Van ECK Associates Corp Decreases Stake in MGM Resorts International (NYSE:MGM)

Van ECK Associates Corp lowered its holdings in MGM Resorts International (NYSE:MGM) by 9.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,419 shares of the company’s stock after selling 3,763 shares during the quarter. Van ECK Associates Corp’s holdings in MGM Resorts International were worth $1,297,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. MidAtlantic Capital Management Inc. purchased a new position in shares of MGM Resorts International in the third quarter worth $28,000. Global Trust Asset Management LLC bought a new stake in shares of MGM Resorts International in the fourth quarter worth $28,000. Eastern Bank bought a new stake in shares of MGM Resorts International in the third quarter worth $35,000. Brooklyn Investment Group bought a new stake in shares of MGM Resorts International in the third quarter worth $44,000. Finally, Planning Capital Management Corp bought a new stake in shares of MGM Resorts International in the third quarter worth $45,000. Hedge funds and other institutional investors own 68.11% of the company’s stock.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $36.57, for a total transaction of $1,865,070.00. Following the sale, the director now directly owns 5,687,478 shares in the company, valued at $207,991,070.46. This represents a 0.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Todd Meinert sold 6,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $37.84, for a total value of $227,040.00. Following the sale, the chief accounting officer now owns 18,301 shares in the company, valued at approximately $692,509.84. This trade represents a 24.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.13% of the stock is owned by company insiders.

MGM Resorts International Stock Performance

NYSE MGM opened at $36.02 on Friday. The firm has a market cap of $10.28 billion, a price-to-earnings ratio of 15.01, a price-to-earnings-growth ratio of 0.98 and a beta of 2.20. The company has a quick ratio of 1.26, a current ratio of 1.30 and a debt-to-equity ratio of 1.73. The business has a 50-day moving average price of $34.53 and a 200-day moving average price of $36.80. MGM Resorts International has a twelve month low of $31.61 and a twelve month high of $48.24.

MGM Resorts International (NYSE:MGM) last posted its earnings results on Wednesday, February 12th. The company reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08. MGM Resorts International had a return on equity of 21.08% and a net margin of 4.33%. As a group, equities research analysts predict that MGM Resorts International will post 2.21 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the company. Barclays lifted their price objective on MGM Resorts International from $45.00 to $47.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Stifel Nicolaus lifted their price objective on MGM Resorts International from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Macquarie reaffirmed an “outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a report on Thursday, February 13th. JMP Securities reaffirmed a “market outperform” rating and issued a $50.00 price objective on shares of MGM Resorts International in a report on Thursday, February 13th. Finally, Wells Fargo & Company boosted their price target on MGM Resorts International from $44.00 to $46.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Four analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.47.

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.