Victory Capital Management Inc. Decreases Stake in MGM Resorts International (NYSE:MGM)

Victory Capital Management Inc. lessened its position in shares of MGM Resorts International (NYSE:MGM) by 30.6% in the fourth quarter, Holdings Channel reports. The fund owned 79,419 shares of the company’s stock after selling 34,966 shares during the quarter. Victory Capital Management Inc.’s holdings in MGM Resorts International were worth $2,752,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of the company. MidAtlantic Capital Management Inc. purchased a new stake in MGM Resorts International in the third quarter worth about $28,000. Global Trust Asset Management LLC bought a new position in shares of MGM Resorts International in the fourth quarter worth about $28,000. Global Retirement Partners LLC boosted its stake in shares of MGM Resorts International by 47.8% in the fourth quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock worth $43,000 after acquiring an additional 404 shares during the period. Brooklyn Investment Group bought a new position in shares of MGM Resorts International in the third quarter worth about $44,000. Finally, Modus Advisors LLC bought a new position in MGM Resorts International during the fourth quarter valued at approximately $46,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on MGM. Wells Fargo & Company increased their price target on MGM Resorts International from $44.00 to $46.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Jefferies Financial Group dropped their price target on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research note on Friday, January 3rd. BTIG Research lowered MGM Resorts International from a “buy” rating to a “neutral” rating in a research note on Monday, February 3rd. Macquarie reissued an “outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Citigroup raised their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of “Moderate Buy” and an average price target of $51.29.

Insiders Place Their Bets

In other news, CFO Jonathan S. Halkyard acquired 10,000 shares of MGM Resorts International stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the acquisition, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. This trade represents a 15.23 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction 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 transaction, the chief accounting officer now owns 18,301 shares in the company, valued at $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by company insiders.

MGM Resorts International Trading Up 5.4 %

Shares of NYSE MGM opened at $31.78 on Monday. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. The business’s 50 day moving average price is $34.09 and its 200-day moving average price is $36.24. MGM Resorts International has a fifty-two week low of $29.99 and a fifty-two week high of $48.24. The company has a market cap of $9.07 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping 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%. On average, sell-side analysts expect that MGM Resorts International will post 2.21 earnings per share for the current year.

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.