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

Vanguard Group Inc. trimmed its position in shares of MGM Resorts International (NYSE:MGM) by 2.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,476,791 shares of the company’s stock after selling 801,486 shares during the quarter. Vanguard Group Inc. owned 9.53% of MGM Resorts International worth $1,361,703,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Capital World Investors grew its stake in MGM Resorts International by 17.7% during the 4th quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock worth $292,713,000 after purchasing an additional 984,617 shares in the last quarter. Boston Partners lifted its position in shares of MGM Resorts International by 36.3% during the 4th quarter. Boston Partners now owns 5,427,254 shares of the company’s stock worth $242,002,000 after purchasing an additional 1,446,362 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of MGM Resorts International by 5.2% during the fourth quarter. Fisher Asset Management LLC now owns 4,357,344 shares of the company’s stock worth $194,686,000 after purchasing an additional 213,528 shares in the last quarter. Invesco Ltd. increased its holdings in MGM Resorts International by 14.6% in the third quarter. Invesco Ltd. now owns 3,940,156 shares of the company’s stock valued at $144,840,000 after buying an additional 500,566 shares during the last quarter. Finally, Norges Bank acquired a new stake in MGM Resorts International in the fourth quarter valued at $139,599,000. 68.11% of the stock is owned by institutional investors and hedge funds.

MGM Resorts International Trading Up 0.3 %

Shares of MGM stock opened at $40.53 on Thursday. MGM Resorts International has a fifty-two week low of $34.12 and a fifty-two week high of $51.35. The company has a quick ratio of 1.46, a current ratio of 1.51 and a debt-to-equity ratio of 1.56. The business has a fifty day simple moving average of $40.89 and a 200-day simple moving average of $42.81. The stock has a market cap of $12.71 billion, a P/E ratio of 15.59, a P/E/G ratio of 0.88 and a beta of 2.24.

MGM Resorts International (NYSE:MGM) last issued its quarterly earnings results on Wednesday, May 1st. The company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.18. MGM Resorts International had a net margin of 5.35% and a return on equity of 23.62%. The business had revenue of $4.38 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the firm posted $0.44 earnings per share. The company’s quarterly revenue was up 13.2% compared to the same quarter last year. On average, analysts forecast that MGM Resorts International will post 2.9 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MGM. Mizuho boosted their target price on MGM Resorts International from $61.00 to $62.00 and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Susquehanna raised MGM Resorts International from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $46.00 to $54.00 in a report on Thursday, May 2nd. StockNews.com downgraded MGM Resorts International from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Morgan Stanley lifted their price target on MGM Resorts International from $45.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Finally, JMP Securities boosted their price objective on MGM Resorts International from $57.00 to $58.00 and gave the company a “market outperform” rating in a research note on Monday, May 6th. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and an average target price of $54.83.

Insider Transactions at MGM Resorts International

In related news, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $41.50, for a total transaction of $180,276.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Keith A. Meister sold 139,300 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.44, for a total value of $5,633,292.00. Following the completion of the sale, the director now directly owns 5,859,478 shares in the company, valued at approximately $236,957,290.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Alexis Herman sold 4,344 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $41.50, for a total value of $180,276.00. The disclosure for this sale can be found here. Insiders have sold a total of 147,988 shares of company stock worth $5,991,759 in the last three months. Company insiders own 2.83% of the company’s stock.

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.