MGM Resorts International (NYSE:MGM) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company trimmed its holdings in shares of MGM Resorts International (NYSE:MGM) by 9.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 151,902 shares of the company’s stock after selling 16,217 shares during the period. The Manufacturers Life Insurance Company’s holdings in MGM Resorts International were worth $6,751,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Mark Asset Management LP grew its holdings in MGM Resorts International by 0.3% in the 2nd quarter. Mark Asset Management LP now owns 402,235 shares of the company’s stock valued at $17,875,000 after buying an additional 1,325 shares during the period. Maverick Capital Ltd. bought a new position in MGM Resorts International in the 2nd quarter worth about $1,211,000. MBB Public Markets I LLC bought a new position in shares of MGM Resorts International in the second quarter worth $873,000. Daymark Wealth Partners LLC grew its position in MGM Resorts International by 244.4% in the 2nd quarter. Daymark Wealth Partners LLC now owns 29,172 shares of the company’s stock valued at $1,296,000 after buying an additional 20,702 shares in the last quarter. Finally, DoubleLine ETF Adviser LP acquired a new position in shares of MGM Resorts International during the second quarter valued at approximately $353,000. Institutional investors and hedge funds own 68.11% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on MGM shares. JMP Securities decreased their target price on shares of MGM Resorts International from $59.00 to $57.00 and set a “market outperform” rating for the company in a report on Thursday, August 1st. Macquarie dropped 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. Morgan Stanley dropped their price objective on shares of 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. Stifel Nicolaus raised their price objective on shares of MGM Resorts International from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Finally, BTIG Research started coverage on MGM Resorts International in a research note on Wednesday, July 3rd. They issued a “buy” rating and a $52.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $53.93.

MGM Resorts International Stock Performance

NYSE:MGM opened at $40.43 on Friday. The firm has a market cap of $12.68 billion, a PE ratio of 15.55, a price-to-earnings-growth ratio of 0.68 and a beta of 2.23. MGM Resorts International has a fifty-two week low of $33.44 and a fifty-two week high of $48.24. The business has a 50 day moving average price of $37.79 and a 200-day moving average price of $40.91. 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 (EPS) for the quarter, topping 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 business had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.21 billion. During the same quarter in the prior year, the company earned $0.59 earnings per share. The firm’s quarterly revenue was up 9.8% compared to the same quarter last year. Equities research analysts predict that MGM Resorts International will post 2.63 earnings per share for the current year.

Insider Buying and Selling at MGM Resorts International

In other news, Director Keith A. Meister sold 121,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $36.72, for a total value of $4,443,120.00. Following the transaction, the director now owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other MGM Resorts International news, Director Paul J. Salem bought 147,500 shares of the company’s stock in a transaction on Monday, August 5th. The stock was acquired at an average price of $33.80 per share, for a total transaction of $4,985,500.00. Following the completion of the transaction, the director now directly owns 1,702,500 shares of the company’s stock, valued at approximately $57,544,500. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 sale, the director now directly owns 5,738,478 shares of the company’s stock, valued at $210,716,912.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have bought 216,400 shares of company stock valued at $7,312,197. 2.13% of the stock is owned by company insiders.

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.