Alliancebernstein L.P. Decreases Stock Position in MGM Resorts International (NYSE:MGM)

Alliancebernstein L.P. reduced its stake in MGM Resorts International (NYSE:MGM - Free Report) by 6.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 248,734 shares of the company's stock after selling 15,766 shares during the quarter. Alliancebernstein L.P. owned about 0.08% of MGM Resorts International worth $8,619,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Ballentine Partners LLC increased its holdings in shares of MGM Resorts International by 5.4% during the fourth quarter. Ballentine Partners LLC now owns 6,553 shares of the company's stock valued at $227,000 after acquiring an additional 333 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in MGM Resorts International by 1.7% during the 4th quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company's stock valued at $684,000 after purchasing an additional 333 shares in the last quarter. Global Retirement Partners LLC raised its holdings in 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 buying an additional 404 shares during the last quarter. Assetmark Inc. lifted its stake in shares of MGM Resorts International by 104.1% in the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after buying an additional 411 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its holdings in shares of MGM Resorts International by 0.3% during the fourth quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company's stock valued at $5,073,000 after buying an additional 469 shares during the last quarter. Hedge funds and other institutional investors own 68.11% of the company's stock.

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MGM Resorts International Price Performance

Shares of MGM traded up $0.27 during trading hours on Tuesday, reaching $29.89. 3,051,339 shares of the stock traded hands, compared to its average volume of 4,579,334. The company has a market cap of $8.46 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73. The company's 50-day moving average price is $32.55 and its two-hundred day moving average price is $35.16. MGM Resorts International has a 52-week low of $25.30 and a 52-week high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping 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, analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Activity

In other news, CFO Jonathan S. Halkyard purchased 10,000 shares of the business's stock in a transaction 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 acquisition, the chief financial officer now directly owns 75,648 shares of the company's stock, valued at $2,433,596.16. This represents a 15.23 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. This trade 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 recently issued reports on MGM shares. Wells Fargo & Company upped their price objective on MGM Resorts International from $44.00 to $46.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Stifel Nicolaus increased their price objective on MGM Resorts International from $47.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Jefferies Financial Group reduced their price objective on MGM Resorts International from $52.00 to $50.00 and set a "buy" rating for the company in a report on Friday, January 3rd. Macquarie reaffirmed an "outperform" rating and set a $50.00 price target on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Leerink Partners cut shares of MGM Resorts International to a "market perform" rating in a report on Thursday, February 13th. Six analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $51.29.

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.