Forsta AP Fonden Reduces Stock Position in MGM Resorts International (NYSE:MGM)

Forsta AP Fonden trimmed its holdings in MGM Resorts International (NYSE:MGM) by 58.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,300 shares of the company’s stock after selling 53,200 shares during the period. Forsta AP Fonden’s holdings in MGM Resorts International were worth $1,658,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Norges Bank bought a new stake in shares of MGM Resorts International during the 4th quarter valued at $139,599,000. Capital World Investors increased its position in shares of MGM Resorts International by 17.7% during the fourth quarter. Capital World Investors now owns 6,551,310 shares of the company’s stock valued at $292,713,000 after buying an additional 984,617 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of MGM Resorts International by 112.1% in the fourth quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock worth $67,466,000 after buying an additional 795,920 shares in the last quarter. Goldentree Asset Management LP bought a new position in shares of MGM Resorts International in the first quarter valued at approximately $35,726,000. Finally, Boston Partners grew its stake in MGM Resorts International by 12.6% during the first quarter. Boston Partners now owns 6,111,930 shares of the company’s stock valued at $286,933,000 after acquiring an additional 684,676 shares in the last quarter. Institutional investors own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wells Fargo & Company cut their price target on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating for the company in a report on Thursday, August 1st. Morgan Stanley lowered their price objective on MGM Resorts International from $44.00 to $43.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 4th. UBS Group upgraded MGM Resorts International to a “hold” rating in a research report on Friday, August 23rd. Macquarie lowered their price target on MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating on the stock in a report on Friday, August 2nd. Finally, BTIG Research started coverage on MGM Resorts International in a research report on Wednesday, July 3rd. They set a “buy” rating and a $52.00 price target for the company. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $53.93.

MGM Resorts International Trading Down 0.2 %

Shares of MGM opened at $36.44 on Tuesday. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The firm has a market cap of $11.43 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 0.64 and a beta of 2.22. The firm has a 50 day moving average price of $39.67 and a 200-day moving average price of $41.39. The company has a debt-to-equity ratio of 1.65, a quick ratio of 1.42 and a current ratio of 1.47.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings results on Wednesday, July 31st. The company reported $0.86 earnings per share 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 business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the previous year, the firm posted $0.59 earnings per share. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. As a group, equities research analysts forecast that MGM Resorts International will post 2.68 earnings per share for the current year.

Insider Activity

In related news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction 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. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, Director Keith A. Meister sold 121,000 shares of the stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $36.72, for a total transaction of $4,443,120.00. Following the completion of the sale, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Paul J. Salem bought 147,500 shares of the firm’s stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average cost of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the purchase, the director now owns 1,702,500 shares of the company’s stock, valued at $57,544,500. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 216,400 shares of company stock valued at $7,312,197. Insiders own 2.13% of the company’s stock.

MGM Resorts International Company 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.