Vanguard Group Inc. Lowers Holdings in MGM Resorts International (NYSE:MGM)

Vanguard Group Inc. trimmed its holdings in shares of MGM Resorts International (NYSE:MGM - Free Report) by 4.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,073,527 shares of the company's stock after selling 1,120,252 shares during the quarter. Vanguard Group Inc. owned 8.76% of MGM Resorts International worth $903,448,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the business. Assetmark Inc. boosted its position in shares of MGM Resorts International by 104.1% in the 4th quarter. Assetmark Inc. now owns 806 shares of the company's stock valued at $28,000 after purchasing an additional 411 shares during the period. Global Trust Asset Management LLC bought a new position in MGM Resorts International in the 4th quarter worth $28,000. Brooklyn Investment Group bought a new position in shares of MGM Resorts International in the third quarter worth about $44,000. Global Retirement Partners LLC lifted its position in shares of MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company's stock worth $43,000 after purchasing an additional 404 shares during the last quarter. Finally, Modus Advisors LLC acquired a new stake in MGM Resorts International in the 4th quarter valued at approximately $46,000. Institutional investors and hedge funds own 68.11% of the company's stock.

MGM Resorts International Price Performance

Shares of NYSE MGM traded down $0.13 during midday trading on Tuesday, hitting $29.51. 3,565,664 shares of the company's stock were exchanged, compared to its average volume of 5,301,888. MGM Resorts International has a 12-month low of $28.63 and a 12-month high of $47.45. The business's fifty day moving average price is $33.84 and its two-hundred day moving average price is $35.90. The company has a market cap of $8.43 billion, a price-to-earnings ratio of 12.30, a PEG 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.

Remove Ads

MGM Resorts International (NYSE:MGM - Get Free Report) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 EPS for the current fiscal year.

Insider Transactions at MGM Resorts International

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on MGM. Stifel Nicolaus lifted their target price on MGM Resorts International from $47.00 to $50.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Citigroup increased their price objective on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a "buy" rating in a research note on Thursday, February 13th. Needham & Company LLC restated a "buy" rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Argus raised MGM Resorts International from a "hold" rating to a "buy" rating and set a $50.00 price target on the stock in a research note on Friday, February 14th. Finally, Barclays reaffirmed an "equal weight" rating on shares of MGM Resorts International in a research note on Thursday, February 13th. Six 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 has a consensus rating of "Moderate Buy" and a consensus price target 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.