Royal London Asset Management Ltd. Has $4.33 Million Stake in MGM Resorts International (NYSE:MGM)

Royal London Asset Management Ltd. decreased its position in MGM Resorts International (NYSE:MGM) by 6.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 97,474 shares of the company’s stock after selling 7,014 shares during the quarter. Royal London Asset Management Ltd.’s holdings in MGM Resorts International were worth $4,332,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new position in shares of MGM Resorts International in the second quarter valued at approximately $28,000. EverSource Wealth Advisors LLC grew 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 valued at $41,000 after purchasing an additional 329 shares during the last quarter. UMB Bank n.a. grew its position in shares of MGM Resorts International by 33.3% in the second quarter. UMB Bank n.a. now owns 949 shares of the company’s stock valued at $42,000 after purchasing an additional 237 shares during the last quarter. Accent Capital Management LLC acquired a new stake in MGM Resorts International during the fourth quarter worth approximately $45,000. Finally, Mendota Financial Group LLC grew its position in MGM Resorts International by 36.0% during the first quarter. Mendota Financial Group LLC now owns 1,004 shares of the company’s stock worth $47,000 after buying an additional 266 shares in the last quarter. Institutional investors and hedge funds own 68.11% of the company’s stock.

MGM Resorts International Stock Up 1.7 %

Shares of MGM opened at $36.51 on Friday. MGM Resorts International has a 52 week low of $33.44 and a 52 week high of $48.24. The stock has a market capitalization of $11.45 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 0.64 and a beta of 2.22. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47. The stock has a fifty day moving average of $39.67 and a 200-day moving average of $41.40.

MGM Resorts International (NYSE:MGM) last announced its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 EPS for the quarter, beating analysts’ consensus estimates of $0.66 by $0.20. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The company had revenue of $4.33 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same period in the prior year, the company earned $0.59 EPS. MGM Resorts International’s revenue was up 9.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that MGM Resorts International will post 2.68 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MGM shares. JMP Securities reduced their price target on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a research report on Thursday, August 1st. Stifel Nicolaus increased their price target on MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Macquarie reduced their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a research report on Friday, August 2nd. UBS Group raised MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Finally, BTIG Research began coverage on MGM Resorts International in a research note on Wednesday, July 3rd. They set a “buy” rating and a $52.00 target price for the company. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $53.93.

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.