KBC Group NV decreased its stake in MGM Resorts International (NYSE:MGM – Free Report) by 94.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,214 shares of the company’s stock after selling 367,833 shares during the period. KBC Group NV’s holdings in MGM Resorts International were worth $599,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the business. Jones Financial Companies Lllp increased its stake in MGM Resorts International by 56.4% in the fourth quarter. Jones Financial Companies Lllp now owns 14,616 shares of the company’s stock valued at $506,000 after purchasing an additional 5,272 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in MGM Resorts International in the 4th quarter worth about $57,000. Charles Schwab Investment Management Inc. grew its position in MGM Resorts International by 1.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,283,110 shares of the company’s stock worth $79,110,000 after purchasing an additional 38,749 shares in the last quarter. Assetmark Inc. boosted its stake in MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company’s stock valued at $28,000 after acquiring an additional 411 shares during the last quarter. Finally, Atria Investments Inc boosted its stake in MGM Resorts International by 7.2% in the fourth quarter. Atria Investments Inc now owns 39,909 shares of the company’s stock valued at $1,383,000 after acquiring an additional 2,671 shares during the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on MGM. Stifel Nicolaus dropped their price target on shares of MGM Resorts International from $50.00 to $44.00 and set a “buy” rating on the stock in a research note on Thursday, May 1st. Citizens Jmp lowered shares of MGM Resorts International from an “outperform” rating to a “market perform” rating in a report on Thursday, June 26th. JMP Securities reaffirmed a “market perform” rating on shares of MGM Resorts International in a report on Thursday, June 26th. Susquehanna increased their price target on shares of MGM Resorts International from $45.00 to $50.00 and gave the company a “positive” rating in a research report on Thursday, May 1st. Finally, Wall Street Zen raised shares of MGM Resorts International from a “sell” rating to a “hold” rating in a research report on Thursday, May 22nd. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $48.06.
Insider Transactions at MGM Resorts International
In related news, Director Keith A. Meister sold 60,000 shares of the business’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $32.09, for a total value of $1,925,400.00. Following the sale, the director directly owned 5,627,478 shares in the company, valued at approximately $180,585,769.02. The trade was a 1.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Corey Ian Sanders sold 40,000 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $34.43, for a total transaction of $1,377,200.00. Following the completion of the sale, the chief operating officer owned 281,530 shares in the company, valued at approximately $9,693,077.90. This trade represents a 12.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 105,261 shares of company stock worth $3,486,367 in the last quarter. Company insiders own 3.06% of the company’s stock.
MGM Resorts International Price Performance
Shares of NYSE MGM opened at $37.45 on Friday. The firm’s 50 day simple moving average is $33.11 and its 200-day simple moving average is $32.87. MGM Resorts International has a 12 month low of $25.30 and a 12 month high of $47.26. The stock has a market capitalization of $10.19 billion, a price-to-earnings ratio of 16.72, a PEG ratio of 2.59 and a beta of 1.76. The company has a debt-to-equity ratio of 1.79, a current ratio of 1.31 and a quick ratio of 1.26.
MGM Resorts International (NYSE:MGM – Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.19. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.29 billion. MGM Resorts International had a net margin of 3.95% and a return on equity of 20.64%. The firm’s revenue for the quarter was down 2.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.74 EPS. Analysts expect that MGM Resorts International will post 2.21 EPS for the current year.
MGM Resorts International announced that its board has authorized a stock repurchase program on Wednesday, April 30th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to reacquire up to 22.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
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.
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