MGM Resorts International (NYSE:MGM) Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC decreased its position in MGM Resorts International (NYSE:MGM) by 15.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,440,490 shares of the company’s stock after selling 266,515 shares during the quarter. Hsbc Holdings PLC owned 0.46% of MGM Resorts International worth $63,878,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in MGM. Panagora Asset Management Inc. acquired a new position in MGM Resorts International in the fourth quarter worth $504,000. Great Lakes Advisors LLC bought a new position in MGM Resorts International during the 4th quarter worth $218,000. Financial Advocates Investment Management bought a new position in shares of MGM Resorts International during the fourth quarter worth about $211,000. Norges Bank bought a new stake in MGM Resorts International in the 4th quarter valued at about $139,599,000. Finally, PNC Financial Services Group Inc. boosted its stake in MGM Resorts International by 4.4% during the 4th quarter. PNC Financial Services Group Inc. now owns 43,341 shares of the company’s stock valued at $1,936,000 after purchasing an additional 1,815 shares during the period. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Trading Up 2.1 %

MGM Resorts International stock opened at $37.75 on Friday. The firm has a market cap of $11.84 billion, a price-to-earnings ratio of 14.52, a price-to-earnings-growth ratio of 0.64 and a beta of 2.22. MGM Resorts International has a 1 year low of $33.44 and a 1 year high of $48.24. The firm’s 50 day moving average price is $39.26 and its two-hundred day moving average price is $41.27. 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 released its quarterly earnings data 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. The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.21 billion. MGM Resorts International had a return on equity of 26.36% and a net margin of 5.15%. The company’s revenue was up 9.8% compared to the same quarter last year. During the same period last year, the company posted $0.59 EPS. On average, research analysts predict that MGM Resorts International will post 2.68 EPS for the current fiscal year.

Insider Activity at MGM Resorts International

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Susquehanna lifted their price target on MGM Resorts International from $54.00 to $55.00 and gave the company a “positive” rating in a report on Thursday, August 1st. Morgan Stanley reduced 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 report on Wednesday, September 4th. JMP Securities lowered their price target on MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating on the stock in a report on Thursday, August 1st. Wells Fargo & Company cut their price objective on shares of MGM Resorts International from $55.00 to $53.00 and set an “overweight” rating on the stock in a research note on Thursday, August 1st. Finally, Macquarie decreased their target price on shares of MGM Resorts International from $58.00 to $55.00 and set an “outperform” rating for the company in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.93.

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.