The Manufacturers Life Insurance Company Has $7.06 Million Stake in MGM Resorts International (NYSE:MGM)

The Manufacturers Life Insurance Company grew its stake in MGM Resorts International (NYSE:MGM - Free Report) by 18.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 180,470 shares of the company's stock after buying an additional 28,568 shares during the quarter. The Manufacturers Life Insurance Company owned 0.06% of MGM Resorts International worth $7,055,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Cetera Investment Advisers lifted its position in shares of MGM Resorts International by 78.5% in the first quarter. Cetera Investment Advisers now owns 64,323 shares of the company's stock worth $3,037,000 after purchasing an additional 28,288 shares in the last quarter. Cetera Advisors LLC lifted its position in shares of MGM Resorts International by 211.3% in the first quarter. Cetera Advisors LLC now owns 31,679 shares of the company's stock worth $1,496,000 after purchasing an additional 21,503 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of MGM Resorts International by 60.7% in the first quarter. EverSource Wealth Advisors LLC now owns 871 shares of the company's stock worth $41,000 after purchasing an additional 329 shares in the last quarter. DNB Asset Management AS lifted its position in shares of MGM Resorts International by 8.5% in the second quarter. DNB Asset Management AS now owns 42,723 shares of the company's stock worth $1,899,000 after purchasing an additional 3,334 shares in the last quarter. Finally, Keystone Wealth Services LLC bought a new stake in shares of MGM Resorts International in the second quarter worth $291,000. Institutional investors and hedge funds own 68.11% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the stock. Truist Financial cut their price objective on shares of MGM Resorts International from $58.00 to $56.00 and set a "buy" rating on the stock in a research report on Wednesday, October 23rd. UBS Group raised shares of MGM Resorts International to a "hold" rating in a research report on Friday, August 23rd. JMP Securities dropped their price target on shares of MGM Resorts International from $54.00 to $50.00 and set a "market outperform" rating on the stock in a research report on Monday, November 25th. Wells Fargo & Company dropped their price target on shares of MGM Resorts International from $53.00 to $47.00 and set an "overweight" rating on the stock in a research report on Thursday, October 17th. Finally, Barclays dropped their price target on shares of MGM Resorts International from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, October 31st. Four analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $52.85.

MGM Resorts International Stock Performance

Shares of MGM traded down $0.68 during trading hours on Thursday, hitting $36.84. The company had a trading volume of 3,381,651 shares, compared to its average volume of 4,066,493. The firm has a market cap of $10.97 billion, a price-to-earnings ratio of 13.40, a PEG ratio of 2.68 and a beta of 2.20. The business has a fifty day moving average of $38.74 and a 200-day moving average of $39.53. MGM Resorts International has a 12 month low of $33.44 and a 12 month high of $48.24. The company has a quick ratio of 1.21, a current ratio of 1.24 and a debt-to-equity ratio of 1.63.

MGM Resorts International (NYSE:MGM - Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.54 EPS for the quarter, missing the consensus estimate of $0.58 by ($0.04). MGM Resorts International had a net margin of 5.23% and a return on equity of 25.84%. The business had revenue of $4.18 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same quarter last year, the company posted $0.64 earnings per share. The company's revenue was up 5.3% on a year-over-year basis. Equities analysts anticipate that MGM Resorts International will post 2.5 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

In related news, Director Keith A. Meister sold 121,000 shares of the company's stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now directly owns 5,738,478 shares in the company, valued at approximately $210,716,912.16. This represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.13% of the stock is currently owned by corporate insiders.

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.