MGM Resorts International (NYSE:MGM) Shares Sold by Provident Investment Management Inc.

Provident Investment Management Inc. decreased its position in MGM Resorts International (NYSE:MGM - Free Report) by 42.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 434,172 shares of the company's stock after selling 322,929 shares during the quarter. MGM Resorts International makes up 1.4% of Provident Investment Management Inc.'s portfolio, making the stock its 21st biggest position. Provident Investment Management Inc. owned approximately 0.15% of MGM Resorts International worth $15,044,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Assetmark Inc. boosted its holdings in 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 acquiring an additional 411 shares in the last quarter. Global Trust Asset Management LLC purchased a new stake in MGM Resorts International during the 4th quarter valued at about $28,000. Global Retirement Partners LLC increased its stake in MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock valued at $43,000 after purchasing an additional 404 shares in the last quarter. Modus Advisors LLC purchased a new position in MGM Resorts International in the fourth quarter worth about $46,000. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of MGM Resorts International in the third quarter worth approximately $55,000. Hedge funds and other institutional investors own 68.11% of the company's stock.

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MGM Resorts International Stock Performance

NYSE:MGM traded up $0.37 during trading hours on Wednesday, hitting $26.16. 1,751,486 shares of the company were exchanged, compared to its average volume of 4,519,186. The stock has a market capitalization of $7.40 billion, a price-to-earnings ratio of 10.85, a PEG ratio of 0.98 and a beta of 1.96. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The company's 50 day moving average price is $33.04 and its 200-day moving average price is $35.45. MGM Resorts International has a 52-week low of $25.10 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 EPS 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%. As a group, research analysts forecast that MGM Resorts International will post 2.21 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In related news, CFO Jonathan S. Halkyard bought 10,000 shares of the company'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 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 value of $227,040.00. Following the completion of the transaction, the chief accounting officer now owns 18,301 shares in the company, 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. 2.83% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on MGM shares. Wells Fargo & Company increased their target price on MGM Resorts International from $44.00 to $46.00 and gave the company an "overweight" rating in a research note on Thursday, February 13th. Macquarie reissued an "outperform" rating and issued a $50.00 target price on shares of MGM Resorts International in a research report on Thursday, February 13th. Argus raised shares of MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a report on Friday, February 14th. Needham & Company LLC restated a "buy" rating on shares of MGM Resorts International in a research 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 assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $51.29.

MGM Resorts International Company 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.