Comerica Bank Acquires 24,078 Shares of MGM Resorts International $MGM

Comerica Bank raised its holdings in shares of MGM Resorts International (NYSE:MGM) by 59.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,737 shares of the company’s stock after purchasing an additional 24,078 shares during the quarter. Comerica Bank’s holdings in MGM Resorts International were worth $1,919,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Amalgamated Bank lifted its position in shares of MGM Resorts International by 0.8% during the first quarter. Amalgamated Bank now owns 43,933 shares of the company’s stock worth $1,302,000 after purchasing an additional 329 shares during the last quarter. State of Alaska Department of Revenue lifted its position in shares of MGM Resorts International by 1.6% during the first quarter. State of Alaska Department of Revenue now owns 26,210 shares of the company’s stock worth $776,000 after purchasing an additional 410 shares during the last quarter. Golden State Wealth Management LLC lifted its position in shares of MGM Resorts International by 83.5% during the first quarter. Golden State Wealth Management LLC now owns 1,000 shares of the company’s stock worth $30,000 after purchasing an additional 455 shares during the last quarter. Northeast Financial Consultants Inc lifted its position in shares of MGM Resorts International by 4.7% during the fourth quarter. Northeast Financial Consultants Inc now owns 11,250 shares of the company’s stock worth $390,000 after purchasing an additional 500 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of MGM Resorts International by 3.6% during the first quarter. Fifth Third Bancorp now owns 15,328 shares of the company’s stock worth $454,000 after purchasing an additional 535 shares during the last quarter. 68.11% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Keith A. Meister sold 60,000 shares of MGM Resorts International stock in a transaction that occurred on 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 transaction, the director owned 5,627,478 shares of the company’s stock, valued at $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. 3.06% of the stock is currently owned by insiders.

MGM Resorts International Stock Down 2.0%

Shares of MGM Resorts International stock opened at $38.90 on Wednesday. The firm’s 50 day moving average price is $36.99 and its 200-day moving average price is $33.78. The company has a quick ratio of 1.18, a current ratio of 1.22 and a debt-to-equity ratio of 1.67. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $42.53. The company has a market cap of $10.59 billion, a P/E ratio of 21.37, a PEG ratio of 1.87 and a beta of 1.69.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.21. MGM Resorts International had a net margin of 3.13% and a return on equity of 19.39%. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.28 billion. During the same quarter in the previous year, the firm earned $0.86 EPS. The company’s quarterly revenue was up 1.8% compared to the same quarter last year. On average, sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on MGM shares. JMP Securities restated a “market perform” rating on shares of MGM Resorts International in a report on Thursday, June 26th. Stifel Nicolaus lifted their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, July 31st. Barclays lifted their price objective on MGM Resorts International from $43.00 to $44.00 and gave the company an “overweight” rating in a report on Friday, July 18th. The Goldman Sachs Group started coverage on MGM Resorts International in a report on Monday, July 7th. They issued a “sell” rating and a $34.00 price objective for the company. Finally, Wall Street Zen upgraded MGM Resorts International from a “sell” rating to a “hold” rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.83.

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.