Central Pacific Bank Trust Division Makes New $143,000 Investment in MGM Resorts International (NYSE:MGM)

Central Pacific Bank Trust Division purchased a new position in MGM Resorts International (NYSE:MGMFree Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 3,000 shares of the company’s stock, valued at approximately $143,000.

A number of other large investors have also added to or reduced their stakes in the company. Royal London Asset Management Ltd. boosted its stake in shares of MGM Resorts International by 1.3% during the 3rd quarter. Royal London Asset Management Ltd. now owns 110,057 shares of the company’s stock valued at $4,047,000 after purchasing an additional 1,363 shares in the last quarter. OLD National Bancorp IN bought a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $217,000. Comerica Bank boosted its stake in shares of MGM Resorts International by 130,138.6% during the 3rd quarter. Comerica Bank now owns 148,472 shares of the company’s stock valued at $5,458,000 after purchasing an additional 148,358 shares in the last quarter. Invst LLC boosted its stake in shares of MGM Resorts International by 3.4% during the 3rd quarter. Invst LLC now owns 18,211 shares of the company’s stock valued at $669,000 after purchasing an additional 602 shares in the last quarter. Finally, Neo Ivy Capital Management bought a new stake in shares of MGM Resorts International during the 3rd quarter valued at about $149,000. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Stock Performance

Shares of MGM traded down $0.20 during mid-day trading on Wednesday, hitting $43.54. 159,102 shares of the company traded hands, compared to its average volume of 3,753,979. The company has a debt-to-equity ratio of 1.56, a quick ratio of 1.46 and a current ratio of 1.51. The stock has a 50-day moving average price of $41.07 and a two-hundred day moving average price of $42.84. MGM Resorts International has a 1 year low of $34.12 and a 1 year high of $51.35. The stock has a market cap of $13.66 billion, a price-to-earnings ratio of 16.82, a P/E/G ratio of 0.90 and a beta of 2.24.

MGM Resorts International (NYSE:MGMGet Free Report) last released its quarterly earnings data on Wednesday, May 1st. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The firm had revenue of $4.38 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the company earned $0.44 earnings per share. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. Equities analysts anticipate that MGM Resorts International will post 3.02 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MGM. Barclays lifted their target price on shares of MGM Resorts International from $55.00 to $56.00 and gave the company an “overweight” rating in a research note on Thursday, May 2nd. StockNews.com lowered shares of MGM Resorts International from a “buy” rating to a “hold” rating in a research note on Friday, May 10th. Mizuho boosted their price objective on shares of MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. JMP Securities boosted their price objective on shares of MGM Resorts International from $57.00 to $58.00 and gave the stock a “market outperform” rating in a research note on Monday, May 6th. Finally, Morgan Stanley boosted their price objective on shares of MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 9th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $54.66.

Get Our Latest Stock Analysis on MGM

Insider Activity

In other news, Director Alexis Herman sold 4,344 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Keith A. Meister sold 139,300 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.44, for a total transaction of $5,633,292.00. Following the completion of the sale, the director now directly owns 5,859,478 shares in the company, valued at $236,957,290.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Alexis Herman sold 4,344 shares of the business’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The disclosure for this sale can be found here. Insiders sold 147,988 shares of company stock valued at $5,991,759 over the last three months. Insiders own 2.83% of the company’s stock.

MGM Resorts International Company Profile

(Free Report)

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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Institutional Ownership by Quarter for MGM Resorts International (NYSE:MGM)

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