Prudential Financial Inc. Cuts Stock Holdings in MGM Resorts International (NYSE:MGM)

Prudential Financial Inc. decreased its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 11.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 548,129 shares of the company's stock after selling 68,278 shares during the period. Prudential Financial Inc. owned approximately 0.18% of MGM Resorts International worth $18,993,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Quest Partners LLC acquired a new stake in shares of MGM Resorts International in the 3rd quarter worth about $76,000. Larson Financial Group LLC raised its stake in shares of MGM Resorts International by 969.0% in the third quarter. Larson Financial Group LLC now owns 2,758 shares of the company's stock worth $108,000 after purchasing an additional 2,500 shares during the last quarter. Centaurus Financial Inc. raised its stake in shares of MGM Resorts International by 50.3% in the third quarter. Centaurus Financial Inc. now owns 3,733 shares of the company's stock worth $146,000 after purchasing an additional 1,250 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of MGM Resorts International by 1.6% during the third quarter. Daiwa Securities Group Inc. now owns 28,466 shares of the company's stock valued at $1,113,000 after buying an additional 459 shares during the last quarter. Finally, Private Trust Co. NA grew its holdings in MGM Resorts International by 29.5% during the third quarter. Private Trust Co. NA now owns 3,105 shares of the company's stock worth $121,000 after buying an additional 708 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

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Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MGM. Citigroup raised their price objective on MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Mizuho raised their price target on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an "outperform" rating in a research report on Thursday, February 13th. Macquarie reaffirmed an "outperform" rating and issued a $50.00 price objective on shares of MGM Resorts International in a research report on Thursday, February 13th. Leerink Partners cut shares of MGM Resorts International to a "market perform" rating in a research report on Thursday, February 13th. Finally, Stifel Nicolaus boosted their target price on MGM Resorts International from $47.00 to $50.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, MGM Resorts International has a consensus rating of "Moderate Buy" and an average price target of $51.29.

Insider Activity

In related news, CAO Todd Meinert sold 6,000 shares of the business'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 of the company's stock, valued at approximately $692,509.84. The trade was a 24.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Jonathan S. Halkyard bought 10,000 shares of the firm's 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 acquisition, the chief financial officer now directly owns 75,648 shares in the company, valued at $2,433,596.16. This trade 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.

MGM Resorts International Stock Performance

Shares of MGM traded down $0.69 during trading hours on Monday, hitting $29.67. The company's stock had a trading volume of 7,019,508 shares, compared to its average volume of 4,359,736. The business has a 50 day simple moving average of $33.84 and a two-hundred day simple moving average of $35.90. MGM Resorts International has a 52-week low of $28.63 and a 52-week high of $48.25. 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 has a market cap of $8.47 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 0.98 and a beta of 2.18.

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, beating analysts' consensus estimates of $0.37 by $0.08. MGM Resorts International had a net margin of 4.33% and a return on equity of 21.08%. On average, equities analysts expect that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

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.