Resona Asset Management Co. Ltd. Buys New Shares in MGM Resorts International (NYSE:MGM)

Resona Asset Management Co. Ltd. bought a new stake in MGM Resorts International (NYSE:MGM - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 68,142 shares of the company's stock, valued at approximately $2,362,000.

A number of other large investors have also added to or reduced their stakes in the company. Ballentine Partners LLC boosted its position in MGM Resorts International by 5.4% in the 4th quarter. Ballentine Partners LLC now owns 6,553 shares of the company's stock valued at $227,000 after buying an additional 333 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors lifted its stake in shares of MGM Resorts International by 1.7% in the fourth quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 19,749 shares of the company's stock worth $684,000 after acquiring an additional 333 shares in the last quarter. Global Retirement Partners LLC boosted its holdings in MGM Resorts International by 47.8% in the fourth 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 during the last quarter. Assetmark Inc. grew its stake in MGM Resorts International by 104.1% during the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after purchasing an additional 411 shares in the last quarter. Finally, Commonwealth Equity Services LLC increased its holdings in 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 last quarter. 68.11% of the stock is owned by institutional investors and hedge funds.

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MGM Resorts International Stock Performance

Shares of NYSE:MGM traded up $0.08 during trading hours on Tuesday, hitting $29.70. The stock had a trading volume of 1,284,031 shares, compared to its average volume of 4,572,055. The stock's fifty day simple moving average is $32.55 and its 200 day simple moving average is $35.16. The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of 12.38, a PEG ratio of 0.98 and a beta of 1.96. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.26 and a current ratio of 1.30. 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 posted its earnings results on Wednesday, February 12th. The company reported $0.45 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 anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Activity at MGM Resorts International

In other news, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction dated Thursday, March 6th. The shares were bought at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the transaction, the chief financial officer now owns 75,648 shares in the company, valued at $2,433,596.16. This trade represents a 15.23 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the company's stock in a transaction 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 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. Company insiders own 2.13% of the company's stock.

Wall Street Analysts Forecast Growth

MGM has been the subject of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of MGM Resorts International from $47.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Susquehanna Bancshares boosted their target price on shares of MGM Resorts International from $53.00 to $56.00 in a research report on Wednesday, February 12th. Needham & Company LLC restated a "buy" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. 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 note on Thursday, February 13th. Finally, Capital One Financial upped 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. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, MGM Resorts International presently has an average rating of "Moderate Buy" and a consensus target price 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.