Vanguard Group Inc. Decreases Stock Position in MGM Resorts International (NYSE:MGM)

Vanguard Group Inc. trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 4.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 26,073,527 shares of the company’s stock after selling 1,120,252 shares during the quarter. Vanguard Group Inc. owned 0.09% of MGM Resorts International worth $903,448,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. HG Vora Capital Management LLC purchased a new stake in shares of MGM Resorts International during the third quarter valued at $97,725,000. Goldentree Asset Management LP boosted its holdings in shares of MGM Resorts International by 86.4% during the 3rd quarter. Goldentree Asset Management LP now owns 3,000,000 shares of the company’s stock valued at $117,270,000 after acquiring an additional 1,390,599 shares during the last quarter. Davis Selected Advisers grew its stake in shares of MGM Resorts International by 4.6% in the fourth quarter. Davis Selected Advisers now owns 19,920,713 shares of the company’s stock worth $690,253,000 after acquiring an additional 882,417 shares during the period. Raymond James Financial Inc. purchased a new position in shares of MGM Resorts International during the fourth quarter valued at approximately $20,053,000. Finally, Amundi lifted its position in MGM Resorts International by 207.5% during the fourth quarter. Amundi now owns 836,144 shares of the company’s stock valued at $27,334,000 after purchasing an additional 564,202 shares during the period. Institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In other news, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of MGM Resorts International stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $32.17 per share, for a total transaction of $321,700.00. Following the transaction, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at $2,433,596.16. The trade was a 15.23 % increase in their position. The disclosure for this purchase can be found here. 2.13% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Mizuho boosted their target price on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. Argus upgraded MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Friday, February 14th. Jefferies Financial Group dropped their target price on MGM Resorts International from $52.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, January 3rd. JMP Securities reaffirmed a “market outperform” rating and set a $50.00 price target on shares of MGM Resorts International in a research report on Thursday, February 13th. Finally, Canaccord Genuity Group reiterated a “buy” rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.29.

MGM Resorts International Stock Performance

NYSE MGM opened at $30.35 on Friday. The business has a 50-day moving average price of $33.90 and a 200-day moving average price of $35.93. The firm has a market cap of $8.67 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 0.98 and a beta of 2.18. MGM Resorts International has a twelve month low of $29.99 and a twelve month high of $48.25. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. As a group, equities research analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal 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.