Invesco Ltd. Raises Holdings in MGM Resorts International (NYSE:MGM)

Invesco Ltd. grew its holdings in MGM Resorts International (NYSE:MGM - Free Report) by 22.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,785,343 shares of the company's stock after buying an additional 1,063,707 shares during the period. Invesco Ltd. owned approximately 1.94% of MGM Resorts International worth $200,462,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Norges Bank purchased a new position in MGM Resorts International in the fourth quarter worth about $88,033,000. Davis Selected Advisers boosted its holdings in shares of MGM Resorts International by 4.6% in the 4th quarter. Davis Selected Advisers now owns 19,920,713 shares of the company's stock worth $690,253,000 after purchasing an additional 882,417 shares during the period. Raymond James Financial Inc. bought a new position in shares of MGM Resorts International during the 4th quarter valued at approximately $20,053,000. Amundi raised its holdings in MGM Resorts International by 207.5% during the 4th quarter. Amundi now owns 836,144 shares of the company's stock valued at $27,334,000 after buying an additional 564,202 shares during the period. Finally, KBC Group NV raised its holdings in MGM Resorts International by 3,041.1% during the 4th quarter. KBC Group NV now owns 388,047 shares of the company's stock valued at $13,446,000 after buying an additional 375,693 shares during the period. 68.11% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at MGM Resorts International

In other news, CAO Todd Meinert sold 6,000 shares of MGM Resorts International 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 directly owns 18,301 shares of the company's stock, valued at $692,509.84. The trade was a 24.69 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were purchased 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 of the company's stock, valued at $2,433,596.16. This represents 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.

Remove Ads

MGM Resorts International Stock Performance

Shares of MGM stock traded up $0.09 during trading hours on Tuesday, hitting $29.71. The company's stock had a trading volume of 5,791,255 shares, compared to its average volume of 4,589,568. The stock has a market cap of $8.41 billion, a PE ratio of 12.38, a price-to-earnings-growth ratio of 0.98 and a beta of 1.96. MGM Resorts International has a 12-month low of $25.30 and a 12-month high of $47.26. The company has a 50 day moving average of $32.46 and a 200 day moving average of $35.12. The company has a current ratio of 1.30, a quick ratio of 1.26 and a debt-to-equity ratio of 1.73.

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share for the quarter, topping the consensus estimate 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, sell-side analysts forecast that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MGM has been the topic of several recent analyst reports. Stifel Nicolaus increased their target price on shares of MGM Resorts International from $47.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Needham & Company LLC reissued a "buy" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Susquehanna Bancshares boosted their target price on MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Morgan Stanley increased their price target on MGM Resorts International from $39.00 to $41.00 and gave the stock an "equal weight" rating in a report on Monday, February 24th. Finally, Mizuho increased their target price on MGM Resorts International from $56.00 to $60.00 and gave the stock an "outperform" rating in a research note on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $51.29.

MGM Resorts International Profile

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.