Swiss National Bank Reduces Stock Position in MGM Resorts International (NYSE:MGM)

Swiss National Bank reduced its stake in shares of MGM Resorts International (NYSE:MGM) by 7.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 643,600 shares of the company’s stock after selling 54,700 shares during the quarter. Swiss National Bank’s holdings in MGM Resorts International were worth $22,301,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the stock. Avantax Advisory Services Inc. raised its holdings in MGM Resorts International by 11.8% in the 4th quarter. Avantax Advisory Services Inc. now owns 10,114 shares of the company’s stock worth $350,000 after acquiring an additional 1,071 shares during the last quarter. Farther Finance Advisors LLC lifted its position in MGM Resorts International by 22.1% during the fourth quarter. Farther Finance Advisors LLC now owns 11,830 shares of the company’s stock valued at $410,000 after purchasing an additional 2,145 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of MGM Resorts International by 74.9% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,478 shares of the company’s stock worth $51,000 after purchasing an additional 633 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in MGM Resorts International by 14.8% during the fourth quarter. Sequoia Financial Advisors LLC now owns 57,911 shares of the company’s stock valued at $2,007,000 after acquiring an additional 7,487 shares during the period. Finally, PFG Advisors grew its position in shares of MGM Resorts International by 36.5% during the fourth quarter. PFG Advisors now owns 9,609 shares of the company’s stock valued at $333,000 after purchasing an additional 2,570 shares in the last quarter. 68.11% of the stock is owned by institutional investors.

MGM Resorts International Price Performance

MGM Resorts International stock opened at $32.43 on Tuesday. MGM Resorts International has a one year low of $29.99 and a one year high of $48.25. The company has a debt-to-equity ratio of 1.73, a current ratio of 1.30 and a quick ratio of 1.26. The stock’s 50 day moving average is $34.06 and its 200 day moving average is $36.21. The firm has a market cap of $9.26 billion, a P/E ratio of 13.51, 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%. As a group, research analysts expect that MGM Resorts International will post 2.21 EPS for the current year.

Insider Buying and Selling at MGM Resorts International

In related news, CFO Jonathan S. Halkyard acquired 10,000 shares of the stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $32.17 per share, for a total transaction of $321,700.00. Following the completion of the acquisition, the chief financial officer now directly owns 75,648 shares of the company’s stock, valued at approximately $2,433,596.16. This represents a 15.23 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Todd Meinert sold 6,000 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $37.84, for a total transaction of $227,040.00. Following the sale, the chief accounting officer now directly owns 18,301 shares in the company, valued at $692,509.84. The trade was a 24.69 % decrease in their position. The disclosure for this sale can be found here. Insiders own 2.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Morgan Stanley boosted their target price on MGM Resorts International from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Monday, February 24th. Mizuho lifted their price objective on shares of MGM Resorts International from $56.00 to $60.00 and gave the company an “outperform” rating in a research note on Thursday, February 13th. Argus raised MGM Resorts International from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a report on Friday, February 14th. Macquarie restated an “outperform” rating and issued a $50.00 price target on shares of MGM Resorts International in a research note on Thursday, February 13th. Finally, Leerink Partners lowered shares of MGM Resorts International to a “market perform” rating in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $51.29.

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.