Elo Mutual Pension Insurance Co Decreases Stock Position in MGM Resorts International (NYSE:MGM)

Elo Mutual Pension Insurance Co cut its stake in shares of MGM Resorts International (NYSE:MGM) by 34.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,322 shares of the company’s stock after selling 8,647 shares during the quarter. Elo Mutual Pension Insurance Co’s holdings in MGM Resorts International were worth $725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of MGM. Capital World Investors boosted its stake 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 purchasing an additional 984,617 shares during the period. Hsbc Holdings PLC raised its holdings in MGM Resorts International by 112.1% during the 4th quarter. Hsbc Holdings PLC now owns 1,505,982 shares of the company’s stock valued at $67,466,000 after buying an additional 795,920 shares during the last quarter. Goldentree Asset Management LP purchased a new stake in MGM Resorts International during the 1st quarter valued at $35,726,000. Boston Partners grew its holdings in MGM Resorts International by 12.6% in the 1st quarter. Boston Partners now owns 6,111,930 shares of the company’s stock worth $286,933,000 after acquiring an additional 684,676 shares during the last quarter. Finally, LSV Asset Management purchased a new position in shares of MGM Resorts International in the second quarter valued at about $21,149,000. 68.11% of the stock is currently owned by institutional investors.

MGM Resorts International Price Performance

Shares of MGM opened at $37.31 on Friday. The firm’s 50-day simple moving average is $38.92 and its two-hundred day simple moving average is $41.21. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The stock has a market cap of $11.70 billion, a PE ratio of 14.35, a price-to-earnings-growth 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.

MGM Resorts International (NYSE:MGM) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.86 earnings per share 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 analyst estimates of $4.21 billion. During the same quarter last year, the company earned $0.59 EPS. The firm’s revenue for the quarter was up 9.8% on a year-over-year basis. Analysts anticipate that MGM Resorts International will post 2.68 earnings per share for the current fiscal year.

Insider Activity

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group upgraded shares of MGM Resorts International to a “hold” rating in a report on Friday, August 23rd. Susquehanna lifted their price objective on MGM Resorts International from $54.00 to $55.00 and gave the stock a “positive” rating in a research report on Thursday, August 1st. Wells Fargo & Company reduced their target price on 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. Morgan Stanley dropped 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, September 4th. Finally, Stifel Nicolaus boosted their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, MGM Resorts International has an average rating of “Moderate Buy” and an average target price 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.