Bank of New York Mellon Corp Acquires 42,256 Shares of MGM Resorts International (NYSE:MGM)

Bank of New York Mellon Corp grew its holdings in MGM Resorts International (NYSE:MGM) by 3.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,323,992 shares of the company’s stock after acquiring an additional 42,256 shares during the quarter. Bank of New York Mellon Corp owned 0.44% of MGM Resorts International worth $45,876,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of MGM. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of MGM Resorts International by 0.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,200 shares of the company’s stock valued at $2,080,000 after buying an additional 309 shares during the period. Ballentine Partners LLC increased its position in MGM Resorts International by 5.4% during the 4th quarter. Ballentine Partners LLC now owns 6,553 shares of the company’s stock valued at $227,000 after purchasing an additional 333 shares during the period. Global Retirement Partners LLC increased its position in MGM Resorts International by 47.8% during the 4th quarter. Global Retirement Partners LLC now owns 1,250 shares of the company’s stock valued at $43,000 after purchasing an additional 404 shares during the period. Daiwa Securities Group Inc. increased its position in MGM Resorts International by 1.6% during the 3rd quarter. Daiwa Securities Group Inc. now owns 28,466 shares of the company’s stock valued at $1,113,000 after purchasing an additional 459 shares during the period. Finally, Blueshift Asset Management LLC increased its position in MGM Resorts International by 1.9% during the 3rd quarter. Blueshift Asset Management LLC now owns 25,436 shares of the company’s stock valued at $994,000 after purchasing an additional 482 shares during the period. Institutional investors own 68.11% of the company’s stock.

MGM Resorts International Price Performance

Shares of MGM opened at $32.84 on Thursday. MGM Resorts International has a 12-month low of $31.60 and a 12-month high of $48.24. The business’s fifty day moving average is $34.56 and its 200 day moving average is $36.64. 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 stock has a market cap of $9.38 billion, a P/E ratio of 13.68, a P/E/G ratio of 0.98 and a beta of 2.18.

MGM Resorts International (NYSE:MGM) last issued its earnings results on Wednesday, February 12th. The company reported $0.45 earnings per share (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%. Sell-side analysts anticipate that MGM Resorts International will post 2.21 earnings per share for the current fiscal year.

Insider Buying and Selling

In other MGM Resorts International news, Director Keith A. Meister sold 51,000 shares of the firm’s stock in a transaction 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 transaction, the director now directly owns 5,687,478 shares in the company, valued at approximately $207,991,070.46. This trade represents a 0.89 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Todd Meinert sold 6,000 shares of the firm’s stock in a transaction 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 transaction, 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. 2.83% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

MGM has been the subject of a number of recent analyst reports. Barclays reissued an “equal weight” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. JMP Securities reissued a “market outperform” rating and set a $50.00 target price on shares of MGM Resorts International in a research report on Thursday, February 13th. Citigroup increased their target price on shares of MGM Resorts International from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Jefferies Financial Group decreased their target price on shares of MGM Resorts International from $52.00 to $50.00 and set a “buy” rating for the company in a research report on Friday, January 3rd. Finally, Canaccord Genuity Group reissued a “buy” rating on shares of MGM Resorts International in a research report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $51.29.

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.