Bank of Nova Scotia Has $1.34 Million Stake in MGM Resorts International (NYSE:MGM)

Bank of Nova Scotia lifted its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 186.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 38,770 shares of the company's stock after purchasing an additional 25,238 shares during the quarter. Bank of Nova Scotia's holdings in MGM Resorts International were worth $1,343,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of MGM. Ballentine Partners LLC raised its position in MGM Resorts International by 5.4% in the fourth quarter. Ballentine Partners LLC now owns 6,553 shares of the company's stock worth $227,000 after acquiring an additional 333 shares during the period. Bay Colony Advisory Group Inc d b a Bay Colony Advisors raised its stake in MGM Resorts International by 1.7% during the fourth 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 increased its stake in MGM Resorts International by 47.8% during 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 last quarter. Assetmark Inc. boosted its stake in MGM Resorts International by 104.1% during the fourth quarter. Assetmark Inc. now owns 806 shares of the company's stock worth $28,000 after buying an additional 411 shares during the period. Finally, Commonwealth Equity Services LLC boosted its stake in shares of MGM Resorts International by 0.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 146,417 shares of the company's stock worth $5,073,000 after purchasing an additional 469 shares during the period. Institutional investors own 68.11% of the company's stock.

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Insiders Place Their Bets

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was bought at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This represents a 15.23 % increase in their position. The purchase was disclosed in a 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 that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total transaction of $227,040.00. Following the completion of the transaction, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. This represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. 2.13% of the stock is currently owned by corporate insiders.

MGM Resorts International Trading Up 0.3 %

MGM traded up $0.09 during trading on Tuesday, hitting $29.71. 5,791,255 shares of the company's stock were exchanged, compared to its average volume of 4,592,033. 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 firm has a market cap of $8.41 billion, a P/E ratio of 12.38, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. The stock has a 50 day moving average price of $32.46 and a 200 day moving average price of $35.12. MGM Resorts International has a 1 year low of $25.30 and a 1 year high of $47.26.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) 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%. As a group, analysts expect that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MGM shares. JMP Securities reaffirmed a "market outperform" rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Argus raised 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. Wells Fargo & Company lifted their price target on MGM Resorts International from $44.00 to $46.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Needham & Company LLC reaffirmed a "buy" rating on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Morgan Stanley boosted their target price on shares of MGM Resorts International from $39.00 to $41.00 and gave the company an "equal weight" rating in a research note on Monday, February 24th. Six equities research 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 stock currently has an average rating of "Moderate Buy" and an average 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.