CIBC Private Wealth Group LLC Sells 846 Shares of MGM Resorts International (NYSE:MGM)

CIBC Private Wealth Group LLC decreased its stake in MGM Resorts International (NYSE:MGM) by 9.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,226 shares of the company’s stock after selling 846 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in MGM Resorts International were worth $269,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. FMR LLC lifted its holdings in MGM Resorts International by 5.0% during the third quarter. FMR LLC now owns 1,681,699 shares of the company’s stock valued at $65,738,000 after purchasing an additional 79,486 shares in the last quarter. Townsquare Capital LLC bought a new stake in shares of MGM Resorts International during the 3rd quarter valued at $259,000. Investment Management Corp of Ontario lifted its stake in shares of MGM Resorts International by 47.4% during the 3rd quarter. Investment Management Corp of Ontario now owns 7,777 shares of the company’s stock valued at $304,000 after buying an additional 2,500 shares in the last quarter. Integrated Wealth Concepts LLC lifted its stake in shares of MGM Resorts International by 3.7% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 34,797 shares of the company’s stock valued at $1,360,000 after buying an additional 1,236 shares in the last quarter. Finally, IHT Wealth Management LLC boosted its holdings in MGM Resorts International by 124.5% in the 3rd quarter. IHT Wealth Management LLC now owns 17,244 shares of the company’s stock worth $671,000 after buying an additional 9,563 shares during the period. Institutional investors own 68.11% of the company’s stock.

Insider Transactions at MGM Resorts International

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 company’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 completion of the sale, the chief accounting officer now owns 18,301 shares of the company’s stock, valued at $692,509.84. This represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Barclays restated an “equal weight” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Citigroup boosted their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Susquehanna Bancshares raised their target price on shares of MGM Resorts International from $53.00 to $56.00 in a research note on Wednesday, February 12th. Wells Fargo & Company boosted their price target on shares of MGM Resorts International from $44.00 to $46.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Argus raised shares of MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Friday, February 14th. Six analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.29.

MGM Resorts International Stock Down 3.7 %

Shares of NYSE:MGM opened at $26.86 on Friday. The firm has a market capitalization of $7.60 billion, a PE ratio of 11.19, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The business has a 50 day simple moving average of $33.50 and a two-hundred day simple moving average of $35.69. MGM Resorts International has a 1 year low of $25.61 and a 1 year high of $47.26. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26.

MGM Resorts International (NYSE:MGM) last posted 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 return on equity of 21.08% and a net margin of 4.33%. On average, equities analysts predict that MGM Resorts International will post 2.21 EPS 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.