the sale, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Jonathan S. Halkyard acquired 10,000 shares of the company’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 acquisition, the chief financial officer now owns 75,648 shares in the company, valued at approximately $2,433,596.16. This trade represents a 15.23 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 2.13% of the company’s stock.

About MGM Resorts International

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.