CIBC Asset Management Inc Sells 4,236 Shares of MGM Resorts International (NYSE:MGM)

CIBC Asset Management Inc reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 10.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 35,682 shares of the company’s stock after selling 4,236 shares during the period. CIBC Asset Management Inc’s holdings in MGM Resorts International were worth $1,586,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. International Assets Investment Management LLC grew its holdings in MGM Resorts International by 5,605.2% during the 4th quarter. International Assets Investment Management LLC now owns 44,101 shares of the company’s stock worth $1,970,000 after acquiring an additional 43,328 shares during the period. National Bank of Canada FI grew its stake in shares of MGM Resorts International by 6.6% in the 4th quarter. National Bank of Canada FI now owns 67,934 shares of the company’s stock valued at $3,090,000 after buying an additional 4,203 shares during the period. Private Advisor Group LLC grew its stake in shares of MGM Resorts International by 82.0% in the 4th quarter. Private Advisor Group LLC now owns 25,065 shares of the company’s stock valued at $1,120,000 after buying an additional 11,291 shares during the period. Apollon Wealth Management LLC acquired a new stake in shares of MGM Resorts International in the 4th quarter valued at about $492,000. Finally, Principal Securities Inc. acquired a new stake in shares of MGM Resorts International in the 4th quarter valued at about $388,000. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $35.01 on Friday. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The company’s 50 day moving average price is $40.41 and its two-hundred day moving average price is $41.64. The company has a quick ratio of 1.42, a current ratio of 1.47 and a debt-to-equity ratio of 1.65. The stock has a market cap of $10.98 billion, a P/E ratio of 13.47, a P/E/G ratio of 0.66 and a beta of 2.22.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, topping the consensus estimate of $0.66 by $0.20. MGM Resorts International had a net margin of 5.15% and a return on equity of 26.36%. The firm had revenue of $4.33 billion for the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter last year, the firm earned $0.59 EPS. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. On average, equities analysts predict that MGM Resorts International will post 2.75 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MGM. Wells Fargo & Company reduced their target price on MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Thursday, August 1st. JMP Securities reduced their target price on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a research note on Thursday, August 1st. Stifel Nicolaus raised their target price on MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. UBS Group upgraded MGM Resorts International to a “hold” rating in a research note on Friday, August 23rd. Finally, Morgan Stanley cut their price target on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating for the company in a research note on Wednesday. Four analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, MGM Resorts International presently has a consensus rating of “Moderate Buy” and a consensus target price of $53.93.

Insider Buying and Selling

In related news, CEO William Hornbuckle purchased 58,900 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the acquisition, the chief executive officer now owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO William Hornbuckle purchased 58,900 shares of the stock in a transaction that occurred on Monday, August 5th. The shares were bought at an average price of $33.73 per share, with a total value of $1,986,697.00. Following the acquisition, the chief executive officer now owns 377,112 shares of the company’s stock, valued at approximately $12,719,987.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Jonathan S. Halkyard purchased 10,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $34.00 per share, for a total transaction of $340,000.00. Following the acquisition, the chief financial officer now directly owns 38,299 shares in the company, valued at approximately $1,302,166. The disclosure for this purchase can be found here. In the last quarter, insiders have purchased 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is owned by company 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.