Korea Investment CORP Has $5.03 Million Position in MGM Resorts International (NYSE:MGM)

Korea Investment CORP boosted its stake in shares of MGM Resorts International (NYSE:MGM - Free Report) by 964.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 145,287 shares of the company's stock after purchasing an additional 131,636 shares during the period. Korea Investment CORP's holdings in MGM Resorts International were worth $5,034,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Banco BTG Pactual S.A. purchased a new stake in shares of MGM Resorts International during the 4th quarter worth about $599,000. Signature Estate & Investment Advisors LLC acquired a new position in shares of MGM Resorts International during the fourth quarter worth about $275,000. American Century Companies Inc. boosted its position in shares of MGM Resorts International by 1.9% in the fourth quarter. American Century Companies Inc. now owns 38,941 shares of the company's stock worth $1,349,000 after buying an additional 708 shares during the period. Virtu Financial LLC raised its holdings in shares of MGM Resorts International by 5.0% during the 4th quarter. Virtu Financial LLC now owns 17,215 shares of the company's stock valued at $596,000 after buying an additional 814 shares during the period. Finally, Quantbot Technologies LP lifted its position in MGM Resorts International by 110.5% during the 4th quarter. Quantbot Technologies LP now owns 136,433 shares of the company's stock worth $4,727,000 after acquiring an additional 71,627 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research firms recently weighed in on MGM. Truist Financial lowered their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. BTIG Research downgraded MGM Resorts International from a "buy" rating to a "neutral" rating in a research note on Monday, February 3rd. Wedbush reiterated an "outperform" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Capital One Financial raised their price objective on MGM Resorts International from $52.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Finally, Citigroup upped their target price on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, MGM Resorts International currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.29.

MGM Resorts International Price Performance

NYSE:MGM traded up $0.86 during midday trading on Wednesday, hitting $30.80. 5,123,181 shares of the stock were exchanged, compared to its average volume of 4,381,868. The company has a market capitalization of $8.79 billion, a price-to-earnings ratio of 12.83, a P/E/G ratio of 0.98 and a beta of 2.18. 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 has a one year low of $28.63 and a one year high of $47.45. The business has a 50-day moving average price of $33.73 and a two-hundred day moving average price of $35.82.

MGM Resorts International (NYSE:MGM - Get Free Report) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating 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%. Sell-side analysts predict that MGM Resorts International will post 2.21 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Jonathan S. Halkyard bought 10,000 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $32.17 per share, with a total value of $321,700.00. Following the completion of the transaction, the chief financial officer now directly owns 75,648 shares in the company, valued at approximately $2,433,596.16. The trade was a 15.23 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 sale, the chief accounting officer now owns 18,301 shares of the company's stock, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 2.13% of the company's stock.

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.